Newrez Reviews

  • 4,700,190 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

About Newrez

Newrez is an online mortgage lender based in Fort Washington, Pennsylvania. The company provides a number of mortgage products, including purchase loans, refinancing, government-backed loans, nonqualified mortgages (non-QMs), assumable loans and home equity loans.

Customers also have the option to work with local realtors through Newrez’s partner company, Newzip, which allows borrowers to qualify for cash back on closing costs.

Pros
  • Wide variety of loan options
  • Fully online application process
  • On-time closing guarantee
Cons
  • No rates published on website

Featured Reviews

Carlstadt, NJ
Verified purchase
“I was assigned to this company when I refinanced my mortgage in January of 2022. In the time since I have had no problems of any kind. I do my business with them strictly online ...

Read more

US, US
Verified purchase
“Since my loan management was sold to Newrez it has been nothing but a nightmare. I have an adjustable HELOC that should fluctuate as interest rates go up and go down. All it’s do...

Read more

What is Newrez?

Newrez is an online mortgage lender and loan servicer available in 49 states. Borrowers have access to a number of mortgage options, including conventional, government-backed, refinancing, renovation, home equity and non-QM loans.

The company also offers programs for buyers and sellers through its partner, Newzip. The program connects customers with local realtors, allowing qualifying buyers to earn cash back toward closing costs.

Newrez application process

Newrez offers home loans through an entirely online application process. You can also call the company directly if you’d rather apply through a loan officer. Interested borrowers will need to provide their personal and financial information, along with the estimated purchase price for new loans or the current loan balance for refinancing.

Newrez application features

Newrez Home Rewards

Borrowers who apply with Newrez can also opt in to the Home Rewards program, which connects buyers and sellers with local Newzip real estate agents. Those who use the program can earn cash back toward closing costs — 0.5% on purchases and 1.0% on sales. This offer isn’t available in Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon or Tennessee.

Newrez rates

Like many lenders, Newrez doesn’t publish its rates online. Because rates can fluctuate daily, the best way to see your options is to contact the company for preapproval. Keep in mind that preapproval with Newrez requires a hard credit pull, which could impact your credit score.

While Newrez doesn’t list mortgage rates online, your rate typically depends on the current Federal Reserve rate and your:

  • Credit score
  • Debt-to-income ratio (DTI)
  • Down payment amount
  • Loan amount
  • Loan term
  • Loan type
  • Loan-to-value ratio

Newrez loan types

Newrez offers several different types of loans, including:

  • Conventional loans: These are available with fixed or adjustable interest rates, giving borrowers flexibility in how they structure their payments.
  • Government-backed loans: These include VA loans with no down payment and more flexible DTI requirements, and Federal Housing Administration loans that allow down payments as low as 3.5%.
  • Investment property loans: These mortgages are designed for nonowner-occupied homes, including rental or income-generating properties.
  • Renovation loans: These are purchase or refinance loans that include extra funds to cover the cost of repairs, remodeling or renovations.
  • Assumable mortgages: These let a homebuyer take over the seller’s existing mortgage, typically available only on government-backed loans.
  • Home equity options: These include second mortgages that provide a lump-sum payment based on your home equity, or a home equity line of credit that offers a revolving line of credit you repay only as you use it.
  • Non-QM loans: These are designed for nontraditional borrowers, such as the self-employed or real estate investors, and include options for loan amounts up to $3 million.

Newrez requirements

Newrez doesn’t list many borrower requirements online, but lenders will generally look at a borrower's income, credit score, DTI and the down payment amount.

Requirements also vary based on the type of loan. For instance, home equity loans with Newrez require a minimum credit score of 660, while the company offers VA loans with credit scores as low as 580. VA loans are also available with no down payment and no requirement to carry private mortgage insurance.

Newrez costs and fees

The costs and fees at Newrez vary depending on your loan. Government-backed loans may have additional costs, such as the VA funding fee, which is calculated as a percentage of your total loan amount.

Other costs and fees associated with purchasing, refinancing or taking out a home equity loan may include:

  • Appraisal
  • Filing
  • Loan origination
  • Recording
  • Underwriting

Newrez FAQ

How does Newrez work?

Newrez is a direct lender that offers mortgage products to customers in 49 U.S. states, excluding New York. Interested borrowers can complete the application process online or call the company directly to get started.

Is Newrez legit?

Yes, Newrez is a legitimate company that offers borrowers a number of mortgage options. The company guarantees its loans will close on time, and if not, Newrez will pay customers up to $5,000.

Where is Newrez available?

Newrez is available to borrowers in all U.S. states except for New York.

Does Newrez charge prepayment penalties?

Newrez doesn’t charge prepayment penalties on most loans, but some exceptions apply. It’s a good idea to check your loan agreement or ask a loan officer to be sure.

How long does it take to close with Newrez?

Timelines vary by loan type, but Newrez offers a closing guarantee of up to 45 days for qualified borrowers. To stay on track, make sure to submit all requested documents promptly.

