New Joint Venture
NewRez and Shelter Mortgage Announce Formation of New Joint Venture, Homeowners First Mortgage
October 9, 2019
Mortgage lender’s latest partnership bolsters homeowner loan offerings through First Team Real Estate, renowned industry leader in Southern California market
Fort Washington, PA (October 9, 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”), the NewRez business division focused on JV lending, have partnered in this venture with First Team Real Estate (“First Team”), the proven unit sales leader in Southern California, founded in 1976. The name of the new joint venture is Homeowners First Mortgage (“Homeowners First Mortgage”), and will be led by James (Jaime) Barton, currently a Regional Sales Manager with NewRez.
Homeowners First Mortgage emerged from an ideal partnership opportunity between respective industry leaders First Team and Shelter Mortgage. First Team founder and CEO Cameron Merage’s commitment to innovation and creativity has led his company to continue to capture significant market share, expanding to the current 38 office locations and a team of more than 2,200 associates in the competitive and high-end Southern California region. Shelter Mortgage complements First Team’s success, bringing more than 30 years of experience in creating successful and profitable joint ventures, and together, they provide a diverse set of mortgage options and services to the Southern California market.
“First Team has clearly distinguished itself as the ideal resource for home buyers in Southern California, with the experience and innovative approach to make buyers’ dreams a reality,” says Randy VandenHouten, SVP, Joint Venture & Retail Lending, NewRez. “At NewRez, we seek forward-looking firms like First Team to be part of our joint venture partnership program and believe that our best-in-class Non-QM product and diverse jumbo product offering will further enhance the company’s already high level of performance and revenue capability.”
“After 40 years in the mortgage business, we sought the precise leadership and infrastructure that would provide us the opportunity to successfully bring added value to our tens of thousands of clients through our sales associates,” said Merage. “Through the unique joint venture model offered by NewRez and Shelter Mortgage, we look forward to offering our clients and sales associates a truly comprehensive range of mortgage services from an industry-leading platform and confidently expanding our capabilities into the mortgage business. Homeowners First Mortgage will prove to be a win for both partners and, most importantly, for homeowners in Southern California.”
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 Fort Washington, 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 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.
About First Team Real Estate – Orange County
First Team | Christie’s International Real Estate is a destination brokerage that prides itself on a 42-year tradition and the distinction of being #1 in total unit sales and #1 in luxury unit sales. Since 1976, First Team Real Estate has helped hundreds of thousands of homebuyers and sellers achieve their real estate goals. Beginning with just one office in Huntington Beach, we have grown to 38 office locations across Southern California with 2200+ associates.