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Newrez LLC announced the formation of its newest joint venture mortgage company, Coast One Mortgage, LLC, in partnership with Schmidt Family of Companies, a family-owned full-service real estate brokerage firm currently operating under the brands of Coldwell Banker, Sotheby’s International Realty and Century 21.
Specializing in residential purchase mortgage lending, Coast One Mortgage is headquartered in Cleveland, OH. The new joint venture partnership will focus on serving borrowers in Ohio, Michigan, and Florida with plans to expand to other states, according to a press release. Coast One Mortgage will operate under the leadership of Marty Garrity, who will transition from his current role as a Newrez regional sales manager to joint venture president upon launch.
“By joining forces with Newrez, one the country’s top mortgage lenders and loan servicers, Coast One Mortgage will be able to significantly enhance the customer experience with more market insight and options,” said Garrity.
The launch of Coast One Mortgage marks a meaningful milestone for Newrez, making its 19th joint venture partnership under the portfolio of Shelter Mortgage Company, LLC the Newrez business division focused on joint venture lending.
“Schmidt Family of Companies’ tenure and extensive real estate expertise is quite complementary to this joint venture. Coast One Mortgage’s unwavering commitment to continued growth and exceeding customer expectations align seamlessly with the Newrez way,” said Randy VandenHouten, senior vice president Joint Venture & Retail Lending, Newrez.