eXp Realty and Newrez Form Revenos Mortgage Joint Venture for 2027 Launch

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eXp Realty and Newrez announced a mortgage joint venture Thursday that would put a large nonbank lender’s origination and servicing platform behind one of the country’s biggest real estate agent networks, with operations planned to begin in early 2027.

The new company, Revenos Mortgage, was unveiled jointly by the companies at eXpcon in Salt Lake City. The partners said they are working to integrate their systems ahead of launch. They did not disclose ownership percentages, capitalization, revenue-sharing arrangements or the expected size of the initial loan-officer workforce.

The timing matters. eXp’s previous mortgage joint venture, Success Lending with Kind Lending, is being wound down, and the brokerage has been looking for a new way to capture purchase-financing business from transactions handled by its agents. The prior partnership’s wind-down was reported in September; Thursday’s announcement identifies Newrez as the new partner and gives the venture a name and target launch period.

Newrez is a subsidiary of publicly traded Rithm Capital and operates across wholesale, correspondent, consumer-direct and joint-venture channels as well as mortgage servicing. For eXp, the attraction is a lender with an existing technology and fulfillment operation. For Newrez, the potential is access to transactions sourced by agents working within a national brokerage platform.

The commercial opportunity — and the open questions

“What matters most in a real estate transaction is the agent-client relationship, and Revenos Mortgage is being built around that,” said Leo Pareja, eXp Realty’s chief executive at the time of the announcement. Pareja said the relationship would bring Newrez’s lending capabilities into eXp’s broader agent-services business.

Newrez President Baron Silverstein said the venture would combine eXp’s local-market knowledge with Newrez’s “broad range of lending solutions, technology, and servicing capabilities.” The companies framed servicing as part of the relationship, rather than limiting the proposition to the mortgage closing.

Neither company has released the venture’s pricing model, the division of operational responsibilities or a list of markets in which it will first operate. They also have not specified whether agents will receive any additional services or compensation for referrals. Any arrangements involving affiliated real estate and mortgage businesses must comply with applicable referral and affiliated-business rules, including the Real Estate Settlement Procedures Act.

Homebuyers retain the ability to choose their mortgage lender. A brokerage-linked financing option can compete for their business, but the announcement does not establish that borrowers will be required to use Revenos or that its rates will be lower than competing lenders’.

The venture also arrives during a difficult mortgage market. Freddie Mac reported Thursday that the 30-year fixed mortgage average had reached 7.40%, making purchase financing more expensive and raising the stakes for lenders competing for each transaction.

Part of a broader eXp strategy

Revenos is an existing name within eXp’s business-development operations. At eXpcon, Pareja described the company’s use of the brand for referral and other agent opportunities. The new mortgage venture extends that approach into financing rather than creating an unrelated consumer brand.

The same day, parent company AGNT announced that Pareja would succeed founder Glenn Sanford as AGNT chief executive, placing the mortgage initiative within a broader leadership transition.

The companies expect to provide further details before the planned early-2027 launch. Until then, Revenos Mortgage is an announced venture in development, not a fully operational mortgage platform with a published rate sheet or production record.