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

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One mortgage lender making a big splash of late is NewRez, short for New Residential Investment Corp.

Thanks to their 2019 acquisition of Shellpoint Partners LLC, which was the parent company of New Penn Financial, they now have a robust loan origination platform to flank their expansive loan servicing business.

They are a publicly-traded company worth billions of dollars that has quickly become a top-20 mortgage lender nationwide.

The company also has joint ventures in place, including one with Shelter Mortgage known as Homeowners First Mortgage.

It provides mortgage financing to home buyers represented by real estate brokerage First Team Real Estate in Southern California.

NewRez and Shelter also have a partnership in place with a San Francisco-based company called Landed, collectively known as Landed Home Loans, which offers down payment assistance to teachers and other school employees.

In July 2020, NewRez created its 16th joint venture with Berkshire Hathaway HomeServices Verani Realty, which will be known as “Home Sense Lending LLC.”

It will serve home buyers throughout New England via 500 licensed real estate agents that work at the brokerage.

In September 2020, they launched “Sanctuary Home Mortgage,” a collaboration between NewRez and Shelter Mortgage Company, and Atlanta Fine Homes Sotheby’s International Realty.

Then in December 2020 created “Mission Mortgage,” which will be headquartered in Washington, D.C. and service clients there and in Maryland and Virginia.

The pair’s newest joint venture is called “Coast One Mortgage,” a partnership with the Schmidt Family of Companies, a family-owned real estate brokerage.

NewRez Fast Facts

  • Founded in 2008, originally known as New Penn Financial
  • A direct-to-consumer mortgage lender based in Fort Washington, PA
  • Also runs a correspondent lending and wholesale division
  • Licensed to lend in 49 states and DC (pending approval in NY state)
  • Funded nearly $4.5 billion in 2019 (a top-20 lender nationwide)
  • 2,600+ employees and 616,000+ customers served

How to Get a Mortgage with NewRez

NewRez loan application

They say they’ve got cutting-edge technology and proprietary systems, including the NewRez app and “ezhub,” which is their digital mortgage offering.

It allows you to document income and assets electronically and take advantage of various automated underwriting tools.

Their smartphone app lets you to apply for a mortgage and make monthly mortgage payments once your loan is closed, assuming they service it too.

It’s also possible to get the loan process started online by filling out a short form on their website, at which point a loan advisor will make contact to guide you along.

You can also simply call them up directly or use their loan advisor directory to get in touch with someone specific if you’ve been referred.

Either way, you’ve got options when it comes to applying for a loan with NewRez.

Loan Types Offered by NewRez Mortgage

  • Home purchase and refinance loans (rate/term and cash out)
  • Home renovation loans and construction loans
  • Conventional, FHA, VA, USDA loans
  • Specialized products for self-employed borrowers
  • Jumbo loans that exceed the conforming loan limit

NewRez offers home purchase loans, refinance loans, and construction loans on all property types, including primary homes, vacation homes, and investment properties.

The company’s 2019 volume consisted of roughly 85% mortgage refinance and 15% home purchase, with 37% of their loans involving cash out to the borrower.

This is probably due to their massive loan servicing portfolio that allows them to get in contact with their many existing homeowners.

They offer both conventional loans backed by Fannie Mae and Freddie Mac, along with government home loans including FHA loans, USDA loans, and VA loans.

You can also get a jumbo home loan from NewRez if the loan amount exceeds the conforming loan limit for your county.

Nearly 60% of their 2019 retail loan volume was conventional, with 25% FHA loans, 15% VA loans, and the remainder jumbo and USDA.

Those looking for a construction loan are in luck because they offer both FHA and VA construction loans, such as FHA 203k, and conventional construction loans like Fannie Mae HomeStyle.

You can get a fixed-rate mortgage, such as a 30-year fixed or 15-year fixed, and possibly other terms in between.

They also offer a variety of adjustable-rate mortgage options, including 5/1, 7/1 and 10/1 ARMs for those looking for a cheaper monthly payment.

