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4.9

Overall Score

LAST UPDATED: October 26th, 2023

Newrez, founded in 2008, has done business as a mortgage lender and broker in the majority of states across the US. Newrez is unique because it offers a variety of home loan products to homebuyers looking to fund their personal residence and in addition offers specialty products that cater towards investors, commercial builders, realtors, and developers.

Jump down to the NewRez reviews below if you want to see what people have said about their experience with this mortgage lender.

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The Good

  • Variety of Loan Types
  • Mortgage Programs for Non-Owner Occupied Properties
  • Commercial Lending Options
  • Refinancing Options
  • Newrez Reviews

Variety of Loan Types

With Newrez, you can expect to choose from the following lending options as a potential homebuyer:

  • Fixed rate loan
  • Adjustable rate mortgage (ARM) loan
  • FHA loan
  • VA loan
  • Investor property loan

Something unique about Newrez is its investor property loan product. Newrez offers a loan that is specifically structured for those who are interested in purchasing an investment property. If you are a real-estate investor, Newrez is one of the few mortgage lenders that offers competitively priced mortgages specifically designed for investment properties.

Mortgage Programs for Non-Owner Occupied Properties

A specialized Newrez loan program option for 2 to 4 unit properties, low/mid/high-rise condos, and warrantable site condos.

Commercial Lending Options

Newrez is unique because it has a wide selection of loan options for homebuyers, but it also has several lending options that reach beyond just a single family purchase. Builders, realtors, and developers have specialty loan options that cater to them.

Newrez offers joint venture loans to help builders, realtors, and developers fund their commercial projects. Not only can it provide the right mortgage projects for these sorts of projects, but it also brings its expertise needed to bring the project to life. If you work with Newrez to fund one of your projects, you can be assured that you’ll get the following:

  • Marketing support
  • Expertise in compliance regulations
  • A professional management team
  • Advanced technology for project support

These products and services are rarely offered by a consumer-based mortgage company, making Newrez stand apart from the competition. Take advantage of this program if you fall into the criteria mentioned above.

Refinancing Options

Newrez has great refinancing options that can help current or future homeowners save a lot of money on interest payments, monthly payments, or PMI. It offers traditional refinancing and also cash-out refinancing options; however, certain qualifications and requirements may limit your options.

Newrez Reviews

Newrez reviews are currently limited, but 77 percent of customer reviews are 4 or 5 stars. Many customers mention how Newrez provided excellent customer service and competitive mortgage rates that can help keep mortgage payments low.

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The Bad

  • No Free Pre-Approval Service

No Free Pre-Approval Service

NewRez offers a pre-approval service to help borrowers enter the home buying market. Most Mortgage lenders offer a free pre-approval service, saving potential homeowners a few hundred bucks, but it is unclear if NewRez offers this as a free service like other lenders or not.

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The Bottom Line

NewRez is a great mortgage lender for traditional homebuyers who are looking to secure a mortgage for their own home. In addition, NewRez's special mortgage products and services cater to property investors, realtors, builders, and developers, making it a great option for those that are looking to get funding and expertise for a commercial piece of property.

Speak with one a company representatives to see if NewRez is able to do business in your state.

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Star Rating

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2.8

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21 Reviews

Review Breakdown

5 grade

38%

4 grade

10%

3 grade

0%

2 grade

0%

1 grade

52%

Sentiment Criteria

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Korey Shroyer Yakima, WA

Caliber has denied my PMI removal several times. My home valuation is $525,000 plus and I only owe $310,000 on the loan. I have sent in the BPO check and form that states the updates/costs I have done to the home. It has been a drawn out response followed by a refund of the check and then denial of the request. The customer service since being bought out by New Rez has been awful. I dont believe it is the employees fault but that they are tied down by an awful automated system and slimy company tactics. My latest call was today 10/26/23 and employee RLE. Was not helpful in the least and it is frustrating in this day and age to not get something sorted out other than snail mail and poor communication prior to denial of the requests. I will never finance again through this company and cannot recommend enough you do the same.

