Newrez Adds New ARM Options to Dream Big, Non-QM Product Suites
Newrez LLC has launched new adjustable-rate mortgage (ARM) products as part of its Dream Big and Non-QM product suites. The five, seven, and ten-year ARM options aim to assist borrowers, particularly self-employed and first-time buyers, who may not qualify under traditional guidelines. These products provide lower initial rates, aiding borrowers in today’s competitive market. According to company executives, these new offerings are expected to enhance lending volume and close more loans, helping more borrowers achieve homeownership.
- Launch of new adjustable-rate mortgage (ARM) products enhances lending options.
- ARMs provide lower initial rates for borrowers, aiding homeownership.
- Targeted at self-employed and first-time buyers outside traditional qualifying guidelines.
- Expected to increase lending volume and close more loans.
- None.
Newrez LLC (“Newrez”, the “Company”), a national mortgage lending and servicing organization, continues to enhance its Dream Big and non-qualified mortgage (“Non-QM”) product suites with the launch of new adjustable-rate mortgage (“ARM”) loan products.
The debut of ARMs marks another Smart Move by Newrez to further expand its lending solution options and product sets. Available as five, seven and ten-year ARM options, the new loan products are now offered across the Company’s Direct to Consumer, Joint Venture and Wholesale lending channels as part of Newrez’s Dream Big product suite. Newrez’s Non-QM product suite, known as its SmartSeries, are offering ARMs across Wholesale and Joint Venture.
Ideal for buyers who fall just outside of traditional qualifying guidelines, the SmartSeries ARM options will help certain borrowers who qualify, especially self-employed and first-time buyers, achieve homeownership in today’s competitive market by offering the lowest possible mortgage rate for a specified period of time before any rate increases. For qualifying borrowers with strong credit, reserves, and disposable income, the Dream Big ARMs options will offer more flexible financing solutions.
“Our new ARMs options are going to be very beneficial to certain types of borrowers at a critical time of economic rebound,” said Mike Smeltzer, Senior Vice President of Newrez Non-QM Lending. “With the potential for rises in interest rates, now is the time for these borrowers to lock in a lower rate for a set period of time.”
The new ARM products allow originators and brokers to increase their volume in today’s competitive market by offering differentiated solutions and products to qualify more borrowers and close more loans.
“Creating this product for our borrowers is a win across the board for everyone – more lending solutions, more qualified borrowers, more loans closed,” said Jeff Gravelle, Chief Production Officer at Newrez. “Our SmartSeries and Dream Big products are designed to fit specific borrower needs. With expanded guidelines and more options, we are now able to help more borrowers who sit outside the conventional financial requirements turn their dreams into reality.”
For more information on Newrez’s loan offerings, visit https://www.newrez.com/find-a-loan/.
About Newrez
Newrez is a leading mortgage company that strategically combines mortgage origination and servicing to provide a best-in-class, customer-first journey and help our customers make smart moves throughout the lifetime of their mortgage loan. Newrez’s differentiated origination platform provides options to purchase and refinance customers and operates across multiple lending channels, including Direct to Consumer, Joint Venture, Wholesale and Correspondent. Newrez’s tenured and proven servicing business consists of its performing loan servicing division, Newrez Servicing, and its special servicing division, Shellpoint Mortgage Servicing. Newrez employees support the health, vibrancy, and sustainability of our communities through the company’s community investment initiations, Newrez Neighborhood Outreach Works (“NOW”). Founded in 2008, Newrez is headquartered in Fort Washington, Pennsylvania and is a member of the New Residential Investment Corp. family.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005566/en/
