DC Based mostly Minority Entrepreneur Groups Up with Main Nationwide Mortgage Lender and Servicer
NewRez LLC (“NewRez”), a nationwide mortgage lender and servicer, introduced in the present day, in partnership with The Menkiti Group, a DC-based, minority-owned built-in actual property providers firm, the launch of a brand new three way partnership mortgage firm, Mission Mortgage LLC (“Mission Mortgage”). Mission Mortgage, targeted on residential mortgage lending, might be headquartered in Washington, DC (“DC”), with purchasers throughout DC, Maryland and Virginia. The brand new three way partnership lender is led by Tom O’Keefe, a 25-year mortgage enterprise veteran and might be NewRez’s 19th JV partnership below the portfolio of Shelter Mortgage Firm, LLC (“Shelter Mortgage”), the NewRez enterprise division targeted on three way partnership lending.
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The Menkiti Group’s mission is to rework lives, careers and communities via actual property. The related household of firms, led by Bo Menkiti, its Founder and CEO, are targeted on strengthening neighborhoods via the strategic improvement, administration, and sale of residential and industrial property. The Menkiti Group is a double backside line agency, measuring not solely monetary success however social affect as effectively. NewRez contributes to the group as a company and promotes worker volunteerism and contribution via its group funding program, NewRez Neighborhood Outreach Works (“NOW”). Each firms have a deep ardour for strengthening and giving again to the communities by which their staff dwell and work.
“The Menkiti Group is the proper match for a partnership as we proceed to develop our Joint Enterprise community,” mentioned Randy VandenHouten, Senior Vice President of Joint Enterprise and Retail Lending of Shelter Mortgage Firm. “Our organizations are aligned in recognizing that lending is about extra than simply house financing – it’s about constructing communities and investing in people and households. We’re thrilled so as to add a companion with such an revolutionary method to actual property and fervour for the work that they do.”
“Shelter Mortgage and NewRez provide every part we’re on the lookout for in a mortgage lending companion – breadth of expertise, a large product providing and market power. Along with Shelter Mortgage and NewRez, we’re excited to have the ability to provide this excessive stage of service to the native communities and prospects we serve,” added Bo Menkiti. “We’re assured this partnership will assist us attain extra debtors, facilitate higher entry to homeownership, drive wealth creation for these we serve, and strengthen our potential to satisfy our mission of reworking lives, careers and communities via actual property.”
Impressed by The Menkiti Group’s endeavors to spend money on their area people, Mission Mortgage will make a donation to a charitable trigger for each closed loan. The precedence areas of affect might be Housing, Schooling, Youth and Entrepreneurship, and might be facilitated by The CPMG Basis, the non-profit group co-founded by The Menkiti Group.
For extra data on the Shelter Mortgage three way partnership platform, please contact [email protected] or go to newrez.com.
NewRez is a number one nationwide mortgage lender and servicer. As a lender, NewRez focuses on providing a breadth of industry-leading merchandise, supported by a loan course of that blends each human interplay and the advantages of expertise into an unparalleled buyer expertise. Based in 2008 and licensed to lend in 49 states, NewRez is headquartered in Fort Washington, Pennsylvania and operates a number of lending channels, together with Direct to Client, Joint Enterprise, Wholesale and Correspondent. The servicing enterprise operates via NewRez Servicing, the performing loan servicing division, Shellpoint Mortgage Servicing, the particular servicing division. NewRez additionally has a number of associates that carry out varied providers within the mortgage and actual property industries. These embody Avenue 365 Lender Companies, LLC, a title company, and E Road Appraisal Administration LLC, an appraisal administration firm. NewRez is member of the New Residential Funding Corp. household. Extra data is out there at www.newrez.com.
Shelter is a number one retail residential mortgage originator predominantly targeted on conforming buy cash loans generated via relationships with realtors, builders, and relocation firms. Based in 1984 as a subsidiary of a group financial institution, Shelter joined the NewRez household of firms in 2014. The corporate has loan officers throughout the nation with three way partnership and companion relationships in over 30 states. Shelter has constructed a robust platform through its differentiated, partnership-based origination mannequin, concentrate on buy cash originations and compliance-oriented tradition.
About The Menkiti Group
Based in 2004, the Menkiti Group is a minority-owned Licensed Enterprise Enterprise headquartered within the District of Columbia. The Group was based with a mission to rework lives, careers and communities via actual property. They’re a proud double backside line firm, measuring success when it comes to monetary and social affect. The corporate’s method to city neighborhood transformation and funding is centered upon residential and industrial improvement, residential gross sales, and industrial brokerage. Menkiti Group invests in deserted and underutilized properties and transforms them into thrilling and reasonably priced houses and workspaces. Initiatives vary from single-family residential renovations and the event and tenanting of essential avenue industrial properties, to large-scale mixed-use transit-oriented improvement tasks. Extra data is out there at www.menkitigroup.com.
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