NewRez Mortgage Rates

NewRez does not openly advertise its mortgage rates, which is a shame because it’s difficult to know how they stack up relative to other lenders.

You’ll only know their pricing if you fill out a mortgage quote request and/or speak with a loan specialist. Until then, you’re basically in the dark pricing-wise.

That doesn’t mean they aren’t competitive, it just remains an unknown at the moment until more data is collected on that front.

As such, be sure to take the time to shop around – do this regardless of whether they advertise their mortgage rates. You never know if there’s a better rate out there unless you put in the time.

The same goes for lender fees – it’s unclear how much or what they charge, so compare interest rate and fees (mortgage APR) when shopping your loan.

NewRez Mortgage Reviews

Unfortunately, NewRez mortgage reviews are scant at the moment, perhaps because they only recently launched after acquiring New Penn Financial.

The only information I could find was on Yelp, where they had 1.5 stars out of 5, which is obviously pretty dire.

However, if you go to Zillow and search their lender directory by inputting “NewRez” into the bank name field, you’ll see lots of individual reviews for NewRez loan officers.

From there, you can sift through the many names to find the loan officer with the best reviews, then contact that person directly if you want to work with NewRez.

This might be the best way to go for any large mortgage lender because ultimately customer experiences will vary widely when dealing with thousands of different employees.

I took a look at the NewRez loan officer reviews and found that several had perfect 5 out of 5-star ratings or very close to it. Many also indicated that mortgage rates and fees/closing costs were lower than expected.

Let me add that the company has been accredited with the Better Business Bureau since 2009, and has an A+ rating at the moment.

Their customer reviews on the BBB website aren’t favorable, with a star rating just over 1 out of 5. Of course, the BBB customer review rating system is based on complaints, so the rating is typically never very good.

Pros and Cons of NewRez Mortgage

The Good

  • Digital mortgage process
  • Expansive suite of loan programs to choose from
  • They have a free smartphone app
  • Lots of mortgage calculators on site
  • Loans are serviced by NewRez instead of being sold off

What to Watch Out For

  • Do not advertise mortgage rates
  • No information on lender fees or closing costs
  • Very limited review information (unclear how well-liked they are)
  • Not licensed in the state of New York

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

  1. It’s a shame you don’t mention their complete inability to credit payments properly, even while following their procedures. Since being purchased from Ditech, I have a call history of several times a WEEK to get my money applied correctly. I pay them. I fulfill my end of the bargain. The least this company could do is put the money where it is directed.

    I realize this isn’t a rating article, but I am here to tell you their BBB ratings are justified.

  2. Just posting my personal experience with a refinance. They have been terrible to work with. The process has taken almost 5 months so far and no end in sight. They are very unresponsive, they sent my personal financial documents through unsecure email. They ask for documents that I have already sent or that are not related to me or my business. Do yourself a favor and go with someone else.

  3. This Company is a Complete Joke.. Mince they acquired my loan from Ditech, it has been a joke… Calling to get payments posted and speaking of calling them, you had better plan on about 2-3 hours because their entire system is automated, IT IS IMPOSSIBLE to get a human being. I requested over a month ago to simply add my wife’s name to the loan and home in the event something happened to me, not only did I receive two e-mails telling me they were to busy to address my needs, they put you on hold for hours to get a voice mail box to leave a message for them that never gets returned… Not to mention that they charge you $10.00 for an online payment in addition to you normal mortgage payment. if you want to attempt to use their phone automated pay system, they charge you $12.00… This Company is the biggest joke, I’ve ever been involved with in my 30+ years of owning a home… Trust me, RUN AS FAST AS YOU CAN AWAY FROM THIS COMPANY… They are 110% incompetent of handling a mortgage or anything involved with it… The reason they are a top 20 Mortgage Loan Company and their revenues are going up is do to ALL THE LOANS they’ve acquired and the monthly service charges they charge you to simply make your mortgage payment online.. AGAIN… RUN AS FAR AWAY FROM THIS COMPANY AS POSSIBLE. NewREZ/Loancare is a JOKE!!!

