The Agency forms a joint venture and enters the mortgage world

Mauricio’s Umansky’s The Agency enters the mortgage industry. The brokerage has entered into a joint venture with Barrett Financial Group to offer what the companies believe is a broad range of mortgage products and streamlined underwriting to The Agency’s luxury clients.

Dubbed Aclara Loans, 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 affiliates at The Agency, said in a statement.

“We are pleased to not only increase the resources available to our agents and customers, but also strengthen our commitment to excellence and innovation in the industry. We are proud to lead the way in providing unparalleled support and growth opportunities to our partners by offering a complete ecosystem of best-in-class settlement services.”

Aclara Lending plans to raise capital from 140 wholesale lenders for products such as jumbo, superjumbo and non-qualified (non-QM) loans, in addition to more traditional products.

Aclara also uses technology in the underwriting process. It said it can provide comparisons to lenders Fannie Mae‘s desktop insurer and Freddie Mac‘s loan product advisor with “one click.”

It also said it has technology to provide instant verifications of income and assets, and can run soft credit checks derived from one or all three credit bureaus.

“This represents a new era in real estate and mortgage services,” said Trevor Barrett, founder and president of Barrett Financial, in a statement. “Together, we are setting a new standard for luxury home buying by offering customers not only customized lending solutions, but also a seamless, integrated experience that supports their entire journey – from initial search to closing.”