6 months ago

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Luke Swierczynski Troy, MI

NewRez serviced our mortgage for a while and while I had no complaints since my auto draft never caused issue. They could stand to update their website a bit. When I went to refinance they did solicit me after my lender ordered my payoff. To be expected to try and retain a client, but ultimately the local lender I went with was a better fit for our loan.

2 years ago Edited January 28, 2022

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K.H. Tehachapi, CA

Our mortgage company has changed 4 times since 2008, and New Rez has been the ABSOLUTE BEST! New Rez continually sends us updates on our mortgage, property value, and always keeps us in the loop. We have NEVER had a better mortgage company, and I really hope they don’t change us again! I would HIGHLY recommend New Rez to anyone looking for an honest and transparent mortgage company. I would rate them 20 out of 10!!!

2 years ago

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Kaylee Murray Normal, IL

They charged me $20 in junk fees for an error outside of my control. I disputed and provided proof that it was their error several times and was told that its not their problem and i'm "going to pay it". After complaining to BBB and other places, they made up lies and told me their not going to take the illegal junk fee away unless I get my bank to admit it was their fault instead of "NEWREZ". However, I have proof it was not my banks error, it was "NEWREZ". I'm so tired of these big companies abusing power and taking advantage of hard working people that are just trying to get by. Scamming $20 out of someone might not seem like much to a multi-million dollar company, but it means the difference between my family eating and starving. Completely unethical! This company needs to be shut down!!

11 months ago

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Gaspar Isla Fontana, CA

I think it is a very good mortgage company, I am woking with this company since April 2019 and until now, I had not any problem with this company, I receive every month my statement and I double check everything and it is always correct.

1 year ago

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Janan Grange Pleasant Grove, UT

Our old mortgage company got bought out by Newrez. It has been an easy transition. We are able to do direct depoist and still get a mortgage statement in the mail each month. It has a lot of information on it and its been a great company so far.

2 years ago

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Hillary Bennett Washington, DC

Customer Service was both friendly and helpful, once I got in touch with a representative. I only give four stars because the automated system necessary to reach a representative is time consuming and stressful, maybe one of the worst I have navigated. Their website has also given me issues on a number of occasions, but I was told they are continually working on issues. The company now has an app that makes paying my mortgage simpler. However, I would never have known about the app if had not made a call regarding other concerns.

2 years ago

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Danielle Johnson Chagrin Falls, OH

I have called in multiple times since being transfer to your company from Caliber, every time i call in no one has answers, been transfer to manager countless of times due the the other reps not having knowledge or flat out being rude & distasteful. was lied to multiple times regarding why my payments are increasing. tried to tell me my HO ins went up even though i paid a portion of that out of pocket so the bill you recieved was less than what it was last year, tried to tell me my property taxes went up, when i know for a fact they actually decrease, as i have the tax documents straight from the auditors site from last year & this year. then they tried to tell me they paid my flood ins which wasnt apart of my escrow account, all though i still have my original closing documents, showing exactly what get pays out of my escrow. they then questioned me on why its wasnt paid last year by them, which i informed them due to closing in May, i had to pay my flood ins before that since it takes 30 days for coverage to start. Not once was there an apology, just the run around, finally the rep stated they were increasing it so the escrow would have a cushion, for next year. i let him know i was placing the amount they mistakenly paid on my home back into escrow and i would like for my payment moving forward to go back to the original amount since nothing is technically being shorted. tried to tell me at first they cant do that until they run an a another analysis report next year. after stating i should not be charge for a mistake that you guys made, he said once the over payment was placed back into escrow i can request another analysis to be ran but i may not be done in time before Julys payment when the increase payments start because it can take up to 30 days, and im responsible for payment the new bill amount moving forward. All though July 1st is more than 30 days away he kept making it seem like you guys were not going to do it in a timely manner. Not to mention i called almost 4 different times in March to have my mortgage clause updated on both my home and flood insurance. which was told to me in 2022 when you took over it would be handled by you once my account was fully activate in your system. Rep I s/w then stated that is something i needed to handle my self. which is very concerning and false since i work in the insurance field, and normally a responsible mortgage company sends a letter to both the insured and the insurance company requesting polices to be updated especially when you have the information for both company's on file. there seems to be no note taking, no relistening to calls for training purposes as stated by automatic system. beyond disappointed by this company and the distasteful service i have received since being transfer to you.