  4. Worst mortgage company every. They took over my loan from Quicken after 12 years and within a few months screwed up the escrow and didn’t pay my home owners insurance! WOW! Trying to get help on their site and talk to a person is very difficult requiring going thru multiple phone trees. Finally, they don’t accept automatic payment from my bank without a fee. All in all the worst mortgage company experience I have ever had.

  5. Bad customer service… CAN’T reach loan officer. Started refinance process. Turned in all paperwork, missed 5 closings. Still waiting! Losing money. Cumbersome customer service. Bad deal! How did they reach 4.5 billion in sales? Ask your States Attorney Office.

  6. Terrible customer service. I’ve been dealing with a refinance since June. Tomorrow is October, and I am no closer to closing than I was in June. No loan officer answers the phone and every voicemail is full. Customer service is a joke. They just transfer me to different people, and I am bounced around like a ball. Very disappointed and aggravated and am moving my mortgage asap. Do NOT recommend New Rez at all.

  7. DO NOT USE NEWREZ….biggest mistake I have made. Been trying to refi. Since May it is now October still waiting. They keep transferring me to new loan processors. I have sent the same paperwork in multiple times. Can’t reach anyone by phone. My loan was approved 2 months ago still waiting. This company is a joke go somewhere else.

  8. New Rez is the worst mortgage company!! My loan was with Ditech and it was sold to New Rez. New Rez called and offered to refi my loan at a lower interest rate. The Loan Officer Ryan told me it would be easy “no hassle”. He also said no need for another appraisal since the loan was only 1 year old and we were not taking any additional money out!
    HA… 5 months later they are asking for docs they already have. The Loan Processor cannot see the docs I upload to their secure site. The absolutely worst lender I have ever worked with! Save yourself the frustration and find another lender!!

  9. NewRez/Shellpoint acquired our mortgage from Ditech. First payment to NewRez was in January 2020, which we set up via the NewRez website for automatic payments on the first of every month. All went well until October 1, 2020. They never took the payment that was supposed to be taken from our checking account! We didn’t notice until we got a call on Oct 22, 2020 from some strange number saying they were NewRez, didn’t speak to them as we didn’t recognize the number. Looked at our account online via their website and low and behold the October payment hadn’t been automatically obtained! Got on the phone with NewRez customer service immediately to find out what was going on and was told it was some kind of “glitch”. Mind you, payments having been transferring for payment perfectly since January 2020! There is plenty of money in the checking account for this! I spoke with two different persons on 10/22/2020, with the second person taking the payment over the phone with the statement from her that there will be no late charge, no fee and it would be ACH. It is now 10/23/2020 and on their web page it is showing me that it is an unapplied payment! What the heck, this is the Oct 1 payment and should have been applied as such IMMEDIATELY on 10/22/2020. So we get on the phone again with them today 10/23/2020 and ask what’s going on? Was told that she would immediately request it be applied to the Oct payment and “you are not late” I contacted our bank right after speaking with NewRez on 10/23/2020 and the bank said “no attempt at payment had been requested by NewRez/Shellpoint, they (the bank) are not stopping any payment and we have plenty of money to cover 4 years of payments”! We have less than 1 year left on this 1st mortgage and are seriously considering going to the state attorney general’s office, the better business bureau, hiring an attorney and paying this off now. Our online account with NewRez shows the next payment to be auto-paid is scheduled for Nov 1, but if we attempt to look at the scheduled automatic payments, it tells us we can’t because the account is “past due”. This is so wrong on many levels! We have NEVER been late in 29 years with our mortgage payment and we have a perfect credit score over 850! Are they now going to screw our credit score? STAY AWAY FROM THEM!

