A bigger slice of a smaller pie

On October 8, eXp Realty and Newrez announced Revenos Mortgage, a joint venture that will pair eXp’s agent network with Newrez’s origination and servicing platform when it launches in early 2027. This is eXp’s second ride on the joint venture merry-go-round. Its first, Success Lending, is winding down after about five years. The timing is no accident. Existing home sales have been stuck near 4 million per year for the past four years, the weakest stretch since the mid-1990s. When transactions dry up, the biggest players have an increasing incentive to compete for a larger share of what’s left. Newrez president Baron Silverstein said the venture will give agents “a lender and servicer that stays with their clients long after closing.” Put simply, the goal is to own the customer relationship from the home search to the loan, the closing table and every monthly payment thereafter. Rocket wrote the blueprint. Its ecosystem now spans Redfin, Rocket Mortgage, Rocket Close for title and settlement and Mr. Cooper servicing. In the second quarter, 47% of Redfin’s buy-side clients financed through Rocket Mortgage. And Rocket isn’t alone. Zillow acquired a mortgage lender in 2018. Lower acqui...