Newrez and Shelter Mortgage Announce New Joint Venture
June 4, 2021
Newrez and Shelter Mortgage Announce New Joint Venture Lender
Coast One Mortgage
Fort Washington, PA— Newrez LLC (“Newrez”, the “Company”), a national mortgage lending and servicing organization, announced today the formation of its newest joint venture mortgage company, Coast One Mortgage, LLC (“Coast One Mortgage”), in partnership with Schmidt Family of Companies, a family-owned full-service real estate brokerage firm currently operating under the brands of Coldwell Banker, Sotheby’s International Realty and Century 21.
Specializing in residential purchase mortgage lending, Coast One Mortgage is headquartered in Cleveland, Ohio. The new joint venture partnership will focus on serving borrowers in Ohio, Michigan, and Florida with plans to expand to other states. Coast One Mortgage will operate under the leadership of Marty Garrity, who will transition from his current role as a Newrez regional sales manager to joint venture president upon launch.
“By joining forces with Newrez, one the country’s top mortgage lenders and loan servicers, Coast One Mortgage will be able to significantly enhance the customer experience with more market insight and options,” said Mr. Garrity. “There is considerable growth opportunity in this joint venture, and we look forward to working as a team to scale the business and bring that growth to fruition.”
The launch of Coast One Mortgage marks a meaningful milestone for Newrez, making its 19th joint venture partnership under the portfolio of Shelter Mortgage Company, LLC (“Shelter Mortgage”), the Newrez business division focused on joint venture lending.
“Schmidt Family of Companies’ tenure and extensive real estate expertise is quite complementary to this joint venture. Coast One Mortgage’s unwavering commitment to continued growth and exceeding customer expectations align seamlessly with the Newrez way,” said Randy VandenHouten, Senior Vice President Joint Venture & Retail Lending, Newrez. “We look forward to working with such a strong and experienced partner.”
For more information on the Shelter Mortgage joint venture platform, please contact Randy.VandenHouten@sheltermortgage.com or go to newrez.com.
About Newrez
Newrez is a leading mortgage company that combines mortgage origination and servicing to provide a customer-first journey and help our customers make smart moves throughout the lifetime of their mortgage loans. Differentiated by its origination platform, the Company provides customers with unparalleled lending options to purchase and refinance. Its servicing business services loans on behalf of Newrez customers and includes third-party servicing brand, Shellpoint Mortgage Servicing. Founded in 2008, Newrez is headquartered in Fort Washington, Pennsylvania and is a member of the New Residential Investment Corp. family.
About Shelter
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 joined the Newrez family of companies in 2014. The company 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 Schmidt Family of Companies
Schmidt Family of Companies is a fifth generation, full-service real estate brokerage firm founded in 1927 specializing in Residential, Luxury and Commercial real estate sales, Title, Relocation and Property Management services. Schmidt Family of Companies operates over 90 real estate offices with 2,000 agents across upper and lower Western Michigan, both coasts of Florida, northeast Ohio and the U.S. Virgin Islands. 2020 sales volume was $4.75 Billion with 19,603 transactions. Schmidt Family of Companies is one of the largest and most respected real estate companies in the country.