  10. Hi we attempted refinance with a VA mortgage with NewRez – but the loan officer is not very forthcoming. Process started Aug. 18 with E-signing papers then he said he needed one more item (Soc.Security Letter re income) we sent on Aug 20. Then we waited then we emailed him Sept. 25 to get update, no response. The computer showed “in underwriting”; then we emailed him and he said things were going along should be hearing in two weeks – three weeks went by then all of sudden the computer log in said our account was “inactive” then we called and called; finally went to customer service then a week later we heard from loan office who apologized with a family issue then he said he did not get the SS info and I forwarded him the email with the SS info and then he tried to outspeak me saying yes but he needed the letter and then said oh, oh here it is – okay. So, now — he had restarted a whole new loan – different no. we now have just received a “new” welcome letter – from the title company (we had already sent them the required information with the first loan application) and the letter had the wrong street address. I think we are going to pull out of this with NewRez – but no way to treat a Veteran. What do you think?

  11. The worst company I have ever dealt with in my 35 years of dealing with mortgage companies…applied for a refi on July 10, 2020 with an 840 credit score, 13% total debt to income and a 40% LTV on the request. After submitting all requests, as of 11/2/2020, still no answer. I have 3 managers phone and emails…their voicemail boxes are full and they will not return emails after 5 attempts. Loan officer does not know his job or understand mortgages and will not return call….stay as far away from them as possible.

  12. Absolutely hands down the WORST company I have ever dealt with. They are slimy, sleazy and possibly corrupt. They have held up endorsing a check to my re-roofer for a month and still have not released it. They tell me a sob story about their crappy business woes. They have less than the amount of people needed employed, the hurricane, the this, the that and the other. Infinite excuses for holding my money hostage in something they should be absolutely no part of.

    I will NEVER do business with this company again and have been motivated to rapidly refi to eliminate all ties to them. I only have to put up with their shenanigans because they bought my mortgage. I hope by refinancing, I cause them loses and pain.

    Total CRAP company. Stay clear!!!

  13. We have owned 7 homes in 35 years and have NEVER made a late payment. We still haven’t. But apparently, Loancare bought out my ditech loan, sent us a new Payment address but not a new number. then about a year later our payments are disappearing. Apparently they gave us a new loan no without bothering to tell us. So our payments went to another loan number(our old one). This is what these ppl do! They buy mortgages than service them! But Loancare doesn’t apparently have the competence to record payments. 7 calls, 6 emails, 5 weeks, our credit is ruined and they keep putting the requests in and nothing happens!!! What is wrong with these people! It’s like a Seinfeld episode.

    Mark my words. Stop dealing with them. They will do whatever is in their power to make you miserable!

  14. They are terrible to deal with. I started a refi in August, still not settled. They took a double payment out of my account and I finally got a response – 3 weeks later! You can’t speak to anyone. I definitely regret dealing with NewRez

  15. Congress needs to investigate this company as they did Fargo Banks. Congressional Class Action Lawsuit against this company their Escrow charges and late fees payment that had never occurred on your Mortgage Statement.

  16. Terrible service once they have your mortgage too. They sent our first tax payment late, then sent the next one to the wrong township and if I hadn’t worked like crazy with the county tax office to track it, get it back, get it repaid, we wouldn’t have had a recorded tax payment! Don’t ever email their customer service; answers take a week and are a complete waste of time. Calling in is a little better, but hard to get someone to talk to at all. Woke up this morning to see they took a double payment, without warning or reason, out of my account so now I’m off and running on trying to get someone to reply. Looking at Sandra’s email above, I’m guessing it will be a while! Class Action Lawsuit is a good idea!

  17. All of these reviews are right! This is a horrible, underhanded company. DO NOT DO BUSINESS with them under any circumstances.
    I applied to refinance my mortgage in September and it has turned into a complete nightmare. After months of being told that everything was proceeding normally, my application was abruptly cancelled due to a glitch that is totally out of my control. Before I submitted an application, I verified that my unique situation would not be a problem. I was assured that everything would be fine. I received approval by the underwriters and was waiting for my closing date from the loan processor. Instead, I got an email letting me know that they were cancelling my application. Since then I’ve made dozens of phone calls to financial institutions and state agencies, without any solutions available to me. I’ve filed complaints with the State Attorney General’s office and the CFPB (Federal agency).
    At first, I was upset and felt like a victim because the mortgage companies have all the power. Then I decided to Google reviews on this company and found this page which has many warnings from people who also got screwed by them. That snapped me out of victim mode and into Warrioress mode. I am now on a crusade to connect homeowners to find solutions to this nonsense. I did everything right and still wound up in a horrible mess. Others like us have to be out there and if we can connect and work together, we can force change. Let’s stop this from continuing to happen.
    Please join the “Refinance Nightmare” group on Facebook to spread the word because every voice matters. Feel free to post your own stories and any solutions/resources you have found. We have to fight back against this monster company!

