Key facts
- eXp Realty and Newrez have formed a new mortgage joint venture called Revenos Mortgage.
- Revenos Mortgage is slated to launch in January 2027.
- eXp Realty previously dissolved its mortgage joint venture, Success Lending, because it was losing money.
- Newrez was chosen as a partner due to its people, vision, and comprehensive offerings, including multiple origination channels and a link to single-family rental operations.
- The new venture aims to provide eXp agents with more leads and lending options, and to educate them on mortgage and lending processes.
eXp Realty has established a new mortgage joint venture with Newrez, named Revenos Mortgage, which is slated to officially launch in January 2027. This strategic move comes approximately one month after eXp Realty decided to discontinue its previous mortgage joint venture, Success Lending, with Kind Lending, citing financial losses.
Executives from both companies expressed optimism about the new partnership. Baron Silverstein, president of Newrez, described the collaboration as strategic, driven by the opportunity to connect with a global real estate company. Jeff Crisalli, a vice president at eXp Realty, explained that the decision to partner with Newrez was based on the quality of their people and their shared vision, rather than just statistics, especially in a challenging market.
Leo Pareja, CEO of eXp Realty's parent company AGNT, stressed that the leadership team took a deliberate approach in selecting their next lending partner, anticipating that purchase transactions will be paramount in the coming years. Newrez's appeal to eXp included its diverse origination channels, servicing capabilities, and its connection to single-family rental operations through its parent company, Rithm Capital. Newrez also offers a comprehensive suite of mortgage products and partners with numerous down payment assistance programs.
David Schroeder, head of national sales at Newrez, stated that the company understands how to partner with businesses and is committed to transparency and service for referred customers. He noted that Newrez has over 6,000 lending partners and clients. The partnership also aims to enhance real estate agents' knowledge of mortgage and lending processes, enabling them to have more informed conversations with loan officers and better serve their clients.