Newrez Supports Non-Traditional Borrowers Through Signature Non-QM Products

Rhea-AI Summary

Newrez LLC, a mortgage lending and servicing organization based in Fort Washington, Pennsylvania, focuses on helping non-traditional borrowers achieve homeownership through its Smart Series Non-QM loan products. These offerings recently surpassed $1.3 billion in funding, driven by demand in a competitive housing market. The Smart Series includes three products tailored for different borrower needs: SmartSelf for self-employed individuals, SmartEdge for those with past credit issues, and SmartVest for real estate investors. Newrez aims to innovate and expand accessibility to homeownership.

Positive

• Smart Series loan products funded exceed $1.3 billion.
• Focus on underserved borrower markets enhances accessibility to homeownership.
• SmartSelf product is growing, comprising over 55% of Non-QM production.

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• None.

FORT WASHINGTON, Pa.--(BUSINESS WIRE)-- Newrez LLC (“Newrez”, the “Company”), a national mortgage lending and servicing organization, is committed to helping non-traditional borrowers reach the dream of homeownership through its Smart Series product line (“Non-QM”). Designed to serve borrower needs often overlooked in other non-agency products, Smart Series affords non-traditional borrowers the opportunity to buy their homes at fair price points through expanded guidelines.

Today’s competitive housing market, changing rates and shifting borrower trends are fueling the demand for such Non-QM loan products, with Smart Series recently surpassing the milestone of $1.3 billion funded. With sights set on its vision to create the future of homeownership, Newrez maintains a steadfast focus on innovating products that benefit markets of underserved borrowers and make homeownership more accessible.

“Our Smart Series loan products were created with the non-traditional customer in mind – someone who is self-employed, someone who falls just outside of qualifications of a jumbo loan due to a recent credit event or someone seeking an investment property – all otherwise credit-worthy borrowers who just don’t fit the mold of a traditional buyer,” said Jeff Gravelle, Co-head of Production for Newrez. “By offering alternative loan solutions like our Smart Series products, we can help more people become homeowners by redefining what borrowers today need.”

The Smart Series suite is comprised of three Non-QM loan products:

• SmartSelf is a product that is ideal for self-employed borrowers requiring the use of bank statements and/or asset amortization to qualify. This loan type continues to grow in popularity, now comprising more than 55 percent of the Company’s total Non-QM production.
• SmartEdge is a product that offers competitive financing solutions for borrowers who fall just outside of standard agency and prime jumbo programs due to a credit event or other isolated lapse in their credit performance.
• SmartVest is a product that is designed for experienced real estate investors seeking to purchase or refinance an investment property that is owned for business purposes

For more information on Newrez’s Smart Series and other home loan offerings, visit https://www.newrez.com/blog/mortgage-101/smart-series-non-qualified-mortgages/.

About Newrez

Newrez is a leading mortgage company that combines mortgage origination and servicing to provide a customer-first journey and help our customers make smart moves throughout the lifetime of their mortgage loans. Differentiated by its origination platform, the Company provides customers with unparalleled lending options to purchase and refinance. Its servicing business services loans on behalf of Newrez customers and includes third-party servicing brand, Shellpoint Mortgage Servicing. Founded in 2008, Newrez is headquartered in Fort Washington, Pennsylvania and is a member of the New Residential Investment Corp. family.

The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220607006181/en/

Mackenzie Coopman

PublicRelations@Newrez.com

Source: Newrez LLC

FAQ

What is Newrez's Smart Series and how does it support non-traditional borrowers?

Newrez's Smart Series includes Non-QM loan products specifically designed to assist non-traditional borrowers, such as self-employed individuals and those with recent credit events, facilitating their path to homeownership.

How much funding has Newrez's Smart Series received?

Newrez's Smart Series has surpassed $1.3 billion in funding, reflecting strong demand for its Non-QM loan products.

What are the key products in Newrez's Smart Series?

The Smart Series includes SmartSelf for self-employed borrowers, SmartEdge for borrowers with past credit issues, and SmartVest for experienced real estate investors.

What market trends are driving the demand for Newrez's loan products?

The competitive housing market, changing interest rates, and shifting borrower trends are increasing the demand for Newrez's Non-QM loan products.

How does Newrez aim to innovate in the mortgage lending sector?

Newrez aims to innovate by creating loan products tailored to the evolving needs of underserved borrowers, enhancing accessibility to homeownership.