Newrez has launched Onward Home Mortgage, a joint venture mortgage company in partnership with Keller Williams Georgia Legacy Group (GLCG).
Through the partnership with agents at Keller Williams GLG, mortgage professionals at Onward Home Mortgage and Newrez will target borrowers in the Southeast United States.
“This is a marriage of outstanding organizations that will now grow even stronger. I am humbled and honored to lead such a talented group of professionals and can’t wait to continue getting more borrowers into the homes of their dreams,” Kathy Vitali, President of Onward Home Mortgage, said in a prepared statement.
Headquartered in Roswell, Georgia, Onward Home Mortgage specializes in residential purchase mortgage lending and has a presence in the greater Georgia and Alabama areas. It is part of the Newrez Ventures platform.
GLG is a Keller Williams Realty franchise group of residential real estate brokerages located in Georgia, servicing Alpharetta as Keller Williams Realty North Atlanta, Roswell as Keller Williams Realty Consultants, Peachtree Corners as Keller Williams Realty Chattahoochee North and surrounding metropolitan Atlanta areas.
Established in 2017 as a group, the three franchises have been in operation independently for more than two decades and have more than 2,000 licensed real estate agents in Georgia.
Newrez has 15 joint venture partners including Carolina One Mortgage, Shelter Mortgage Company and Summit Home Mortgage, according to its website.
“Newrez and Newrez Ventures’ commitment to bringing affordable housing to borrowers nationwide continues as Onward’s vast product suite tailors uniquely to the needs of today’s borrowers, from FHA to First Time Homebuyer programs,” Newrez said.
A joint venture typically ramps up faster than a traditional mortgage company. At a mortgage brokerage joint venture, loan officers generally get paid a lower base salary than counterparts at traditional lenders and may get a smaller commission because the LO is doing less work finding customers as there are greater real estate agent referrals.
Though the mortgage-real estate brokerage JV model was popular during the pandemic years, the Consumer Financial Protection Bureau’s relative newfound interest in scrutinizing possible RESPA violations could chill interest.
