Newrez Reviews: 3,366 User Ratings (2023)

Newrez LLC (Newrez) is a leading nationwide mortgage lender and servicer. As a lender, Newrez focuses on offering a breadth of industry-leading products, supported by a loan process that blends both human interaction and the benefits of technology into an unparalleled customer experience. Founded in 2008 and licensed to lend in 50 states, Newrez... show more

Newrez Reviews

The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 12/03/2022.

3.4

3,366 reviews

from WalletHub and across the web

3,366 reviews from WalletHub and across the web

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TJ Castaneda

@tyejenjak08

1 Star Rating

Had our mortgage move to Newrez after they acquired Caliber. Caliber was amazing this company not so much. Unable to access my account online even though all communication I received stated it would be up and functioning by November 8th. They are late sending statements so there is no possible way for our check to make it all the way back down to Texas prior to the due date. Now they are saying we will incur a late fee if not paid within 10 days of due date. Yet, prior communication stated no late fees for 60 days after they began servicing our loan we are at day 32. Tried paying by phone like paperwork stated. Called in, and by no surprise received an automated payment option. The system quickly provided options for payment with zero options for me to input an account number or confirmation of what account this payment would be applied to. I did not take them up on this “free” service. Here I sit, writing a check, thinking who does this any longer, on the day my payment is due because the statement just arrived in the mail. This is simply the worst service ever.

Product: Newrez VA

Comment

Jessica

@jessannenova

1 Star Rating

Awful. I have had zero issues since buying my home and all of a sudden Newrez aka Caliber aka Shellpoint made a mistake on my escrow by not factoring in my homestead exemption after a "transfer" from Caliber. This error would raise my payment by 200 a month. I have submitted my exemptions for this year and next (which I shouldn't have to) as well as my property tax documents to show their error via fax and to their website per their suggestion to "speed up the correction" and I am still waiting for it to be corrected. My next step is filing with the Consumer Financial Protection Bureau. They have told me it would be corrected and I will not wait any longer. I suggest anyone else with issues do the same.

Product: Newrez FHA

Comment

andersonlinda1975

@andersonlinda1975

1 Star Rating

My husband and I always paid a month ahead so when NewRes took over our mortgage they suddenly let our month ahead payment disappear. Further the payment is deducted from our checking account but is in limbo for 10 days even though I had this company for 5 years. We only owe 100,000 on a 1.5 million mortgage. We are paying it off after the new year. They are corrupted.

Product: Newrez Conventional

Comment

1 Star Rating

Our mortgage was sold to these POS's. With no form of communication from Newrez for over one month, I was at a loss with regard to where to send my mortgage payment. Looked online for contact numbers. Found several numbers that were inoperable. Tried to open an account on their website: that was also inoperable. if this is a omen of what is to come, I can only hope for the best. They are my worst nightmare, but I will also to endeavor to be their worst nightmare.

Product: Newrez VA

Comment

maseleone

@maseleone

1 Star Rating

Recently had my mortgage transferred from Caliber to New Rez - Immediately disappointed. Our mortgage payment didn't come out of our account on the 1st as usual. With this being a new provider I called to ensure they had the right information. I was told to "hold on" as they has just transferred numerous loans and the payment could take days or even a couple of weeks to be taken out. Called to check in today, after another 2 weeks of the payment not coming out, and was given the "this is an attempt to a collect a debt" introduction by customer service...wait, what? They claimed my account had insufficient funds and the payment was returned. The funds were there the entire time and no attempts for them to take the payment. They also never informed me there was an issue with the payment (if there even was one). Really confused, and really concerned about what other issues are ahead if this was the first month with them...

Product: Newrez FHA

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jessicavazquez1220

@jessicavazquez1220

1 Star Rating

New rez are a bunch of thieves. I have been under them for two years and praying that I somehow get away from this loan company. The economy is so bad right now that we are barely making it to survive, and they just keep raising up my mortgage every single year. When I first bought my house in 2020 my mortgage was 1945 now we are in 2022 and my mortgage has shot up to 2600 and no one can give me an actual explanation as to why.

