NewRez Mortgage Review: Are They the Home of Your Perfect Loan?

NewRez Mortgage, the abbreviation for New Residential Investment Corp., is one recent mortgage to make a major splash.

A sophisticated loan origination infrastructure is now in place to support their extensive loan servicing business thanks to Shellpoint Partners LLC’s acquisition of New Penn Financial in 2019.

When it comes to the mortgage industry, they’re a publicly traded firm worth billions of dollars.

A joint venture with Shelter Mortgage, known as Homeowners First Mortgage, is also in place.

First Team Real Estate is a Southern California real estate agency that provides mortgage financing to buyers represented by First Team Real Estate.

As part of a relationship with Landed, a San Francisco-based company, NewRez and Shelter both offer down payment help to teachers and other school personnel through Landed Home Loans.

NewRez and Berkshire Hathaway HomeServices Verani Realty will form “Home Sense Lending LLC” in July 2020 as their 16th joint venture.

Customers throughout New England will be served by the brokerage’s 500 licenced real estate agents.

NewRez and Shelter Mortgage Company collaborated with Atlanta Fine Homes Sotheby’s International Realty to create “Sanctuary Home Mortgage” in September 2020.

“Mission Mortgage,” which will be based in Washington, D.C. in December 2020, was then established. clients in Maryland and Virginia, as well

The Schmidt Family of Companies, a family-owned real estate agency, is a partner in the duo’s newest joint venture, “Coast One Mortgage.”

Suggested Read: SoFi Personal Loan Review with Pros and Cons

How to Apply for a NewRez Mortgage

They claim to have cutting-edge technology and proprietary systems, such as the NewRez app and “ezhub,” which is their digital mortgage product.

Documenting your income and assets electronically, as well as taking use of automated underwriting capabilities, is possible with this software.

Mortgage payments can be made via the company’s smartphone app once the loan has been closed and serviced.

Getting the loan process started online is also an option, and a loan advisor will get in touch with you to help you along the way.

Additionally, if you have been directed to a loan advisor, you can phone them directly or utilise their loan advisor directory in order to get in touch with them.

When it comes to getting a loan from NewRez, you have a variety of options to choose from.

Loan Types Offered by NewRez Mortgage

  • Cash-out loans for home purchases and refinances are also available.
  • Loans for home improvement and building
  • conventional, FHA, VA and USDA mortgages
  • Loans tailored to the needs of self-employed individuals
  • There are two types of jumbo loans: • Jumbo loans in excess of the conforming loan limit

NewRez lends on all types of properties, including primary residences, vacation houses, and investment properties, for purchase, refinance, and building.

Mortgage refinancing accounted for approximately 85% of 2019 volume, while house purchases accounted for 15%, with cash out to the borrower accounting for 37% of all loans.

As a result, many of their current homeowners are able to get in touch with the company because of their large loan servicing portfolio.

They offer both Fannie Mae and Freddie Mac-backed conventional loans, as well as government-backed home loans like FHA, USDA, and VA loans.

If the loan amount exceeds the conforming loan limit in your county, you may be eligible for a jumbo home loan from NewRez.

In 2019, the conventional loan volume was 60 percent, with 25 percent FHA loans, 15 percent VA loans, and the remaining jumbo and USDA loans making up the rest of their retail loan volume.

Construction loans are available from both the Federal Housing Administration (FHA) and the Veterans Administration (VA), including FHA 203k and Fannie Mae HomeStyle.

Depending on your financial situation, you may be able to receive a 30-year or 15-year fixed-rate mortgage.

Additionally, they have several adjustable-rate mortgage alternatives, such as 5/1, 7/1, and 10/1 ARMs, which can lower monthly payments for consumers who want to save money.

NewRez Mortgage Rates

As a result, it’s difficult to compare NewRez’s mortgage rates to those of its competitors, which is unfortunate.

Fill out a mortgage quote request and/or talk to one of their lending specialists to learn about their rates. Before then, you’re in the dark when it comes to cost.

As of now, it’s an open question as to whether or not they are capable of competing on that front.

To ensure that you get the best deal possible, check around for mortgage rates, even if they don’t publicise them. The only way to find out if you’re getting a better deal is to do your research.

When comparing interest rates and fees (mortgage APR) when looking for a loan, it’s unclear how much or what the lender charges.

Customers’ Reviews of NewRez Mortgage

The lack of NewRez mortgage reviews may be due to the company’s recent acquisition of New Penn Financial.

Using Yelp, the only information I could uncover was that they received a dismal 1.5 out of 5 ratings.

There are many individual reviews for NewRez loan officers on Zillow if you search their lender directory by entering “NewRez” into the bank name field.

It is from this list that you can search for the best loan officer and contact him or her directly if you decide to deal with NewRez.

In the end, customer experiences will vary greatly when dealing with thousands of different personnel, therefore this may be the ideal strategy for any huge mortgage provider.

A few NewRez loan officers had perfect 5 out of 5 star ratings or ratings that were extremely close to it, so I decided to check them out. Mortgage rates, fees, and closing expenses were all reported to be cheaper than expected by many buyers.

Let me also mention that the company has been accredited by the Better Business Bureau since 2009 and now has an A+ rating.

The BBB website has a star rating of little over 1 out of 5 for their consumer reviews. BBB customer review ratings are based on complaints, so you can expect an average or even a poor score every time you use this service.

If you’re looking for more possibilities, check LoanMart, which offers a general lending option.

NewRez Mortgage’s Advantages and Drawbacks

Pros

  • Obtaining a mortgage online
  • An extensive selection of financing products is available.
  • There’s a free app for smartphones.
  • Many mortgage calculators are available on the site.
  • Instead of being sold off, loans are serviced by NewRez.

Cons

  • Mortgage rates should not be advertised.
  • There is no information on lending fees or closing expenses
  • Only a few reviews are available (unclear how well-liked they are)
  • This business does not have a permit to operate in New York State.

FAQs

Where can you obtain a mortgage with Newrez?

This Pennsylvania-based company has over a hundred branch offices with licences in all 50 states and the District of Columbia.

Disclaimer: All the information published here are for informational and educational purposes only. Moreover, all these information are researched from official sources. However, we will not warranty the information to be accurate and completed. Do not share your bank details or personal details in the comment box. For more queries visit the official website.

1 thought on “NewRez Mortgage Review: Are They the Home of Your Perfect Loan?”

Leave a Comment