1 year ago

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Dennis S Charlotte, NC

You're better off borrowing money from almost anyone else. Worst company I've ever had the misfortune of dealing with. I changed to bi-monthly payments to save money on interest and pay down the principal sooner. I had been making my regular monthly payment on the 1st of each month. When I changed to bi-monthly, the changed my draft dates to the 13th and 27th of the due month. But, they DON'T apply the first payment until they collect BOTH. So, since they charge interest on the DAILY balance, they end up making MORE MONEY on interest charge. Where I normally would have paid my mortgage on the first, they collected it on the 27th. Thereby charging 27 more days worth of interest. I get charged more and they actually make more money. And I, as the consumer, don't have a say in when the money is drafted. I had to call and change it back to regular monthly payments. Newrez is just another greedy company that cares nothing for its customers.

1 year ago

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Brian Foust Winston-Salem, NC

If only there was a 0 star, worse experience I have ever had, never an answered call, returned vm, read email just pathetic, we got pre-approved with Ken b prior to looking at beach houses was then encouraged to give earnest money, did and next day they were like oh no maybe wait on that were not done with underwriting, once figured out back on track after losing our paperwork and re sending the exact same thing multiple times we were fortunate enough to miss our first closing on 3/3 which we were told 1 day prior, to now move it to 3/10 after then being drugged to the last possible minute we were once again guaranteed a closing and encouraged to get a cashier check for 150k made to attorney, at this point new people like andrew, bily or kate or even austin began to talk to us since there were issues but most left you hanging like the others, we took kids out of school/ work drive 4 hours for a 9am close, 1 hour from arriving the call us now 7pm they are backing out because property is ineligible, a property we told them before we ever made an offer, our earnest money gone/ inspections gone/ we are even paying the electric bill at this place, do they return a call now, no they did say I'm sorry so that was nice

1 year ago

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JessicaMonterrubio “Monterrubio” Chicago, IL

If I can give 0 stars I would . They have hurt my families pockets in ways you can’t imagine . So far every year my mortgage has been going up 200 extra a month . When you complain all they send you is a message saying, “ sorry to hear this please email us at “ . You pay so much money a month that in this economy no one can even afford . They have your extra money that they take for mortgage every year sitting in a bank gaining interest on it while you’re working harder and figuring out how you’re going to keep paying for your home . I am currently investigating on a good lawyer for this because if this keeps happening I am going to end up at 3000 a month for a home that cost me 326k with an interest rate of 3.25 . They have raised my mortgage by 600 dollars in the past two years and my taxes remain the same just went up by 100 . Run from these people and don’t walk . I am praying that I no longer ever do buisness with them .

1 year ago

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Amber Herrin, IL

Run!!! This company doesn't even deserve 1 star. I refinanced through NewRez in April 2020. I received a letter on November 11, 2020 my taxes were delinquent. I made several calls to NewRez stating my taxes had to be paid by Dec 9, 2020 or my properly would be sold. Online I finally see they paid my taxes Dec 11, 2020, 2 days after the due date, so my property was sold. I called the county tax office and they never received the payment. Called Newrez and instead of finding out what happened to the payment, they withdrew another $2500 from my escrow to send to the tax office. My account showed they paid the taxes 3 times, but when I called the county they had no record of payment. Finally on March 30, 2021 the county finally received my payment (4 and 1/2 months after I informed them it was late and 7 months after the actual due date). Since, they "paid" $7500 out of my escrow account, newrez proceeded to send me an escrow analysis that my escrow was short and my payment would be going up $300. When you call customer service or email them you are told you will receive a response. Customer service can not provide you any answer. They can either submit a complaint or send your inquiry to another department. I have made over 60 inquiries in 5 months and received 1 response. The response didn't even address my issue. This is negligence and they have been committing theft.

