# USA: eXp and Newrez plan Revenos Mortgage joint venture for 2027
eXp Realty and lender Newrez will launch a mortgage joint venture, Revenos Mortgage, in early 2027, as eXp winds down Success Lending, its venture with Kind Lending.
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eXp Realty and the mortgage lender Newrez announced a joint venture called Revenos Mortgage on Thursday 8 October, at eXpcon, the brokerage's conference in Salt Lake City. According to HousingWire, the venture is expected to launch in early 2027, and it follows eXp's decision to wind down the mortgage venture it ran with another lender.
That earlier arrangement, Success Lending, was a joint venture between eXp and Kind Lending. HousingWire reported that eXp decided in early September to wind it down. The new venture puts eXp's network of agents together with a far larger partner: Newrez, part of Rithm Capital, ranked as the sixth-largest mortgage lender in the United States in the first half of the year, HousingWire said.
Early 2027expected launch of Revenos Mortgage
US$65bnoriginations Newrez expects this year
4m+homeowners whose loans Newrez services
Figures as reported by HousingWire on 8 October 2026.
Revenos Mortgage sits on the buyer's side of the transaction: the home loan itself, and the servicing of that loan once the sale has closed.
## What the two companies announced
The joint venture will bring together eXp's national brokerage footprint and agent network with Newrez's platform for originating and servicing loans, according to HousingWire. It is meant to offer mortgage products, technology and operational support from the loan application through to closing, and then over the life of the loan.
Before the launch, the two companies are working to integrate their platforms, HousingWire reported. Baron Silverstein, the president of Newrez, said eXp agents and their buyers will have dedicated loan officers, with support continuing throughout the life of the loan. "The local connection is critical to unlocking purchase volume," he said, as quoted by HousingWire.
HousingWire's report gave no ownership split between the two companies and no formal structure for the venture. Leo Pareja, eXp's chief executive, referred only to the scale and sophistication of its owners. The loan products themselves, their pricing and the terms offered to borrowers were not set out either.
The name is not new to eXp. Revenos is already the brand of eXp's referral business, which passes buyers and sellers to agents. HousingWire reported that in 2025 this existing referral business referred 134,000 transactions out to agents, and that those referrals produced 7,806 closings worth US$1.6 billion, bringing an additional US$70 million in gross commission income. Those referrals come from relocation companies, online lead generation portals and other brokerages that have relocation departments, according to HousingWire. eXp is now extending the Revenos name to the mortgage venture. Pareja explained the choice by describing Revenos as the engine that creates referrals for the company's agents, HousingWire reported.
## Who Newrez is
Newrez is a multichannel lender: it originates loans through several routes rather than one. It operates under Rithm Capital, and according to HousingWire it expects about US$65 billion in originations this year. In the first half of 2026 it produced US$31.3 billion of loans, up 11.5 per cent on a year earlier, which placed it sixth among US mortgage lenders.
Newrez also services loans. It serves more than four million homeowners, HousingWire said, which means it stays with the borrower after closing, for as long as the loan runs. Pareja described access to that servicing operation as one of the most exciting parts of the venture, HousingWire reported.
Newrez knows this kind of arrangement well: according to HousingWire, it already operates about 16 joint ventures and partnerships. eXp brings size of its own. Citing RealTrends Verified figures, HousingWire reported that eXp handled more than 340,000 transaction sides and over US$150 billion in sales volume in 2025.
## The end of Success Lending
Success Lending was eXp's previous route into mortgages, run with Kind Lending. HousingWire reported that eXp decided in early September to wind it down, and set out the venture's recent production, drawn from two data sources.
Success Lending's loan productionOriginations, US$ million
2024 and 2025 from NMLS data, 2026 year to date from InGenius, as reported by HousingWire on 8 October 2026. The 2026 bar covers about eight months.
The full-year figures show production falling by about a fifth between 2024 and 2025, a drop of US$131.5 million. The 2026 figure covers only part of the year, so it is not directly comparable with the two full years before it. According to NMLS data cited by HousingWire, Success Lending worked with 113 sponsored loan officers across 22 active branches.
Neither report set out what happens to those loan officers, branches or loans in progress as the venture winds down, or whether any of them will move to Revenos Mortgage.
## Why brokerages pair with lenders
The model has been under strain. HousingWire noted that brokerages and lenders are reevaluating their joint ventures amid pressure on margins and a competitive market. Against that background, scale was the argument both companies put forward. Pareja said eXp had wanted to partner with a legitimate player in the space with scale, and that working with a large, sophisticated operator is the key difference from the company's past joint ventures.
For Newrez, the case rests on reaching buyers through their agents. Silverstein described partnership as one of the core strengths of the lender's business, and said Newrez is always looking to grow through partnerships. He called eXp one of the largest independent agent networks in the United States, HousingWire reported, and it was in that context that he spoke of the local connection as the key to purchase volume.
## What federal rules require of such ventures
Arrangements of this kind are governed by the Real Estate Settlement Procedures Act, known as RESPA, and by its implementing rule, Regulation X, which the Consumer Financial Protection Bureau publishes. Regulation X, at 12 CFR 1024.14, forbids giving or accepting any fee, kickback or other thing of value under an agreement or understanding to refer settlement business on a federally related mortgage loan, and treats any breach as a breach of Section 8 of the Act. Under the same section, a referral on its own is not a service that can be paid for.
The law makes room for ventures in which a referring business has a stake. RESPA defines an affiliated business arrangement as one where a person in a position to refer settlement business, or an associate, has an affiliate relationship with a settlement service provider or a direct or beneficial ownership interest of more than 1 per cent in it, and refers business to that provider or affirmatively influences its selection. Regulation X, at 12 CFR 1024.15, allows such an arrangement when three conditions are met.
Regulation X: the three conditions for an affiliated business arrangement12 CFR 1024.15(b)
Condition
What the rule says
Disclosure
The person referring gives a written disclosure of the ownership or financial interest and estimated charges, on a separate sheet, no later than the referral.
No required use
The person referring may not require the client to use the affiliated provider, with narrow exceptions such as a lender choosing an appraiser.
Return on ownership
Apart from payments the rule allows, the only thing of value received is a return on an ownership interest, not a payment that varies with referrals.
The rule also says that a payment's label does not settle whether it is a genuine return on ownership. Whether it is, Regulation X states, is decided on the facts and circumstances, case by case. Returns that vary with the amount of business referred, or ownership shares adjusted to reflect past referrals, do not count as a return on ownership.
The disclosure has its own timing rules. Where a lender requires the use of a particular provider, Regulation X sets the deadline at the time of loan application instead of the referral. A failure to disclose can be excused only if the person shows that reasonable compliance procedures were in place and that the failure was an unintentional, genuine error; a mistaken reading of the law does not qualify.
eXp has given its own view of the new venture. Pareja said the products and incentives Revenos Mortgage offers will be fully compliant with RESPA, according to HousingWire. How the venture meets each condition in practice will depend on terms that were not set out in the announcement.
## What comes next
The companies have set early 2027 as the launch window, HousingWire reported, with platform integration under way in the meantime. Until then, the details that matter most to agents and buyers, from the loan products on offer to the ownership terms behind the venture, remain to be set out by the two companies.
For eXp's agents, the change means a new mortgage partner in place of Success Lending from early 2027, with dedicated loan officers for their buyers if the plan proceeds as announced. For buyers, Regulation X sets out the general rule against required use that applies to arrangements of this kind: a referral to an affiliated lender comes with a written disclosure, and the person making it may not require the buyer to use that lender.