Why Brokerages and Mortgage Lenders Are Flushing into Joint Ventures
The enthusiastic and sometimes nervous first-time home buyers that James Dunn represents often ask him how this whole mortgage underwriting process works, and Dunn, a Los Angeles-based real estate agent with exp, respond with a few trusted names. “There are probably three or four people I work with,” Dunn said. “Anyone who is a great communicator will get my attention. “
Two hours south of San Diego, clients ask eXp agent Alanna Strei for a mortgage reference. And, after years of “finding the right mortgage partner,” Strei now confidently directs her clients to mortgage broker Tim Joy in Canada. Joy of lending.
In July, Dunn and Strei’s real estate brokerage firm eXp said it had formed a mortgage partnership, or joint venture, with the mortgage lender, Kind loan. As part of the business marriage, eXp and Kind Lending each own half of a mortgage company expected to be launched by the end of the year called “Success Lending”.
Dunn and Strei are under no obligation to refer clients to their employer’s joint venture – such a requirement would violate federal law.