eXp Realty is replacing Kind Lending with Newrez as its mortgage joint venture partner, bringing one of the nation's largest nonbank lenders into its national real estate network in a move that could expand Newrez's reach into purchase lending.
The companies announced Thursday the formation of Revenos Mortgage, powered by Newrez. The venture is expected to launch in early 2027, with the companies working to integrate their technology platforms ahead of the rollout.
The announcement follows eXp's decision to wind down Success Lending, its joint venture with Kind Lending, which had operated since 2021. The change gives eXp a substantially larger lending and servicing partner while providing Newrez another avenue to reach homebuyers through real estate agent relationships.
"What matters most in a real estate transaction is the agent-client relationship, and Revenos Mortgage is being built around that," said Leo Pareja, CEO of eXp Realty. "eXp has always bet on creating infrastructure that gives our agents an edge no other brokerage can match."
A New Partner Following Success Lending's Wind-Down
The partnership comes just over a month after reports that eXp and Kind Lending had agreed to wind down Success Lending. The venture had 113 sponsored loan officers at the time, according to NMLS data.
Kind Lending subsequently described the wind-down as a mutual, strategic decision. Neither company has publicly provided a more detailed explanation for ending the partnership.
Asked why eXp switched lending partners, Newrez Chief Commercial Officer Leslie Gillin referred questions about the decision to eXp and Kind Lending, saying Newrez is focused on building a lasting partnership with the brokerage.
Newrez brings considerably greater scale and an established joint venture business. Its retail partnership program provides real estate companies with lending infrastructure, technology, compliance support, and recruitment.
Newrez Expands Its Reach Into Purchase Business
The venture gives Newrez a direct connection to eXp's national agent network, potentially bringing the lender into the homebuying process earlier.
"Revenos Mortgage represents the next evolution of our local market strategy," said Baron Silverstein, president of Newrez. "By combining eXp's trusted local market expertise and Newrez's scaled mortgage platform, including a broad range of lending solutions, technology, and servicing capabilities, we can better support buyers throughout the homeownership journey."
For independent loan originators, such partnerships could mean more competition for agent referrals, a key source of purchase business. But Gillin confirmed that eXp agents will not be required to use Revenos or receive compensation for referring clients to the venture.
"eXp agents are never required to use Revenos Mortgage and remain free to recommend whichever lender they believe best serves their clients," Gillin told NMP. "Our goal is to earn that recommendation by providing a strong customer experience, broad lending solutions, technology, and reliable support from application through closing and beyond."
What It Means For Wholesale Partners
The venture also raises questions about Newrez's relationship with its wholesale brokers, particularly those who already receive referrals from eXp agents.
In September, Newrez expanded its HomeHub platform to help brokers generate repeat business. Under the program, financing inquiries from protected wholesale borrowers are routed back to their original loan officers during the applicable protection period.
Revenos, meanwhile, will pursue purchase business through eXp's agent network. Gillin reiterated that agents are free to recommend outside lenders and said Newrez remains committed to its wholesale partners.
"We value our broker relationships and will continue to work closely with them by offering the products, technology, and support to get their clients' deals done," she said.
Newrez did not specify how it would address potential competition between Revenos and wholesale brokers who already work with eXp agents.
Gillin also confirmed that Newrez intends to service loans originated through Revenos, giving the lender an opportunity to maintain relationships with those borrowers after closing.
"We think of this as a great opportunity to earn borrowers' trust and support them throughout their homeownership journey," she said.
Newrez and eXp are integrating their platforms ahead of the planned early 2027 launch. The companies have not disclosed the venture's ownership structure, financial terms, origination targets, or staffing plans.