Shop with confidence

Compare with top companies

Newrez Reviews

Filter by Rating

  • (1)
  • (20)

Popular Mentions

    How do I know I can trust these reviews about Newrez?
    • 4,700,190 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Recent
    • Recent
    • Oldest
    • Most helpful

    A link has directed you to this review. Its location on this page may change next time you visit.

    How do I know I can trust these reviews about Newrez?
    • 4,700,190 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer Service

    Reviewed July 8, 2025

    HORRIBLE COMPANY, NO CUSTOMER SERVICE. NewRez has increased my fixed rt mortgage $2000/MONTH because they did not escrow enough for my property taxes. Took them 3 YEARS to figure that out. I asked 3 yrs ago to pay MY property taxes & was denied. Now I am paying for THEIR SCREW UP!!!! Have made 2 calls to again request paying my own property taxes with NO ANSWER!! DO NOT USE NEWREZ >>> HORRID!!!

    Thanks for your vote!
    Newrez
    Response from Newrez

    Amber, we regret to hear your experience. We are actively working to resolve your concerns. In the meantime, if you have any additional questions, please contact a customer service representative by using the live chat on your online portal at www.newrez.com or by calling 855-962-0511. Thank you.

    Customer ServiceLoan Process

    Reviewed June 30, 2025

    My loan was transferred to NewRez two years ago and their customer service is absolutely terrible! My first experience calling customer service was about my account number not registering with my bank to use my online checking to pay the bill. They had absolutely no answer for me and just told me that I couldn't do it and had to make the payment from their website.

    Now, two years in a row they have screwed up my insurance payments. Last year I called them in advance to tell them I was switching companies and not to pay and they still paid the old insurance company. This year, I received an email stating they had paid it and I called and asked how they could pay it when there was no bill as my insurance company was not renewing my policy due to fire department location. They claimed they were cancelling the payment and I did not see it on my statement so I thought it was fine. I called a second time and they confirmed they had not paid it.

    Well, this week I received a refund check from my old insurance company and I looked online and it shows only the payment to the new insurance company so I had to call again. Once I finally spoke to a live body after 10 minutes of phone tree crap, their response is it's no big deal...just deposit the check you receive from the old insurance company and then make an escrow only payment. If I had time to mess around with this, I would have never called and just let the process work its way through. I have spent almost two hours dealing with this crap over the phone this year and I've had it. If you can, do yourself a favor and avoid using their horrible service.

    Thanks for your vote!
    Newrez
    Response from Newrez

    We're disappointed to hear about your experience, Joy. We'd like to assist you further with your concerns. Please reach out to our customer service team by using the live chat on your online portal at www.newrez.com or by calling 855-962-0511. Thank you.

    Not sure how to choose?

    Get buying tips about Mortgage Lenders delivered to your inbox.

      By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

      Thanks for subscribing.

      You have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

      Customer ServiceLoan Process

      Reviewed June 16, 2025

      Been having a pretty terrible experience with them. They are saying I have to have a 75% LTV (Loan to Value) to have my PMI removed, however I always knew it to be 80%. They are telling me I'm incorrect and it's 75%, but they continue to bumble the sending of my paperwork stating their number. They've sent me the wrong documents, they've put them behind a firewall I can't get to with the email they told me to log in with, and they've even at times just forgotten to send anything. Be very wary of this lender. I'm not sure if what they are doing is predatory lending or not, but it's REALLY annoying.... and so every month I keep having to pay PMI while we dance over the phone ever few days.

      Thanks for your vote!
      Newrez
      Response from Newrez

      Michael, thank you for your feedback. We’ve shared your concerns with our team, who are actively working on your issue. We appreciate the opportunity to address this.

      Loan Process

      Reviewed June 11, 2025

      Unfortunately, my mortgage was transferred to NewRez, and my experience since then has been extremely disappointing. While I understand that occasional mistakes can happen, the issues with this company have been ongoing. From double mortgage payments being processed, to a refund check being mailed to the wrong address, it’s been a constant source of frustration.

      Despite my efforts to resolve matters, I’ve had to shoulder the burden while waiting on their correction. The amount of time and energy spent dealing with these repeated problems has been exhausting. Due to the continued errors and lack of accountability, I’ve made the decision to refinance and move my mortgage elsewhere, regardless of the cost. I would discourage and caution others to thoroughly research before working with NewRez.

      Thanks for your vote!
      Newrez
      Response from Newrez

      Chris, we appreciate your feedback and regret to hear about your experience. We are actively working to resolve your concerns. If you have any questions in the meantime, we encourage you to reach out to a customer service representative using the live chat on our online portal at www.newrez.com or by calling 855-962-0511. Thank you.

