Real Estate Brokerage The agency will add mortgage financing through a new joint venture agreement.
Along with joint venture partner Barrett Financial Group, an Arizona-based mortgage broker, the companies this week launched Aclara Lending, a lending business offering more than 140 loan products for the purchase of luxury goods. Announced. Some of the products available to the agency’s customers include jumbo, superjumbo and non-QM mortgages, JV leaders said.
Trevor Barrett said: “Together, we aim to not only provide tailored financing solutions for our customers, but also a seamless, integrated experience that supports them throughout their journey, from initial property search to closing. “We are setting a new standard for luxury home buying.” said the founder and president of the mortgage business of the same name in a press release.
Aclara initially has a mortgage business targeting the Southern California market and hopes to eventually expand further to serve buyers across the United States. Barrett Financial currently operates in 49 states. Licensed.
The agency’s real estate brokers should also benefit from the agreement through continuing education opportunities to learn about mortgage trends and new products, the company said.
“This partnership marks a pivotal moment in our journey to bring together comprehensive mortgage solutions focused on empowering agents,” said Executive Vice President of Related Business at The Agency. President Burke Smith added.
Company management touted Aclara’s ability to provide paperless loan technology, including electronic signatures during the borrowing and closing process. Acclara loan originators will also be able to easily compare data from Fannie Mae and Freddie Mac underwriting systems side by side to determine the best option for their customers. Each Barrett lending office will now have a dedicated account executive, allowing them to better support the agency’s customers.
Founded in 2011 in Beverly Hills, California by CEO Mauricio Umanski, the firm currently has more than 120 offices in 12 countries within its broker network. The real estate company announced it has closed more than $72 billion in transactions since its inception.
Umansky is known in Hollywood circles as a producer and husband of Real Housewives star Kyle Richards.
The joint venture is the latest in a long list of moves by real estate brokerages into mortgage lending using a variety of strategies. In September, Florida company RealFa acquired mortgage broker Be My Neighbor, adding home loans to its offering. In late 2023, Loandepot also partnered with Exit Realty, joining the company’s network to provide home financing services to its customers.
In the past, real estate giants like Zillow and Redfin have also acquired mortgage lenders, but Remax has introduced its own mortgage broker franchise network, Motto.
In a joint venture move similar to the deal between The Agency and Barrett Financial, Kind Lending and the Midwest ReMax franchise partnered last year to develop Result, which aims to serve buyers in the region.・Established Home Mortgage. In 2021, the companies known as Compass and Current Rate, leading companies in their respective industries, launched the lending business Origin Point.
The recent decision by the real estate and mortgage industries to join forces comes amid an extended slump in home sales due to a challenging interest rate environment and record price increases. Lower mortgage rates have sparked optimism about a rebound in home sales, but several researchers have warned that the market may not recover as quickly as expected.
This week, Redfin reported that homes sold as a percentage of total U.S. real estate in the first eight months of this year were 2.5%, the lowest in decades. Researchers say a major reason for slow housing turnover is homeowners’ reluctance to give up favorable mortgage rates.