Newrez announced a partnership with real estate brokerage firm Schmidt Family of Companies, leading to the official launch of joint venture mortgage company Coast One Mortgage. Headquartered in Cleveland, Coast One Mortgage will focus on residential purchase mortgage lending for borrowers in Ohio, Michigan and Florida, with plans for continued expansion into more states. Marty Garrity is leading Coast One Mortgage as the joint venture president. Coast One Mortgage is NewRez’s 19th joint venture partnership.
SimpleNexus announced the release of Nexus Bilingual, a new feature that makes the loan process more accessible to prospective homebuyers by gathering initial loan information in Spanish from borrowers who prefer to communicate in that language. While not a full loan application, Nexus Bilingual makes kickstarting the loan process more accessible to prospective homebuyers by providing a Spanish-language purchase or refinance loan inquiry form option. When prospective borrowers submit a Spanish-language loan inquiry, Nexus Bilingual informs them that a member of the lender’s Spanish-speaking staff will reach out to help them complete the process in English and educate them on next steps.
Finance of America Reverse (FAR) underwent a rebrand and launched a new website, far.com, which includes the introduction of Gary, a fictional character who is “the embodiment of FAR and its relationship with customers.” According to a statement from the company, “Gary, like FAR, is energetic, informed and plain-spoken — no hyperbole.” FAR will build on its new website and brand refresh with the addition of new resources, calculators, tools, education, reviews and borrower stories over the coming months.
Sourcepoint announced that it has entered into a definitive agreement to acquire The StoneHill Group, subject to regulatory approvals. The StoneHill Group was founded in 1996 by David Green, who grew the company into one of the industry’s largest domestic providers of outsourced mortgage quality-control services to banks, credit unions and private mortgage lenders.