      Customer Service

      Reviewed May 16, 2025

      I have yet to have a satisfactory interaction with them. Most recent issue is in March I changed my homeowners insurance provider for better coverage at a lower rate. I contacted Newrez to let them know as I did not want them to make a payment to my old insurance company and per the correspondence from Newrez, they make payments 3-5 weeks before the due date. On 1 of my many calls an agent gave me an email address to send my new proof of insurance letter to. It was a website NOT an email address. When I pointed this out she argued with me stating "this is the email address they gave me" I had to explain that if it ends in .com it's a website NOT an email address. As of today my insurance company has yet to receive payment and it's 6 days overdue. Horrible service!! I make my payments on time. Why can't they?

      Thanks for your vote!
      Newrez
      Response from Newrez

      Dee, we aim to provide a positive experience at all times. We’ve shared your concerns with our team, who are actively working on your issue. We appreciate the opportunity to address this. If you have any further questions, please call us at 855-962-0511 or start a chat on your online portal at www.newrez.com. Thank you.

      Reviewed March 28, 2025

      Got a mortgage for a property in AZ through Zillow before selling our home in PA. Paid off the mortgage on 6/18/24 but PHH (servicer for Zillow) said the loan was transferred to Newrez even though it was not to be transferred until 7/1/24. NewRez stated the loan was not paid until July so took the rest of our overpayment and escrow even though we submitted the appropriate payoff and escrow information to them.

      Thanks for your vote!
      Newrez
      Response from Newrez

      Gene, thank you for bringing your experience to our attention. We understand your frustration and want to help. To best assist you, please contact a customer service representative by using the live chat on your online portal at newrez.com or by calling 855-962-0511.

      Customer Service

      Reviewed March 5, 2025

      Really awful servicer to deal with on every level. I have constant hassle with them switching from one carrier to another and have not been able to straighten out what they are doing for months. Can't log onto my account half the time, the other half you can’t call them either. I am going to make my second complaint the banking regulators tomorrow.

      Thanks for your vote!
      Newrez
      Response from Newrez

      Joan, we regret to hear about your experience. We’d love to discuss this further. Please use the chat function on your online portal at www.newrez.com or call 855-962-0511. Thank you.

      Customer ServicePunctuality & Speed

      Reviewed Feb. 18, 2025

      Loan was moved to this company. Tried to pull equity to do a kitchen upgrade..excellent credit, $8,000 total in credit card debt, 2 cards. Bought home in 2009 never late. They told me I owed too much on MANY cards. Nope. Asked me why I had many credit inquiries. I wouldn't know because those came from companies trying to OFFER me credit. Last September I did a homestead tax exemption and sent them the documentation. We are going into March and the payment hasn't been adjusted. I've called them 3 times and they are always "working on it". I'm paying $400 to $500 more than I should be! Very disappointed and unnerved seeing so many 1 star reviews on different sites.

      Thanks for your vote!
      Newrez
      Response from Newrez

      Kimberly, we understand your frustration and appreciate your feedback. We value your business, and our team is actively working to resolve the issue. If you have any further questions, please contact a customer service representative by calling 855-962-0511. We're committed to providing a better experience for you.

      Customer ServiceLoan ProcessRates

      Reviewed Jan. 17, 2025

      I didn’t “choose” NewRez, my original loan was with USAA, passed off after a few years to PHH, then to New Rez. My credit is excellent, btw. A few years ago I wanted to refi/consolidate other debt to get a lower rate and pay everything off sooner. They dragged the process out with ridiculous requirements that they later admitted they had stupidly locked themselves into, so I just quit. I have now paid off the mortgage, and 6 weeks later, waiting for my excess escrow payback, which btw, is excessive. If this is the way everyone is treated, they are making a lot of interest on money that isn’t theirs. Customer service is seemingly present, but it’s just an illusion. I routinely get letters weeks after I send an inquiry, long after I’ve given up or found my answer another way.

      Thanks for your vote!
      Newrez
      Response from Newrez

      Caroline, we regret to hear about your experience with our team. We’d love to discuss this further. Please use the chat function on your online portal at www.newrez.com or call 855-962-0511. Thank you.

      Customer ServicePunctuality & SpeedLoan Process

      Reviewed Jan. 7, 2025

      Newrez bought my mortgage from previous lender. No problem. Easy to set up automatic payments. Paid them for years on time no issue. When I wanted to explore what it would entail to recast my loan I found it virtually impossible to get information/support. No way to write in about the issue, live chat with AI didn't work, and virtually impossible to get someone on the phone. I had to lie about why I was calling to get some support. They are a DEBT COLLECTION agency - And that is their focus. In a world with decreasing customer support, and it being super rare to get a real person on the line to help. Newrez stood out as an ALL TIME LOW experience.

      Thanks for your vote!
      Newrez
      Response from Newrez

      Josh, thank you for bringing your experience to our attention. We understand your frustration and want to help. To best assist you, please call our customer service team at 855-962-0511 so we can make this right.

      Simplify your search

      Easily compare personalized rates.

      Loading more reviews...

      Newrez Company Information

      Company Name:
      Newrez
      Website:
      www.newrez.com