  18. They took over my mortgage from Ditech and its been sheer hell since then. Horrible customer service. Worst I have experienced ANYWHERE and at any time! Inept and rude. Just terrible!

  19. Horrible experience with this joke of a company. Began refi process and waited FOUR months for closing date. They continued to push it out because under writers were so busy with numerous people refi. The day before the rate lock expired, they email asking for a work verification document that would take at least a week for HR to process for them. With no clear direction of this loan and a closing date, I decided to look at a different lender…. after an hour, I located a lender who not only provided the same Interest rate, but had lower closing costs and had my file to underwriter for processing my closing within two days. This company is a nothing but a hassle and I lost hundreds of dollars trying to be patient and waiting for them over this four month period.

  20. HORRIBLE HORRIBLE DO NOT DO BUSINESS WITH THEM!
    I have an 815 credit score. I lost my job due to covid and they offered me a forbearance plan. Because I was never late, had my loan for 6 years, they are not allowed to report you late. The only reason I accepted the fb plan is because I was getting ready to sell my house. Anyway, in the meantime I got a contract, they forgot to pay my homeowner’s insurance, I paid a quarterly PMT bc I was already ready to close, 2 days before close they send another payoff including my gd insurance, and took the money from my proceeds. A month later, after 10 phone calls, still chasing my GD money they owe me AND THEY REPORTED MY LOAN 120 DAYS LATE ON MY CREDIT REPORT!!!!

  21. Close on my house on November 20th, 2020 and loan was paid-off. I contacted their customer service on Dec 12th, 2020 about the money in my escrow account and was told numerous times from the 12th to 31st that they mailed the check on Dec 10th, 2020 – Still waiting and it’s Dec 31st, 2020. I contacted them today and said it should reach me by Jan 7th – if not will be calling the AG in New jersey and making a complaint

  22. I agree with all these negative comments via personal experience with NewRez/Loan Care……my loan was sold to them from Home Street Bank about year ago. They buy unneeded insurance, take out from escrow account and do not post refund in timely manner leaving escrow with shortage. Then postings for monthly payments not done correctly following payment coupon enclosed with payment. Posted 2 payments for one month then leaving following month without payment. Then late fees start accumulating. Sloppy, inaccurate, delayed postings leave consumer paying unjust, deceptive charges. These complaints need to be sent to federal agency overseeing mortgage company practices: Consumer Financial Protection Bureau, P.O. Box 4503, Iowa City, Iowa 52244

  23. I usually do not do this but to help my military members and middle class I feel is the right thing to do.

    I did refinance my mortgage and ended up with NewRez. Initially, they made a mistake on the calculation of taxes. After a year, they contact me that my escrow is negative and hence they going to increase my payment from $1930 to $2400 which I agreed without any question.

    So lucky, I got a broker willing to help me get good rate and reduce my payment. He finally helped me get a good rate and I personally called NewRez / Shellpoint to get pay off amount. I emailed it to my broker and they did send the pay off.

    NewRez rejected the wire transfer and didn’t notify either me or my broker. I was told I do not have to make any payment by my broker since they have already made the payment. On 01/01/2021, my checking account was negative because NewRez has deducted money and the sad news was, I was on the field training with my Marines and Sailors.

    I called them and best answer they could give was the return the wire transfer for the pay off and the lady I spoke to said there was no note or reason for the rejection.

    So I called my broker and together we called NewRez and after an hour we realized because they paid my tax hence the rejection. We called county office and they said they returned the check back to NewRez because my new mortgage broker paid before NewRez check came in.

