NewRez Mortgage Review

About NewRez


NewRez LLC (NewRez), formerly New Penn Financial, LLC, is a leading nationwide lender that focuses on offering a breadth of industry-leading products, supported by a loan process that blends both human interaction and the benefits of technology into an unparalleled customer experience. Founded in 2008 and licensed to lend in 49 states, NewRez is headquartered in Fort Washington, Pennsylvania and operates multiple lending channels, including Wholesale, Correspondent Lending, Direct-to-Consumer, Retail, and a network of Joint Venture partners. NewRez is a Shellpoint Partners company and a member of the New Residential Investment Corp. family.

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Interest Rates
Fees & Closing Cost
Customer Service

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What is NewRez?

NewRez ⁠— originally called New Penn Financial ⁠— was founded in 2008. The company is headquartered in Plymouth Meeting, Pennsylvania, in the Philadelphia area, and employs 2,200 people. In 2017, New Penn was ranked in the top 25 for overall mortgage volume by Scotsman Guide after it generated $6.4 billion in mortgages. The company was rebranded as NewRez in January 2019.

NewRez’s website provides potential borrowers with homebuying guides, options to apply online and the ability to get pre-qualified for a home loan, among other features. NewRez customers have the flexibility to complete much of their mortgage application digitally through a customer portal or app, and they can explore options to purchase a home or refinance an existing property.

Working with NewRez

NewRez is licensed in all 50 states, as well as the District of Columbia, Puerto Rico, Guam and the U.S. Virgin Islands.

Loan officers are present in five of those locations to help potential borrowers, while most clients are encouraged to communicate through the online portal or over the phone with other available loan officers.

NewRez offers a variety of loans, including conventional, non-QM (qualified mortgage) and jumbo loans. Borrowers should have a minimum credit score of 620 to qualify for a conventional mortgage, although NewRez states the average credit score for successfully completed mortgages is around 720.

Borrowers with lower credit scores may benefit from manual underwriting, a feature NewRez offers to prospective applicants. During the manual underwriting process, a human underwriter, rather than a computer, will process an applicant’s information. This gives borrowers with imperfect credit the opportunity to explain their debts or make the case for why they would be a good mortgage applicant, such as having a large amount of cash in savings.

NewRez issues loans for the following types of properties:

  • Single-family homes
  • Multi-family homes
  • Manufactured homes
  • Condominiums
  • Co-ops (available only in New York)

NewRez products

NewRez offers a variety of products for prospective borrowers, ranging from purchasing loans with fixed and adjustable rates, to refinancing loans.


NewRez offers both fixed- and adjustable-rate conventional mortgages with the option to finance with a 3% down payment. NewRez also offers Home Possible and Home Possible Advantage loans through Freddie Mac. FHA loans, VA loans and IRRRLs are also available.

NewRez also offers jumbo loans for high-value home purchases, as well as niche and specialized loans for those trying to increase their buying power.


Homeowners can also work with NewRez to refinance their current homes, which can allow homeowners to change the terms and interest rates of their mortgages, which may lower monthly payments or shorten the length of the loan. This may be especially appealing if a homeowner purchased their current home during a time when mortgage interest rates were high and would now like to refinance to a lower rate.

NewRez offers traditional refinancing and cash-out refinancing, so homeowners can gain access to equity. Homeowners can then use that cash to pay off high-interest debt, make home improvements or pay for other large expenses.

Home equity

NewRez provides home equity lines of credit (HELOCs). In a HELOC, borrowers may use the value of their current home as collateral for a line of credit. When applying for a HELOC, homeowners will usually have to pay application and appraisal fees, as well as closing costs, attorney costs and other associated fees.

NewRez special mortgage programs

NewRez has a number of special mortgage programs and perks in place. Borrowers can access Freddie Mac’s Home Possible program, which is geared toward first-time homebuyers, low-to-moderate-income applicants and millennials who are seeking homeownership but cannot afford more than a 3% down payment.

NewRez also offers programs specifically for borrowers who are self-employed. This population is rapidly growing, but it has remained difficult for self-employed people to qualify for a mortgage. NewRez’s SmartSelf program allows borrowers to prove their readiness to own a home beyond providing W-2 statements and pay stubs.

The mortgage application process

  • How to apply. Borrowers can apply for a mortgage loan through the NewRez customer portal. They can also work with a loan officer over the phone or in person. Most business can be conducted digitally through the desktop portal or customer app, including uploading documents, providing e-signatures and providing access to financial information.
  • Disclosure process. Borrowers can communicate with NewRez through the method that works best for them, whether that’s over the phone, fax, mail or, more commonly, through the online dashboard. NewRez allows applicants to upload documents via the portal. The only documents that cannot be uploaded digitally are the final loan documents, which must be signed in person with a notary.
  • Submitting loan for approval. Borrowers work with a loan officer to submit their documents for final approval. This takes place after a borrower has provided their financial information, and other associated documents, and after an appraisal has been conducted.
  • Final approval. A NewRez processor will work with the borrower to gather all documents and conditions necessary to receive final approval. They will then submit this information to underwriting to obtain a clear-to-close. From there, a borrower will gain final approval and can schedule a closing.
  • Closing. Closing is the only step of the mortgage application process that must be conducted in person. A borrower may choose the time and place that best suits their needs, whether at home, at the office or elsewhere. No matter the location, closing documents must be signed in the presence of a notary.

Communication during the process

NewRez offers multiple ways to communicate and complete the mortgage application process online, the company’s preferred channel, including through an online desktop portal and a mobile app accessible through smartphones. This may be particularly convenient when uploading documents as customers can take pictures of the documents using their phones and upload them directly through the app.

Borrowers are also welcome to work with a loan officer over the phone. These officers will guide applicants through the process, including appraisals, approvals and closing. Borrowers will work with a dedicated loan officer who will take their information, structure the loan, review the terms with them and provide them with their mortgage options.

From there, the officer will send the applicant a disclosure link through the portal. At that point, borrowers may e-sign documents and conduct further business through the portal, while still being able to communicate with their loan officer via phone, email, fax or whatever means the borrower would prefer.

Pros and cons of a NewRez mortgage


  • Is available to borrowers with credit scores as low as 620
  • Offers manual underwriting
  • Provides multiple online channels, including desktop dashboard, portal and smartphone app
  • Provides access to SmartSelf programs for self-employed individuals
  • Offers program for first-time homebuyers
  • Offers HELOC loans


  • The online portal does not yet offer the ability to link bank statements or assets. However, at the time of publication, NewRez was planning this feature as a future enhancement.
  • Loan officers are present at only a small number of locations. This may not be an issue for those interested in conducting much of their application online, but it may be a con for those who prefer in-person communication.
  • Mortgages are not available for undeveloped land.