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

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.

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.

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.

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.

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!

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.

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!

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.

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!

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.

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

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.

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.

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!

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!

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.

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!

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.

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.

“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.

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.

Been trying to pay my mortgage for the last week as they transferred me from caliber but they will not let me in. Keeps giving me a bad gateway! Great will be late on my mortgage for the first time. Sounds like I will have to refinance to get away from a bad company. It sucks because interest rates are so high right now I will lose money but since they are going to say I am late do to their inability to make a website work I may have no choice. Caliber should have stayed as is never had an issue before.