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NewRez Mortgage Review 2021

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Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.

NewRez LLC is a national mortgage lender headquartered in Fort Washington, Pa., near Philadelphia. It was founded in 2008 under the name New Penn Financial, and rebranded in early 2019.

NewRez is licensed in all 50 U.S. states and the District of Columbia. The lender also services loans in Puerto Rico, Guam and the U.S. Virgin Islands. NewRez offers mortgage servicing capabilities through its NewRez and Shellpoint Mortgage Servicing divisions.

Pros and cons of a NewRez mortgage


  • Offers a wide range of financing options
  • Offers manual underwriting capabilities
  • Offers loans for self-employed borrowers
  • Has an online loan portal and mobile app for document submissions
  • Provides an online application for mortgage preapproval


  • Limited details about loan options on the lender’s website
  • Limited number of locations with loan officers for in-person service
  • No available home equity loan options

Working with NewRez

NewRez’s mortgage lending process offers a hybrid of online, telephone and in-person options. Loan officers are present in eight of its locations to help prospective borrowers in person, though clients may complete the loan application journey through an online loan portal or over the phone.

In 2019, NewRez originated more than $20 billion in mortgages.

NewRez borrowing requirements

Although lending requirements and product offerings change from time to time, you typically need a 620 credit score to qualify.

Manual underwriting is available for certain products. This gives borrowers who don’t meet automated underwriting requirements the ability to qualify for a home loan using more flexible manual underwriting guidelines.

NewRez provides mortgages for the following property types:

  • Single-family homes
  • Multifamily homes (two to four units)
  • Manufactured homes
  • Condominiums
  • Planned unit developments (PUDs)
  • Cooperative projects (Co-ops)

NewRez mortgage products


NewRez offers both conventional fixed-rate and adjustable-rate mortgages (ARMs) with the option to finance with as little as 3% down. The lender also offers loans backed by the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA) and the U.S. Department of Veterans Affairs (VA), which also offer low- to no-down-payment options.


Existing homeowners can refinance with NewRez, allowing them to change their loan terms and potentially lower their mortgage rate, which may also lower their monthly payments.

NewRez offers traditional refinancing and cash-out refinancing, so homeowners can gain access to the equity they’ve built. The money can be used to consolidate high-interest debt, make home improvements or repairs, or pay for other large expenses.

NewRez special mortgage programs

NewRez offers Fannie Mae’s Home Ready® and Freddie Mac’s Home Possible® loans, which serve credit-worthy, low-income borrowers with down payments as low as 3%. NewRez also offers financing for self-employed borrowers, investment properties, second homes and new-home construction.

The mortgage application process

  • How to apply. You can apply for a mortgage online through NewRez.com, or work with a loan officer over the phone by calling (888) 673-5521 or in person.
  • Disclosure process. NewRez allows applicants to upload documents through the online portal. A majority of the transaction can be conducted digitally through the online portal, including uploading documents, providing e-signatures and providing access to financial information.
  • Submitting loan for approval. Once you’ve provided your financial information and the necessary documents, and after a home appraisal has been conducted, you’ll work with a loan officer on your final approval.
  • Final approval. You’ll work with a NewRez loan processor to gather all documents and materials necessary to receive final approval. The processor will then submit this information to underwriting to clear your loan for closing.
  • Closing. You may be able to choose a mortgage closing date and time that works best for you. Depending on your location, closing can be conducted in person or remotely.
  • Servicing. NewRez provides mortgage servicing through its division called Shellpoint Mortgage Servicing. A loan servicer’s responsibilities typically include monitoring and processing mortgage payments and responding to loan concerns.

Communication during the process

NewRez offers multiple communication options, including through the company’s online portal or the NewRez mobile app. Borrowers are also welcome to work with a loan officer over the phone who will gather their information, assess their mortgage options, structure the loan and review the loan terms. These officers will guide applicants through the process, including appraisals, approvals and closing.

From there, the officer will send the applicant a disclosure link through the portal. At that point, borrowers may e-sign documents and conduct further business through the portal, while still being able to communicate with their loan officer via phone, email or whatever means they prefer.


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