NewRez and Shelter Mortgage Announce Formation of New Joint Venture Lender, Your Home Financial
July 31, 2019
Mortgage lender’s successful partnership with Russell Real Estate Services expands to offer comprehensive client services in Cleveland, Ohio.
Plymouth Meeting, PA (July 31, 2019) — NewRez LLC (“NewRez”), a national mortgage lender, announced today the formation of a new Joint Venture mortgage company to be added to its network of partners. NewRez and Shelter Mortgage Company, LLC (“Shelter Mortgage Company”), the NewRez business division focused on JV lending, have partnered in this venture with Russell Real Estate Services, a long-standing family-run business serving the greater Cleveland, OH area. The name of the new Joint Venture lender is Your Home Financial (“Your Home Financial”), and will be led by Paul McKelvey, currently an Area Sales Manager with NewRez.
The creation of Your Home Financial combines the expertise of some truly seasoned industry players in their respective lines of business. Russell Real Estate Services was founded in 1962 and has over 650 agents on its team today. Shelter Mortgage Company brings more than 30 years of experience in creating successful and profitable Joint Ventures to the partnership. Like all successful JVs, this one will offer buyers more options and services through a single source.
“At NewRez, we take great pride in our Joint Venture partnerships and only seek out those who we believe will make a positive impact on our respective businesses as well as the client and agent communities they serve,” says Randy VandenHouten, SVP, Joint Venture & Retail Lending, NewRez. “The Russell Real Estate Services team has demonstrated extraordinary leadership and we believe the partnership will exceed performance expectations in the mortgage space.
“The innovative Joint Venture model offered by NewRez and Shelter Mortgage enables us to offer our clients a complete menu of mortgage services from an established platform and the credibility to achieve success in the mortgage business,” said Jeff Russell, COO Broker/Owner. “We look forward to expanding our services in the Cleveland area with Paul and his team, and making Your Home Financial a trusted resource for homeowners.”
About NewRez LLC
NewRez LLC (NewRez), formerly New Penn Financial, LLC, is a leading nationwide lender that focuses on offering a breadth of industry-leading products, supported by a loan process that blends both human interaction and the benefits of technology into an unparalleled customer experience. Founded in 2008 and licensed to lend in 49 states, NewRez is headquartered in Plymouth Meeting, Pennsylvania and operates multiple lending channels, including Correspondent Lending, Wholesale, Direct-to-Consumer, Retail, and a network of Joint Venture partners. NewRez is a Shellpoint Partners company and a member of the New Residential Investment Corp. family. More information is available at www.newrez.com.
About Shelter Mortgage Company
Shelter Mortgage Company, LLC (Shelter) is a leading retail residential mortgage originator predominantly focused on conforming purchase money loans generated through relationships with realtors, builders, and relocation companies. Founded in 1984 as a subsidiary of a community bank, Shelter has loan officers across the country with over 25 joint venture and partner relationships in over 30 States. Shelter has built a strong platform via its differentiated, partnership-based origination model, focus on purchase money originations and compliance-oriented culture.