3 years ago

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Melvinia Dorsey ,

This loan company purchased my loan from . I had my loan refinanced through New Rez who already held my loan and they totally gave me false numbers. When i went to pay my first payment they claim they estimated my pay off to be too little. I had 4,800 dollars in my old escrow before closing not to mention they collected 12/months of escrow in advance towards my new loan. When my first payment was due after refinancing with them my Nationwide homeowners insurance called me saying my insurance was about to be cancelled due to lack of payment. I also got a bill from the tax office for an additional 78.00. I thought this was strange since i had money in my old escrow and i prepaid 12 months for the new loan. I called multiple times and emailed but no one called me back. I submitted a complaint to the consumer financial protection agency to evaluate. Trust me, I reviewed everything with a fine tooth comb questioning everything only for them to screw me over. I have paid several months into my new loan escrow and as of today my escrow was showing a neg 586.00. How could this be. Do not use this company unless you want a headache. I do not trust them at all. I have never experienced anything like this ever and i have owned previous property and i have refinanced many times before and have never experienced anything like this.....Waiting for resolution.

3 years ago

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David Cole ,

HiLARIOUS THAT THEIR SITE SAYS BEAR WITH THEM DUE TO COVID—Longer wait times— BUT WHEN OUR HOME SOLD —NEVER A LATE PAYMENT— but the close was delayed due to COVID-/ so they received the $170,000 payoff 9 hrs late- and reported it as late to credit bureaus ruining my son’s credit. Seriously? FORGET CUSTOMER SERVICE—THEY DO!!!! We tried calling, writing, posted on their website —they reply saying— “ email us at [email protected] so we can address issue “. That’s code for “THEY COULD NOT CARE ANY LESS AND will Say so when you email - !” I’d like to hear how many customers actually had any customer service issues resolved......it’s like BILL GATES SAID: “Your most unhappy customers are your greatest source of learning." - Of course some people never learn.......NEWREZ certainly has demonstrated they do not value customer Satisfaction. I Would never refer them to anyone! Run, don’t walk!!!

3 years ago Edited September 14, 2021

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TexasT Sherman, TX

My account was sold to NewRez from DiTech in January 2020. Their website is very user friendly but what I really like about NewRez is they update my payment the day I make it. I can also make extra payments any time.

2 years ago

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Mr Fields Turbeville, SC

Newrez is a great mortgage company. They are veteran friendly. When the mortgage rates dropped they reached out to us with options. We haven’t had a bad experience with them after several years.

2 years ago

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Fernanda Abate Pompano Beach, FL

I’m so upset about the bank they are old school, they don’t have technology to do an app for the customers to pay, and check the status of account. Btw the website are horrible to enter, and don’t allowed to enter on my account, I waste a lot of my precious time to call and nobody fix the problem

9 months ago

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Vincent Cami Bellmore, NY

Stay away from New Rez. I have spoken with several supervisors and said my escrow will be removed and still has not. I paid them $5710 on July 27th to be applied to escrow. They are still charging me monthly. They are destroying my credit. DO NOT DO BUSINESS WITH NEW REZ. Worst bank to do business with they don't care about you! STAY AWAY!

1 year ago

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Breanna Clayton Southfield, MI

I enjoy having NewRez as a mortgage company. Any updates or changes are sent via email and mail. No issues thus far

1 year ago

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Michael Gallegos San Antonio, TX

Honest staff, upfront with all information, great cash out with a great payment

4 years ago

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Scott Grange San Jose, CA

Billing and online dashboard are easy to use. Seamless transition when they bought my loan from another provider.

2 years ago