December 7, 2020
Fort Washington, PA (December 7, 2020)--Newrez LLC(“Newrez”), a national mortgage lender and servicer, announced today, in partnership with The Menkiti Group, a DC-based, minority-owned integrated real estate services company, the launch of a new joint venture mortgage company, Mission Mortgage LLC (“Mission Mortgage”). Mission Mortgage, focused on residential mortgage lending, will be headquartered in Washington, DC (“DC”), with clients across DC, Maryland and Virginia. The new joint venture lender is led by Tom O’Keefe, a 25-year mortgage industry veteran and will be Newrez’s 19th JV partnership under the portfolio of Shelter Mortgage Company, LLC (“Shelter Mortgage”), the Newrez business division focused on joint venture lending.
The Menkiti Group’s mission is to transform lives, careers and communities through real estate. The associated family of companies, led by Bo Menkiti, its Founder and CEO, are focused on strengthening neighborhoods through the strategic development, management, and sale of residential and commercial property. The Menkiti Group is a double bottom line firm, measuring not only financial success but social impact as well. Newrez contributes to the community as a corporation and promotes employee volunteerism and contribution through its community investment program, Newrez Neighborhood Outreach Works (“NOW”). Both companies have a deep passion for strengthening and giving back to the communities in which their employees live and work.
“The Menkiti Group is the perfect fit for a partnership as we continue to grow our Joint Venture network,” said Randy VandenHouten, Senior Vice President of Joint Venture and Retail Lending of Shelter Mortgage Company. “Our organizations are aligned in recognizing that lending is about more than just home financing – it is about building communities and investing in individuals and families. We are thrilled to add a partner with such an innovative approach to real estate and passion for the work that they do.”
“Shelter Mortgage and Newrez offer everything we are looking for in a mortgage lending partner – breadth of experience, a wide product offering and market strength. In conjunction with Shelter Mortgage and Newrez, we are excited to be able to offer this high level of service to the local communities and customers we serve,” added Bo Menkiti. “We are confident this partnership will help us reach more borrowers, facilitate greater access to homeownership, drive wealth creation for those we serve, and strengthen our ability to fulfill our mission of transforming lives, careers and communities through real estate.”
Inspired by The Menkiti Group’s endeavors to invest in their local community, Mission Mortgage will make a donation to a charitable cause for every closed loan. The priority areas of impact will be Housing, Education, Youth and Entrepreneurship, and will be facilitated by The CPMG Foundation, the non-profit organization co-founded by The Menkiti Group.
Newrez is a leading nationwide mortgage lender and servicer. As a lender, Newrez 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 Direct to Consumer, Joint Venture, Wholesale and Correspondent. The servicing business operates through Newrez Servicing, the performing loan servicing division, Shellpoint Mortgage Servicing, the special servicing division. Newrez also has several affiliates that perform various services in the mortgage and real estate industries. These include Avenue 365 Lender Services, LLC, a title agency, and eStreet Appraisal Management LLC, an appraisal management company. Newrez is member of the New Residential Investment Corp. family. More information is available at www.newrez.com.
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 The Menkiti Group
Founded in 2004, the Menkiti Group is a minority-owned Certified Business Enterprise headquartered in the District of Columbia. The Organization was founded with a mission to transform lives, careers and communities through real estate. They are a proud double bottom line company, measuring success in terms of financial and social impact. The company’s approach to urban neighborhood transformation and investment is centered upon residential and commercial development, residential sales, and commercial brokerage. Menkiti Group invests in abandoned and underutilized properties and transforms them into exciting and affordable homes and workspaces. Projects range from single-family residential renovations and the development and tenanting of main street commercial properties, to large-scale mixed-use transit-oriented development projects. More information is available at www.menkitigroup.com.