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About Newrez
Newrez is an online-only lender that's available in all 50 states and Washington, DC. You can get started with this lender over the phone or online.
Newrez offers conforming, FHA, VA, and non-QM loans, which include its three Smart Series mortgages:
- SmartSelf loans let self-employed borrowers use bank statements or assets in lieu of traditional W-2s to show income.
- SmartEdge loans enable borrowers with recent negative events on their credit reports to get a mortgage sooner than they could with a conforming loan.
- SmartVest loans are for real estate investors. They require less documentation and let borrowers leverage equity in current real estate investments or cash flow from the property being purchased to qualify.
Is Newrez Trustworthy?
Newrez has an A+ rating from the Better Business Bureau. The BBB measures trustworthiness based on response to customer complaints, honesty in advertising, and transparency about business practices. Newrez has no recent public scandals.
On WalletHub, Newrez has a 3.3 out of 5-star rating, based on around 3,400 online customer reviews.
In the J.D. Power 2023 Mortgage Origination Satisfaction Study, NewRez ranked No. 27 — the lowest of all the lenders in the study. The J.D. Power study was based on responses from 9,191 people who got a new mortgage or refinances in the last 12 months.
Newrez Interest Rates and Fees
Newrez doesn't provide sample interest rates on its website. If you want to know what rate you might pay with this lender, you'll need to talk to a loan officer over the phone or start an application online to get a quote.
In addition to your interest rate, you'll also want to pay attention to what fees a lender charges for the service of originating and underwriting your loan.
Newrez doesn't list its fees online, but Home Mortgage Disclosure Act data shows that conventional loan borrowers who got a purchase loan with the lender in 2022 paid an average of $3,491 in origination charges. This is around average compared to other lenders.
Newrez: Overall Rating
| Feature | Insider rating (out of 5) |
| Loan types | 4 |
| Affordability | 3.5 |
| Customer satisfaction | 2.15 |
| Trustworthiness | 5 |
| Total | 3.66 |
Newrez: Pros and Cons
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Newrez FAQs
Is Newrez legit?
Newrez is a real mortgage lender. Out of the 25 largest lenders by number of loans originated, Newrez was the 16th largest mortgage lender in 2021, according to a Consumer Financial Protection Bureau analysis of HMDA data.
What bank owns Newrez?
Newrez is owned by Rithm Capital, a real estate investment trust. Newrez was founded in 2008 and is headquartered in Pennsylvania.
Why was my mortgage sold to Newrez?
If you originally got your mortgage with a different lender but recently received a notice saying that your loan has been transferred to Newrez, this means that your original lender has sold the loan's servicing rights to Newrez. This is fairly common, and all it means is that you'll make payments to Newrez going forward instead of your original lender.
How Newrez Compares
Newrez vs. Freedom Mortgage
If your credit isn't great and you're looking for a government-backed loan,
On the other hand, Newrez could be the better choice if you're in the market for a more unique type of mortgage with flexible requirements.
Newrez vs. Rocket Mortgage
But Rocket Mortgage's offerings are fairly basic, with no flexible credit requirements or options for alternative methods of approval. If you need something like a bank statement loan or have a recent bankruptcy, Newrez is the better choice.
Why You Should Trust Us: How We Reviewed Newrez
To review Newrez's mortgage offerings, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.