FORT WASHINGTON, Pa.–(BUSINESS WIRE)–September 1, 2022–
Newrez LLC (“Newrez”, the “Company”), a national mortgage lending and servicing organization, today announced a major upgrade to its Smart Series (“Non-QM”) non-qualified mortgage product line. with the launch of its 40 year Fixed Rate (IO) Interest Option.
Newrez’s 40-Year IO Option is designed to increase homebuyers’ buying power by offering a 40-year loan term with interest-only payments for the first ten years. Developed for borrowers and investors who have been left out of the current 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 on each of the company’s lending channels (retail, wholesale, mail order, joint venture, and direct-to-consumer) .
As a lender, Newrez continues to focus on its Smart Series Non-QM products, which provide non-traditional borrowers with the ability to purchase their homes at fair prices through expanded guidelines, as it prioritizes efforts to product development for borrowers whose needs are often overlooked by other non-agency products.
“We are constantly improving and updating our Smart Series products to ensure that we provide competitive non-QM financing options to our customers under current market conditions,” said Jeff Gravelle, co-head of production at Newrez. . “Our Smart Series products, like the 40-year-old IO, are developed to meet the needs of today’s borrowers and open the door to thousands of potential homeowners.”
For more information on Newrez’s specialty 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 service to deliver a customer-first journey and help our customers take smart action throughout the life of their mortgages. Differentiated by its origination platform, the Company offers its clients unparalleled lending options to purchase and refinance. Its business services service on behalf of Newrez clients and includes a third-party service brand, Shellpoint Mortgage Servicing. Founded in 2008, Newrez is headquartered in Fort Washington, Pennsylvania and is part of the Rithm Capital family of companies.
© 2022 Newrez LLC, 1100 Virginia Dr., Ste. 125, Fort Washington, Pennsylvania 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. Authorized by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Loans made or arranged under license from California Finance Lenders Law. Massachusetts Lender #ML-3013. Authorized by the NJ Department of Banking and Insurance. Licensed Mortgage Banker – NYS Banking Department. Additional licenses available at www.newrez.com.
Information contained on, or accessible through, any website 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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KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA
SECTOR KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE
SOURCE: Newrez LLC
Copyright BusinessWire 2022.
PUBLISHED: 01/09/2022 16:30/DISC: 01/09/2022 16:32
Copyright BusinessWire 2022.