• Key Insight: Here's why Newrez partnered with eXp Realty.
• Expert Quote: "Borrowers receive written disclosure of the affiliation before any referral, are told in writing that they are not required to use the affiliated provider and remain free to shop for settlement service," — Leslie Gillin, chief commercial officer, Newrez
• Supporting Data: eXp's national agent network closed 340,000 transactions last year.Overview bullets generated by AI with editorial review.

Newrez officially announced Thursday its joint venture with eXp Realty, called Revenos Mortgage, tying the lender to one of the largest real estate brokerages in the country.

Newrez now operates 14 joint ventures with the addition of Revenos, which will operate on a national level to serve eXp's agents and clients, according to the lender's website. The brokerage's agents handled more than $150 billion in home sales last year, making eXp an attractive partner.

"The main difference is absolute scale," Newrez Chief Commercial Officer Leslie Gillin told National Mortgage News, comparing the joint ventures. "Revenos Mortgage is built around eXp's national agent network, which closed more than 340,000 transaction sides last year, the most of any U.S. brokerage. On our side, it connects that network to a lending and servicing platform that supports more than 4 million homeowners."

The companies aim to create a more seamless homebuying experience from application through closing and beyond. The joint venture gives agents tools to support their clients, connecting them with financing and providing ongoing service as their needs evolve throughout the life of the loan, the companies said in a press release.

"EXp agents support buyers in all kinds of situations, so they need a lender that can work through the scenarios and say 'yes' more often," Gillin said. "That's what we're building, and we're looking forward to showing eXp's agents and their clients what it looks like in practice very soon."

Compliance in focus

The launch comes as mortgage companies face a wave of RESPA cases this year, mostly stemming from accusations that real estate agents steered prospective borrowers to certain lenders. Newrez says it regularly tests its legal and compliance controls to ensure its mortgage joint ventures meet Real Estate Settlement Procedures Act requirements.

"Borrowers receive written disclosure of the affiliation before any referral, are told in writing that they are not required to use the affiliated provider and remain free to shop for settlement service," Gillin said.

Rocket was one of the major lenders sued earlier this year for allegedly steering borrowers to its financing. The lawsuit claimed Rocket provided customer leads to real estate agents, who in turn steered clients to Rocket Mortgage regardless of cost-saving opportunities other lenders offered. Zillow was accused of similar violations through its lending business, Zillow Home Loans. Both companies have fought the claims.