JP & Associates REALTORS® (JPAR) announced a joint mortgage venture with fintech startup Avenu and its IntroLend platform.
Introlend is an app that allows the consumer to receive mortgage offers from their different sources, including a wholesale lender that works with the company. JPAR is creating its own limited liability corporation to launch its own branded platform, where agents can buy into owning a piece of the platform.
Agents make money off of the success of the company because they become owners. This means they won’t be violating the Real Estate Settlement Procedures Act (RESPA), according to Geoff Lewis, the president of Vesuvius Holdings, the parent company of JPAR. Agents won’t be directly steering a consumer to a specific lender in exchange for a kickback fee. They are presenting the consumer with mortgage offers from three different lenders and can even recommend lenders they have a previous relationship with for inclusion in the app.
“They’re not directly receiving dividends based on the deals they actually refer to the mortgage entity,” Lewis said. “If they have a lender they like working with, a loan officer that’s their favorite, they can invite that loan officer to participate in IntroLend.”
Participation is currently available to JPAR agents in Texas on the corporate and franchise side, but the company is working on getting licensed in more states.
Participation is open to agents that have been with JPAR for at least one year. Each unit is priced at $500 and escalates based on the length of time with JPAR. If you’ve been with JPAR for one year, you can buy-in at up to $1000, 2 years-$5000, three years-$10,000, and four years-$20,000. These levels are the maximum that can be invested.
The venture is expected to scale quickly and provide a nice return for agents.
“One of the things that we’ve said all along is that we’re a next-generation brokerage,” Lewis said. “We’re innovative, cutting edge and agent-centric with our 100 percent commission, transaction fee model.”
The launch of IntroLend is another service in addition to iBuyer, an amazing tech platform, and the agent healthcare offerings and will allow JPAR to continue the massive growth it is seeing in the space.
“This is just another innovation that shows we’re focused on being agent-centric and we believe this will be very important in recruiting and retaining agents,” Lewis added.
Allowing agents to buy into ownership of the mortgage company is the thing that makes this program unique from other IntroLend platform partners.
About JP & Associates REALTORS®
At JP & Associates REALTORS® we’ve built a company that focuses on putting agents first. Opening in 2011, JPAR is taking the real estate industry by storm and earning accolades such as Top 10 Hottest Franchise (according to Inc.), a three-time Inc. 5000 honoree (2019: #1004), and the Fastest Growing 100% Commission Brokerage and Franchise in the USA (according to Real Trends 500). Since offering franchise services in 2018, JPAR has expanded to 8 states in addition to the brokerage in Texas.
JPAR operates multiple offices across Texas, Louisiana, South Carolina, North Carolina, Georgia, Arizona, New Mexico, and Florida, is expanding nationwide, and offers franchising opportunities for entrepreneurial real estate professionals.
To learn more about becoming an agent or franchising visit http://www.jpar.com.