Loandepot is partnering with Onx Homes, a Texas-based homebuilder, to expand its footing in two southern states.The joint venture, which is called Onx X+ Mortgage, will give Loandepot additional market presence in Florida and Texas.
The joint business with Onx Homes “will benefit from Onx Homes’ proprietary design, technology and a customer-centric approach while capitalizing on Loandepot’s lending industry expertise and best-in-class platform,” a press release said.
This is at least the ninth partnership with a builder that Loandepot has added to its growing portfolio of joint ventures. Loandepot’s longest standing JV is with Meritage, a home builder established more than 20 years ago, in a partnership dubbed MTH Mortgage.
Dan Peña, executive vice president of national joint ventures for Loandepot, commented that Onx’s speed in creating new homes is key in addressing the nation’s housing shortage and serving first-time homebuyers– a segment of borrowers the mortgage lender is looking to tap.
“Loandepot and Onx share a mission to support customers throughout their entire homeownership journey, and this new joint venture allows us to deliver sustainable solutions that make homeownership more accessible,” Peña added in a statement.
Onx Homes, founded in 2021, has over 4,000 homes under development across Florida and Texas, it said.
Four months earlier Loandepot and homebuilder partner Smith Douglas Homes launched Ridgeland Mortgage.
The formation of Ridgeland Mortgage expands the mortgage lender’s market presence to several Southern states, including North Carolina, Texas, Georgia, and Alabama, where Smith Douglas Homes develops properties.
In a previous interview, Peña explained that in a joint venture Loandepot manages the mortgage company for the builder.
“The entity has loan officers, production people and leadership, and then there’s a servicing agreement with Loandepot. We provide all the mortgage services: processing, underwriting, closing, funding and warehouse management. We do everything, and we charge the joint venture a fee,” he said. Various structures can be used to partner with builders, the most typical being a 50/50 joint venture.”