    I called NewRez today 01/07/2021 for them to tell me my account has been paid off; my tax money has been return by the county but they can only give it to me after 30 DAYS.
    I asked them to refund my money they took on 01/01/2021…they said if they refund then they will negatively put it on my credit that am delinquent.

    This billion dollar company has taken over $5,000 from me 1) Tax and also the monthly payment that could have been avoided if they notified either me or my broker. My broker covered the interest from the date of closing to 01/06/2021 and even asked NewRez to return the money they took on 01/01/2021 but NewRez decline.

    A BIG COMPANY STEALING FROM ME. HOLDING THE TAX AND ALSO THE PAYMENT THEY TOOK IN JANUARY.

    I WILL REPORT THEM TO VA, STATE, AND AG IN CALIFORNIA IF I DO NOT GET ALL MY MONEY BY MONDAY. TODAY IS THURSDAY 01/07/2021.

    LOOK ELSE WHERE IF YOU ARE A MILITARY LIKE ME OR MIDDLE TO LOW INCOME.

  24. We are having the same experience! Terrible company to deal with. What lender did you go with? How did you cancel with NewRez?

  25. I refinanced with NewRez about 10 years ago (was New Penn at the time) and have regretted it ever since. Do NOT use this company. They took money out of my escrow account to purchase hazard insurance without cause and without permission. I live in a condo, hazard insurance is paid for through our association and I do not have nor do I need a standalone policy. We’re talking almost $2K taken from my escrow. After that, they sent me a letter saying they were increasing my payment by several hundred dollars a month to make up for the shortfall in my escrow account. After countless hours on the phone with customer service and faxing over info they needed over and over again (they like to lose things), months later they refunded the money. However, by that point, my account and payment history was so screwed up that I was getting weekly foreclosure notices in the mail and constant threatening phone calls from their collections people. Over the next YEAR, there more countless hours on the phone w/ them, sleepless nights, tears AND a lawyer – none of which worked. Eventually, when I was at the end of my rope, I reached out to the guy who handled my refinance in the first place. He was horrified to hear what had been happening and managed to get it straightened out within a week or two. It was an absolute nightmare. Since then, I’d say I got maybe a year or two, total, of actual problem free service. At one point, I started splitting my payments and paying half mid month, half at the end of the month – all on time and in full. This went fine for a few months then I started getting collection calls again. They were misapplying my payments and putting everything to principal. Promises were made by multiple reps that the problem would be fixed. I heard everything from “you won’t have any problems going forward, I’ve updated your file in our system” to “we don’t actually offer bi-monthly payments, not sure who told you that”. They’re completely disorganized and incompetent. They do not return voicemails. It takes weeks to get a response if you submit a request through their website. They’ve paid my taxes late. They’ve sent me incorrect tax forms (1098s) that had to be redone in order for me to file my personal return. They’ve charged me late fees for their own mistakes that I’ve then had to fight to have refunded. They reported to my credit bureau that I took a forbearance on my loan when I did no such thing and they did not inform me. I literally have to check my payment history every month to make sure that they’re doing what they’re supposed to do.. spoiler alert, most of the time they’ve done something wrong. I am going to be refinancing to get away from them as soon as I’m able. I don’t even care if it ends up costing me more money. The hours and energy I’ve wasted on this horrible company is incalculable.

  26. My existing loan was transferred to NewRez. In an effort to refinance another property I needed to provide the other lender with updated information from NewRez. This should be a simple process of copying a statement from their site. They do not generate this information until the 15th of the month. When I did try to copy a payment history the copy did not include vital information shown on the screen. I spent two hours on the phone with these people. I was told they would fax what I needed to my mortgage broker. It never arrived. I spent two hours on the phone with NewRez and never got what I needed.
    AVOID NEWREZ LIKE THE PLAGUE.

  27. We had a horrible experience trying to refi. We ended up going with Clear Capital. New American funding has a great rating as well. Good luck!

