The Menkiti Group at Keller Williams Capital Properties has partnered with national mortgage lender and servicer NewRez LLC to launch a new joint venture mortgage company called “Mission Mortgage LLC,” the companies announced on Monday.
The new mortgage company will focus on residential mortgage lending and will be based out of Washington, D.C., with service to residents across D.C., Maryland and Virginia.
Tom O’Keefe, a mortgage industry veteran, will lead the venture as president of the new company, which will be under Shelter Mortgage Company’s portfolio, a subdivision of NewRez.
The Menkiti Group, a D.C.-based minority-owned company, operates six Keller Williams franchise locations across D.C., Maryland and Virginia. The company was founded in 2004 “with a vision that a real estate brokerage could be a platform to help agent entrepreneurs grow their businesses and impact their communities,” according to the company’s website.
As a “double bottom line firm,” the Menkiti Group prides itself on measuring success both in terms of financial success and the company’s social impact, according to a press release issued by the company.
The partnership with NewRez was a natural fit, as both companies have a focus on giving back to the community. NewRez’s Neighborhood Outreach Works (NOW) program fosters employee service to the community through volunteerism and investment in the community.
In an effort to further both companies’ social responsibility measures, Mission Mortgage will make a donation to a charitable cause for every closed loan. Donations will be a fixed amount that is yet to be determined.
Focus areas for the donations will include housing, education, and youth and entrepreneurship. All donations will be facilitated by The CPMG (Capital Properties Menkiti Group) Foundation, a nonprofit that was co-founded in 2014 by The Menkiti Group.
Bo Menkiti | Credit: LinkedIn
“Shelter Mortgage and NewRez offer everything we are looking for in a mortgage lending partner — breadth of experience, a wide product offering and market strength,” Menkiti Group CEO Bo Menkiti said in a press statement. “In conjunction with Shelter Mortgage and NewRez, we are excited to be able to offer this high level of service to the local communities and customers we serve. We are confident this partnership will help us reach more borrowers, facilitate greater access to homeownership, drive wealth creation for those we serve, and strengthen our ability to fulfill our mission of transforming lives, careers and communities through real estate.”
Randy VandenHouten | Credit: LinkedIn
“The Menkiti Group is the perfect fit for a partnership as we continue to grow our Joint Venture network,” Randy VandenHouten, senior vice president of Joint Venture and Retail Lending at Shelter Mortgage Company, said in a statement. “Our organizations are aligned in recognizing that lending is about more than just home financing — it is about building communities and investing in individuals and families. We are thrilled to add a partner with such an innovative approach to real estate and passion for the work that they do.”