Mauricio’s Umansky’s The Agency is getting into the mortgage business. The brokerage has entered into a joint venture with Barrett Financial Group to offer what the companies believe will be a wide range of mortgage products and streamlined underwriting to The Agency’s luxury clients.
Dubbed Aclara Lending, the joint venture will start in Southern California with plans to expand in the near future.
“This partnership marks a pivotal moment in our journey, bringing together a comprehensive suite of mortgage solutions with a strong focus on agent empowerment,” Burke Smith, executive vice president of affiliated businesses at The Agency, said in a statement.
“We are thrilled to not only enhance the resources available to our agents and clients, but also reinforce our commitment to excellence and innovation in the industry. We’re proud to lead the way in offering unmatched support and opportunities for growth to our partners by providing a complete ecosystem of best-in-class settlement services.”
Aclara Lending plans to source capital from 140 wholesale lenders for products such as jumbo, super jumbo and nonqualified (non-QM) loans, in addition to more traditional products.
Aclara is also leveraging technology in the underwriting process. It said it can offer loan originators comparisons to Fannie Mae’s desktop underwriter and Freddie Mac’s loan product advisor with “one click.”
It also said it has tech to provides instant verifications of income and assets, and can do soft credit checks derived from one or all three credit bureaus.
“This represents a new era in real estate and mortgage services,” Trevor Barrett, founder and president of Barrett Financial, said in a statement. “Together, we’re setting a new standard for luxury home buying by providing clients with not only tailored lending solutions but also a seamless, integrated experience that supports their entire journey — from the initial search to closing the deal.”