  28. NewRez is the worst company I have ever come across in my 66 years of life. They are going on 7 months to try to refinance my townhouse. Thank god I read these comments before closing because now I will find someone else to take over my loan even though I paid my 500 dollar appraisal fee already. They couldn’t finance a dog house for me anymore. Communication’s are not worth a shit nobody e-mail’s you back or calls you back.To get in touch with them you need to call or email them if you are lucky they will email you back in two or three days. I got stuck with them because my loan was bought by them. They better keep buying loans because that is the only way they are going to stay in business. I wouldn’t recommend NewRez to anyone stay away from them like they have COVID-19. On a scale of 1to10 I rate them a (0) a big (0)

  29. They bought out my loan and they are absolutely pathetic! My mortgage has been bought out a few times with no worries but this group is by-far the worse! A complete bunch of uneducated! To put it nicely, pos!

  30. I have been in my ‘new’ home for nearly 2 years now. I began with a local bank, but they sold my mortgage to Quicken who then sold it to NewRez. NewRez was thus forced on me and they are a company to be AVOIDED at all cost. I am aggressively paying down my debt, yet EVERY time I send additional payments (with a letter specifying to apply it to principal)… they have applied it toward the next month’s payment. I didn’t know they were repeatedly doing this until one day I checked the account on-line because I noticed my principal wasn’t decreasing as much as I thought it should. I saw that I had already been credited as having paid the next five months ahead of time. In essence what they were doing is penalizing me for early payment. This is in violation of my contract. I had so much trouble getting this resolved over the phone… the endless phone trees… then being put on hold and no one gets back to you. I sent them a registered letter. I had to do this each and every time. I got so angry I threatened them with contacting the attorney general’s office (which I did end up doing), The next thing was that my autopay ceased working and my loan went into default. I believe they were angry at my angry letter and purposely sabotaged my auto-pay. Can I prove it? Of course not. All I know is that the auto pay was set up and working and the timing of it not working anymore coincided with my angry letter. How unprofessional is this?

    If you can avoid dealing with them, by all means do.

  31. This company is HORRIBLE. Please verify all your year-end statements. Explain to me how the December 2020 statement shows interest paid of $5k and the Form 1098 shows $2k and they can’t explain the difference. The only say the amount is accurate. Totally incompetent.

  32. STAY AWAY form NewRez/Shellpoint, they are the WORST! Our mortgage was bought by NewRez from PHH. They added insurance, because they didn’t have copies of our insurance even though I uploaded the documents twice to their system. After straightening out their mistake, they have found other ways to extract higher loan payments (for escrow balances) from us even though all of our Insurance rates went down and taxes were the same. Just got a letter from them saying our deductible is too high a percentage, even though it was fine for PHH. We never had a problem with PHH in 12+ years, not all I do with NewRez is sit on hold for hours correcting their mistakes and attempts to raise out mortgage. I hope a good lawyer files a class action against them.

  33. I’ve had the misfortune of having my mortgage transferred to this company. They do not have any customer support at all. Not even email! When you call their number they purposefully put you through option hell to get rid of you. When you actually get to a real person, it’s a sales person who will try to sell you a mortgage refi when you ask for login help with the website. (Because that horrible abomination they call a website refuses to let you log in) Or, they will straight up just hang up on you. I wasn’t mean. I wasn’t rude. I just asked how to log into their site. No answer. No help. They just hang up on you. Unbelievable!

  34. I have never, never, never been put through such a run around as I have gotten while trying to do a very simple and very small refinance (under 100K). I feel that the process been purposefully strung out. I can’t get ahold of anyone on the telephone – all voicemail with no return calls. My emails go unanswered. BIG mistake.

