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New Rez is one of the largest mortgage servicers in the United States. Millions of borrowers have their loans transferred to it without choosing it directly.
The company operates both as a lender and a servicer, which creates a distinct experience for homeowners. Understanding this dual role helps borrowers manage their loans more effectively.
New Rez handles everything from loan origination to payment processing, refinancing options, and loss mitigation programs for homeowners facing hardship.
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What Is New Rez
New Rez LLC is a national mortgage company headquartered in Fort Washington, Pennsylvania. It operates as both a direct lender and one of the largest mortgage servicers in the country, managing hundreds of billions of dollars in home loans.
The company was formed through the combination of New Penn Financial and Shellpoint Mortgage Servicing. Today, it operates under the NewRez brand and is a subsidiary of Rithm Capital Corp, a publicly traded real estate and financial services company.
New Rez serves two distinct groups of customers:
- Borrowers who originate a new mortgage directly through New Rez
- Existing homeowners whose loans were sold or transferred to New Rez for servicing
The second group is far larger. Most homeowners discover New Rez when they receive a notice that their loan servicer has changed.
How Mortgage Servicing Works
Mortgage servicing is the administrative management of a home loan after it has been funded. The servicer collects monthly payments, manages escrow accounts, handles insurance and tax disbursements, and communicates with borrowers about their loan status.
Lenders routinely sell the servicing rights to loans on the secondary market. This is a standard practice in the mortgage industry and does not change the terms of your loan. Your interest rate, balance, and repayment schedule remain exactly the same after a transfer.
When New Rez acquires servicing rights, it becomes the company responsible for:
- Receiving and processing your monthly mortgage payments
- Managing your escrow account for property taxes and homeowners insurance
- Sending annual escrow analysis statements
- Handling requests for payoff quotes, forbearance, or loan modifications
- Reporting your payment history to credit bureaus
Homeowners who are evaluating real estate investment opportunities often overlook the importance of understanding who services their loan. The servicer directly affects the borrower experience throughout the life of the loan.
What Happens When Your Loan Is Transferred
Federal law requires that both your old servicer and New Rez notify you before a loan transfer takes effect. You should receive written notice at least 15 days before the transfer date from your current servicer, and within 15 days after the transfer from New Rez.
During the 60-day grace period following a transfer, you cannot be charged a late fee if you accidentally send your payment to the old servicer. The old servicer is required to forward the payment to New Rez during this window.
Steps to take immediately after receiving a transfer notice:
- Verify the transfer by calling the new servicer using the number on the official notice, not a number found through a general internet search
- Update your autopay settings with your bank or payment platform
- Create an online account at the new servicer’s website
- Confirm your escrow balance was transferred correctly
- Save all correspondence related to the transfer
If you notice any discrepancy in your loan balance or escrow after the transfer, submit a written qualified written request (QWR) to New Rez. Federal law requires a response within 30 business days.
Loan Products and Assistance Programs
As a direct lender, New Rez originates a range of mortgage products for homebuyers and homeowners looking to refinance. The product lineup includes conventional loans, FHA loans, VA loans, USDA loans, and jumbo mortgages.
New Rez also offers non-qualified mortgage (non-QM) products for borrowers who do not meet standard income documentation requirements. These include bank statement loans for self-employed borrowers and investor cash flow loans for rental property owners.
For borrowers experiencing financial hardship, New Rez offers several assistance programs:
- Forbearance: Temporary suspension or reduction of payments for borrowers facing a short-term hardship
- Loan modification: A permanent change to loan terms, such as a reduced interest rate or extended repayment period
- Repayment plan: A structured plan to catch up on missed payments over time
- Short sale or deed-in-lieu: Options for borrowers who cannot retain their home
To apply for any hardship program, contact New Rez directly through its customer service line or through the online portal. You will typically need to provide documentation of your financial situation, including income statements and a hardship letter.
Managing Your Account Online
New Rez provides a self-service portal at newrez.com where borrowers can manage most aspects of their loan without calling customer service. The portal is available 24 hours a day and supports both web browsers and a mobile app.
Through the online account, borrowers can:
- View current loan balance and payment history
- Make one-time payments or set up recurring autopay
- Access annual tax documents, including Form 1098
- Review escrow account activity and upcoming disbursements
- Request a payoff quote
- Submit a hardship application
For issues that require direct assistance, New Rez customer service can be reached by phone. Wait times vary, and calling early in the morning on weekdays typically results in shorter hold times. Written correspondence can be sent to the address listed on your monthly statement.
Borrowers with complaints that are not resolved through customer service can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov or contact their state’s banking regulator.
Frequently Asked Questions About New Rez
Why was my mortgage transferred to New Rez without my consent?
Mortgage servicing rights are a financial asset that lenders buy and sell regularly. Your original loan agreement includes a clause permitting this transfer. Federal law protects you by requiring advance notice and maintaining your original loan terms.
Does a loan transfer to New Rez affect my credit score?
A servicing transfer itself does not affect your credit score. As long as you continue making on-time payments to the new servicer, your credit history remains unaffected. Missed payments during the transition, however, can be reported after the 60-day grace period ends.
How do I set up autopay with New Rez after a transfer?
Log in to your account at newrez.com and navigate to the payment settings section. You can link a bank account and schedule recurring payments for any day of the month on or before your due date. Confirm the setup at least five business days before your first payment is due.
Can I refinance my loan directly with New Rez?
Yes. New Rez originates refinance loans for both existing customers and new borrowers. Existing customers may receive streamlined processing options. You can start a refinance application online or by calling the originations team directly.
What should I do if New Rez cannot resolve my complaint?
Submit a formal complaint to the CFPB, which supervises mortgage servicers and requires a response from the company. You can also contact your state attorney general’s office or a HUD-approved housing counselor for free guidance.
Conclusion
Understanding how New Rez operates as both a lender and a servicer gives homeowners a clear advantage when navigating a loan transfer or applying for assistance. The key actions are simple: verify the transfer, update your payment details, and use the online portal to monitor your account consistently.
Borrowers who stay informed and proactive avoid the most common pitfalls associated with servicer changes. If any issue arises, federal consumer protection agencies provide enforceable remedies that put the burden of resolution on the servicer.
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