FORT WASHINGTON, Pa.--(BUSINESS WIRE)--NewRez LLC (“NewRez”), a national mortgage lender, announced today the formation of a new joint venture mortgage company to be added to its network of partners. NewRez and Shelter Mortgage Company, L.L.C. (“Shelter Mortgage”), the NewRez business division focused on JV lending, have partnered in this venture with Landed, Inc. (“Landed”), a company based in San Francisco with down payment support and homebuyer education programs aimed at helping teachers and school employees afford to buy homes. The new joint venture lender, to be named Landed Home Loans LLC (“Landed Home Loans”), is based in Colorado and is currently recruiting a centralized sales leader and team to support borrowers in select markets nationwide.
In addition to Landed’s unique shared equity down payment program, the company also works with school employees to help them navigate and access all of the available options for buying a home and offers education in finance and the homebuying process. Through partnership with lending industry leader Shelter Mortgage, Landed is able to significantly expand its services and impact. Landed Home Loans is creating a centralized platform with a customized origination and operations system, designed specifically for Landed customers.
“We are excited to join Landed in its mission to help these critical community supporters purchase homes that might otherwise be out of their reach,” says Randy VandenHouten, SVP, Joint Venture & Retail Lending, NewRez. “As we continue to seek out creative leadership and innovative partnerships to complement and expand our joint venture channel, we are impressed by Landed’s outside the box and thoughtful approach to the homebuying experience.”
“The partnership with NewRez, backed by Shelter Mortgage’s 30 years of industry experience, enables us to greatly strengthen the support we can offer essential professionals as they move through the homebuying process,” says Jesse Vaughan, Co-Founder, Landed. “By adding a lender partnership, we further Landed’s mission to help those who serve our communities build financial security.”
About NewRez LLC
NewRez LLC (NewRez), formerly New Penn Financial, LLC, is a leading nationwide lender that 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 Correspondent Lending, Wholesale, Direct-to-Consumer, Retail, and a network of joint venture partners. NewRez is member of the New Residential Investment Corp. family. More information is available at www.newrez.com.
About Shelter Mortgage Company, L.L.C.
Shelter Mortgage Company, L.L.C. (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 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 Landed, Inc.
Landed is a San Francisco-based company helping essential professionals build financial security near the communities they serve. Landed partners with schools, districts, and community organizations to provide down payment support and homebuyer education to educators and staff.