Newrez Reviews

1) I was informed that no matter what notes are in a file, no matter what the homeowner says its policy to pay bills they receive no matter who they are from. So even if you go thru all the steps you need to, make those calls, talk to them they are going to do whatever they want. 2) They then informed me that I would be responsible for getting that payment back from the homeowners insurance company and there was nothing they could do to assist, they told me that the payment was sent as part of a "batch" payment there for they could not stop the check or get it refunded to them. 3) They told me that they would put a note on file to pay the current homeowners insurance (current homeowners insurance bill was due 2/16/24 and they didn't pay it until feb 21st 2024 putting my coverage in jeopardy all together).

After this call I went ahead and called the homeowners insurance company I had already canceled to find out how I could get my almost 4,145.58 payment back so that I could put it back into escrow, they told me they had not yet received the payment so there was nothing they could do at that point. I received an email from that insurance company saying they had gotten my payment on 2/19/24. Feb 20th 2024 - I called that insurance company again to find out how I would get that payment back, they told me they would send it out right away, after waiting for that payment to arrive for 2 weeks I called them again. March 5th 2024- The insurance company informed me that they don't have the money. That in fact despite what they told me on Feb 9th 2024 they did cancel the check and it never cleared with the insurance company.

March 5th 2024- I called Newrez again, to find out where my $4,145.58 was, the lady on the phone could not tell me where my money is, or who even has it. I expressed concern that if that money was not returned to my escrow account my mortgage payment would go up, the only thing she could tell me was if it went up I could request a special escrow review, This does not help me find my money, my first call back on Jan 21st of 2024 should have prevented all of this from happening but now where we are in march and my money is just gone, and no one can give me any answers. She said she was putting in a request for this to be handled and I that I would be getting a call by the end of the week (which would have been March 8th 2024). I have never gotten that call, I have never gotten a check.

March 12th 2024, I get an email from newrez saying my mortgage payment is going up to cover the escrow shortage, the escrow shortage they caused, the escrow shortage that should not be there, not only have a paid extra into escrow every single month, but I also lowered the insurance premium by $1,827.85. I reviewed all my statements. Feb 1st there was 5,106.27 in escrow account. Feb 9th taxes were paid leaving 4082.60 in the escrow account. Feb 21st the correct insurance company was paid leaving 1764.60 in the escrow account. March 1st 2024 I paid in 576.51 into escrow. My escrow balance should be $2341.11, They show $23.17, and no one can help me figure out where the $2,317.94 that should be in there has gone.

I explained this was a bank error, bank sent an apology accepting responsibility, but not NewRez/PHH. They changed it over to a conventional loan and here go another 2 months and start all over. I have not heard back from them since the start of conventional loan started. This was 7 days ago. Out of money, and deeper in debt than we started. DO NOT USE THIS COMPANY.

It extremely difficult to self service your loan, and when you call in, you would have an easier time getting the code for the vault at Fort Knox. They make it as difficult as possible to go through the process of verification, and you have to say the same things multiple times. There is no consistency among CSR's and you will get a different story from each and every one of them that you talk to. They will outright lie to you and call you a liar when you call them out on it. By all means possible, try to go with another company if your mortgage gets sold to these ridiculous people. The extra money it costs will definitely be worth not having the headache of dealing with this company.