FORT WASHINGTON, Pa.--(BUSINESS WIRE)--Sep. 1, 2022--
Newrez LLC (“Newrez”, the “Company”), a national mortgage lending and servicing organization, announced today a major upgrade to its Smart Series non-qualified mortgage (“Non-QM”) product line up with the launch of its 40-year fixed-rate interest-only (IO) option.
Newrez’s 40-Year IO option is designed to increase purchasing power for homebuyers by offering a 40-year loan term with interest-only payments for the first ten years. Developed for borrowers and investors that have been priced out of today’s housing market, the option allows borrowers to have more affordable monthly payments by offering a longer loan term.
The 40-Year IO option applies to all Smart Series Non-QM products and is now available across each of the Company’s lending channels (Retail, Wholesale, Correspondent, Joint Venture, and Direct to Consumer).
As a lender, Newrez maintains its steadfast focus on its Smart Series Non-QM products, which affords non-traditional borrowers the opportunity to buy their homes at fair price points through expanded guidelines, as it prioritizes product development efforts for borrowers whose needs are often overlooked by other non-agency products.
“We are continually enhancing and updating our Smart Series products to ensure we are providing competitive Non-QM financing options for our clients in current market conditions,” said Jeff Gravelle, Co-head of Production at Newrez. “Our Smart Series products, like the 40-year IO, are developed to meet the needs of today’s borrowers and open the door to thousands of prospective homeowners.”
For more information about Newrez’s specialized Non-QM products, read more about its Smart Series: https://www.newrez.com/blog/mortgage-101/smart-series-non-qualified-mortgages/.
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 Rithm Capital family of Companies.
© 2022 Newrez LLC, 1100 Virginia Dr., Ste. 125, Fort Washington, PA 19034. 1-888-673-5521. NMLS #3013 (www.nmlsconsumeraccess.org). Doing business as Newrez Mortgage LLC in the state of Texas. Alaska Mortgage Lender License #AK3013. Arizona Mortgage Banker License #919777. Licensed by the Department of Financial Protection & Innovation under the California Residential Mortgage Lending Act. Loans made or arranged pursuant to a California Finance Lenders Law license. Massachusetts Lender #ML-3013. Licensed by the N.J. Department of Banking and Insurance. Licensed Mortgage Banker-NYS Banking Department. Additional licenses available at www.newrez.com.
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.
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Source: Newrez LLC