NewRez LLC and its Shelter Mortgage Company LLC have formed Landed Inc., a San Francisco-based joint venture focused on downpayment support and homebuyer education programs aimed at helping teachers and school employees afford to buy homes.
The new joint venture will include a Colorado-based lender named Landed Home Loans LLC. According to the companies, Landed Home Loans is now creating a centralized platform with a customized origination and operations system, designed specifically for Landed customers. No timeline was given regarding when this new entity will be operational.
“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, senior vice president for joint venture and retail lending at 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.”
This is the second joint venture between NewRez and Shelter Mortgage this fall. Last month, the two companies and First Team Real Estate rolled out Homeowners First Mortgage, which will focus its lending activity in the southern California market.