A method for manufacturing a processed asphalt suspension is provided. The method includes dry grinding shingle waste material to a particle size of less than 1 cm, forming ground recycled shingle material, introducing virgin asphalt into a heated slurry tank and mixing the ground recycled shingle material with the virgin asphalt in the heated slurry tank, forming a mixed asphalt slurry, introducing the mixed asphalt slurry into a wet grinding machine, and recovering a processed asphalt suspension comprising particles having a size no greater than about 200 microns. Roofing and paving products manufactured from the processed asphalt suspension are also provided.