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

Last updated on September 2nd, 2020
NewRez Mortgage Review: Are They the Home of Your Perfect Loan?

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.

Their newest joint venture (September 2020) is known as “Sanctuary Home Mortgage,” a collaboration between NewRez and Shelter Mortgage Company, and Atlanta Fine Homes Sotheby’s International Realty.

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.

Don't let today's rates get away.

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


  1. Christine Freeman August 17, 2020 at 7:47 am -

    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. Les August 21, 2020 at 7:10 am -

    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. Todd August 26, 2020 at 5:03 pm -

    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. Matt Kraus September 9, 2020 at 7:37 am -

    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. TW September 10, 2020 at 8:47 am -

    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. Dorothy Barkey September 30, 2020 at 6:45 am -

    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. Alasa September 30, 2020 at 6:13 pm -

    Just had an awesome experience! And I’m really glad because I was very nervous..

  8. Teresa October 14, 2020 at 11:07 am -

    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.

  9. Sharon Thygesen October 16, 2020 at 10:57 am -

    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!!

  10. Ann October 23, 2020 at 10:56 am -

    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!

  11. Nancy Martin October 27, 2020 at 3:32 pm -

    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?

  12. Todd Dussex November 2, 2020 at 9:33 am -

    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.

  13. Craig Miller November 4, 2020 at 2:14 pm -

    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!!!

  14. Betsy Walits November 21, 2020 at 1:25 pm -

    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!

  15. Melanie J Greene November 23, 2020 at 2:57 pm -

    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

  16. Sandra Griffith November 28, 2020 at 9:26 am -

    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.

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