  35. NewRez took over my mortgage in October, and immediately offered refinance at a better rate. Sounded great! Five months of multiple missed deadlines on their part, resubmitting new applications, updated paperwork, etc. etc. Tentative closing dates every couple weeks with requests for “just one more updated document”. Finally got my official approved to close notification and email from their representative to schedule the closing appointment. Rearranged my week so I could be there, and they didn’t show. Zero contact from them about it. I finally gave up on them and looked elsewhere. THREE WEEKS later they sent the exact same “Official approval to close” and email requesting a closing appointment and “just one more updated document”. When I told them they had already missed their scheduled closing appointment, they tried to claim that I had “misunderstood” and that was “just an estimated closing” (identical to the current one, and completely different from the actual estimates sent previously). I don’t know whether they are just massively overbooked with the takeover of PHH Mortgage, or are actively trying to prevent people from refinancing, but they can’t meet their own deadlines.

  36. I’ll be happy to add my negative experience with New Rez. Long story short, if you have PMI on your New Rez loan, you will have to stay on top of them to have it dropped.

    After calling to inquire about them dropping PMI when I was at an 80% loan to value ratio, I was told in writing that the PMI would “automatically” drop off at 78%. That turned out to be untrue. What they were actually going to do was drop it based on the date from the initial amortization schedule of when loan to value was 78%. However, since I was making extra principal payments, so the loan to value ratio was not going to align with the amortization schedule. So they of course kept charging PMI. To make matters worse, they would not return the PMI premiums as requested, even though I confirmed with the PMI provider that they had refunded my PMI premiums to New Rez. In any other situation, this would be theft.

  37. these guys are crooks. take the time to read the reviews above and on the better business bureau website. if you send official complaint letters, faxes, emails, they will most likely ignore you (in defiance of the law which states they have to answer within 30 days). if you hire an attorney, newrez will ignore them too. if you call them, they will give you wrong information, or they will forward it up the ladder, where you will never get an answer. the only thing that has worked for me is escalating complaints to the CFPB, the federal consumer finance protection bureau. i’m currently on my third complaint with CFPB because, despite it all, they never get it right. save yourself some headache and go elsewhere.

  38. NewRez strung me along for 2 months during a refi, and told me not to make mortgage payments because I would skip those months. I was approved through underwriting, scheduling a close date, and then they denied me at the last second because of the “missed payment” that they told me to skip. This along with another “missed payment” which occured when they refused to take my payment until 3 days after the due date, caused us to lose our refi. Now our credit is shot because of this, and I have a feeling this was their intention. If we had a missed payment before, why was it not brought up in the beginning? The absolute worst and most pathetic mortgage company I have ever had to be attached to, and now I am doing everything in my power to get away from them.

  39. “Their customer reviews on the BBB website aren’t favorable, with a star rating just over 1 out of 5. Of course, the BBB customer review rating system is based on complaints, so the rating is typically never very good.” Looks like you are giving them the benefit of the doubt. I too went by the BBB rating when I tried refinancing with them back in April 2021. BIG MISTAKE! These people are criminals. They either don’t have the money to loan you or are in it to get all your appraisal fees, etc. PLEASE PEOPLE, I IMPLORE YOU, DO NOT DEAL WITH NEWREZ. Go to your local bank or credit union, someone you can trust. Unfortunately, I have two mortgages that were sold to them and I am desperately trying to get both mortgages out from under this rotten company.

  40. They are terrible to deal with..they bought out my loan…didn’t pay my homeowners insurance out of escrow….then took forever to pay me back…now I pay myself…and after giving them proof…they still want to change it because they don’t take proof from me or my insurance..Hartford….
    STAY AWAY unless you have all the time in the world to be on there phone…call insurance help line just once before you refi…and see how long you have to wait…now image having to call 3 times in 3 weeks because they can’t get it right…

  41. DO NOT DO BUSINESS, it took Jonathan Houke 2 months to close, asked for paperwork several times because he would not check his email, then at closing Jonathan dropped the ball on final paperwork and it took another 4 days. When loan was suppose to be funded, AGAIN ! There was some paperwork that needed to be signed and had I not called I would of never received my funds, even though I signed paperwork, the next 3 days there were still calling asking to sign paperwork???? NOBODY COMMUNICATED WITH EACH OTHER OR KNOWS HOW TO KEEP TRACK OF PAPERWORK!!! Very Frustrating, if you can avoid please do so.

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