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.
The NewRez Family of Companies is experiencing higher than normal call volumes and wait times. Our existing customers should go to our sign in page https://www.newrez.com/sign-in/. There you can properly identify your loan servicing team, and access information about your account. We’re hereto help answer questions, including those about payment options in the context of COVID-19.
"I have compared other organization but this is a way ahead in its features & services.
The process moved very smoothly and fast, Document collection was timely and Loan processing was quick. Thank you for your prompt professional service.
Newrez is the best for loan processing."
Impressed with the timely and accurate communication throughout the process of approval and settlement. The whole process has been a delight from beginning to end! I have been and will recommend you to friends and clients.
I was happy to call and have someone answer the phone in a reasonable amount of time. They were able to answer all my question accurately and quickly.
I've used Newrez for around 3 years and have found them to be easy to deal with and very fast to respond. I recommend them wholeheartedly!!
"Faithful Company", It was really easy to refinance loan as the service provided by them is really good.
helped me with all the paperwork and document part for completing quickly and provided me with all the details of the procedures.
every thing is clean, clear and transparent. ""Will surely recommend!"
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.
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:
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.
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 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.
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.