Newrez LLC announced the formation of its new joint venture mortgage company Coast One Mortgage, LLC in partnership with Schmidt Family of Companies, a full-service family brokerage firm currently operating under the brands Coldwell Banker, Sotheby’s International Realty. and century 21.
Coast One Mortgage, headquartered in Cleveland, Ohio, specializes in home purchase mortgages. According to a press release, the new joint venture will focus on serving borrowers in Ohio, Michigan and Florida with plans to expand to other states. Coast One Mortgage will be led by Marty Garrity, who, upon launch, will move from his current role as Regional Sales Manager for Newrez to President of the joint venture.
“By joining forces with Newrez, one of the nation’s leading mortgage lenders and service centers, Coast One Mortgage will be able to dramatically improve customer service through a deeper understanding of the market and opportunities,” Garrity said.
The launch of the Coast One Mortgage program marks a significant milestone for Newrez, bringing its 19th a joint venture within the portfolio of Shelter Mortgage Company LLC, the Newrez business unit specializes in lending to joint ventures.
“The Schmidt family of companies and extensive real estate experience complete this joint venture. “Coast One Mortgage’s unwavering commitment to continually growing and exceeding customer expectations is in line with Newrez’s journey,” said Randy VandenHouten, senior vice president of joint venture and retail lending, Newrez.