They want cushion but what they are basically doing is putting money into their own bank account and gaining interest from our money. Who omg he world in this economy has an extra $600 to pay on a mortgage when my taxes only went up by $100 it makes no sense.

I feel like Newrez is clearly taking advantage of its customers. This is plain ridiculous. If they keep this up in this economy, they’re gonna have a lot of foreclosures, plain and simple.

Product: Newrez FHA

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griffithalyssa20

@griffithalyssa20

1 Star Rating

Ain’t even got my first statement in the mail and I can already tell you I WANT CALIBER BACK. Escrow went up $300, customer services reps are rude and unhelpful, they apparently have no access to any of my basic loan information, I’m supposed to be closing in less than a week but Newrez told me I have to write a letter to Caliber (in the middle of the holidays) to get my statement/payment history because Calibers website and phone just directs me back to Newrez. Already off to a terrible start. Never had issues with Caliber, and this new company has already successfully screwed me over in multiple ways.

Product: Newrez FHA

Comment

Callie Erickson-Glass

@kreepinkitty43

1 Star Rating

I was perfectly happy with Caliber, never had any issues and their customer service was amazing. Now, I have this crapfest. My loan was transferred to them on November 1st. In 18 days, I have had to re-register my online account 3 times because it keeps "losing" my account information both online and in the app. But now, its telling me it doesn't recognize any of my information...seriously? Thankfully I was able to at least get the first payment set up (let's hope it stuck). Speaking of payments, I used to have no issues with Caliber's bi-weekly payment plan in order to save on interest and essentially make an extra payment every year. This crap show...you have to use their payment plan which draws the payment every other Monday, which means if there is a month with 5 Mondays, they pull the money 3 times in one month - how bout no. If you want to set up your own bi-weekly payment plan, you have to do it on their schedule with one caveat, if any portion of the payment is paid AFTER the 16th of the month, you are charged a late fee (they waive it if you use their payment plan). Seriously??? Refinancing to get away from them is not an option since I refuse to lose my current interest rate. I really wish you could opt out of your loan being transferred, or having some kind of say in the servicer.

Product: Newrez VA

Comment

ne_image

@ne_image

1 Star Rating

Worst company… they are killing my credit!! I have put my account on auto pay several times and they keep adding late fees and not taking payments or giving me a call to say it didn’t work. They have made me pay over $200 in late fees because of this. No one will resolve the matter, they just keep hurting my credit and taking money when it’s their fault. If you have a loan with them, get away as soon as possible

Product: Newrez Conventional

Comment

seviersa

@seviersa

1 Star Rating

My mortgage was sold to this company from Caliber. They tacked an extra $255 onto my escrow per month for seemingly no reason. Been waiting on hold for half an hour to talk to someone in hopes of figuring out why.

Even the document they sent says my new escrow payment, according to my escrow analysis dated October 1st, should only be $5 more than what it's been til now.

Only thing that increased this year was school taxes and that was by $1,000 (less than what I was refunded from my escrow last year). There's no reason they need an extra $3000 per year from me for that.

If they don't get this straightened out, guess I'll just deal with taxes and insurance on my own. Only thing I can figure is they want to keep me from paying down extra on my principle each month like I've been so they can rake in as much interest as possible. Sketchy.

Product: Newrez VA

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Newrez Offers

Conventional

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VA

Newrez Q&A(8 questions)

Has anyone taken legal action?

7

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7

How can I seek legal help to come after NewRez?

6

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6

is there any recourse for added expenses due to their incompetence

5

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5

Has anyone taken legal action?

2

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2

Robert Wagner

@metaphor91

thinking about it with the horrible things we are seeing them do or not do.

5

What agency regulates New Rez, the employees don’t know?

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