NewRez LLC - Trusted Lending Partner at LoanFactory

NewRez LLC

Address: 601 West Office Center Drive, Suite 100, Montgomery County, PA 19034

https://www.newrez.com

Internal Reviews

(5 reviews)

Total loans closed with Loan Factory
17,896

Total loans closed with Loan Factory (past 12 months)
14,506

Lender overview

Basic information

QM Program

Conventional

HomeReady

Home Possible

FHA

FHA Streamline

FHA DBA

VA IRRRL

USDA

Jumbo

Home One

Loss Payee

NewRez LLC ISAOA/ATIMA 601 Office Center Drive, Suite 100 Fort Washington, PA 19034

CPL or Subordinate Clause

NewRez LLC ISAOA/ATIMA 601 Office Center Drive, Suite 100 Fort Washington, PA 19034

Lock policies & Fees

Lock Policies

Lock extension

For Lock Cut-off: Conventional You can lock online during the week, all the way up until approximately 6AM central time the next morning. This is when pricing is no longer available, until we publish the new day’s pricing.
• On Friday, you can lock all loans online until 11:59PM central time.
• On Saturday, 12AM through Sunday (Monday 6AM), you can lock new loans that have not yet been submitted to underwriting.
For Non-QM Smart Series and Jumbo products may have varying cut off times.

Extension: 1st-3rd ext. 2 bps/day | 4th ext. 4 bps/day
Extended loans cannot expire on a weekend or holiday. Max number of days to extend is 45 days per request.
Please contact: Wholesale.pricing@newrez.com for more details.

Relock

15 day : 0.3 (< 3 prior ext) otherwise 0.6
30 day 0.6 (< 3 prior ext) otherwise 1.2
45 day 0.9 (Less than 3 prior ext) otherwise 1.8

Lock & Shop

Lender's niche & Overlays

Lender's Niche

NEWREZ FEATURES:

Income and Bank Statement calculations done upfront– submit via the website, RESOURCES TAB
We accept APPRAISAL TRANSFERS!! AppraisalTransfers@newrez.com

Condo review PRE-flight! We will review any condo for you ahead of time for approval. Conv, FHA.VA,USDA, Non-warrantable. projectreview@newrez.com

Conventional – 90% No escrow, we allow No Credit Score with Non Traditional Credit
Free 10-day lock extension on all AGENCY loans (Conv and GOVT)

Newrez has a Full Product Menu

Non-QM Smart Series: Detail here

Jumbo AUS and Jumbo NonQM

1. Jumbo AUS Everglades (DU)

·Purchase, Rate Term, Cash Out Refinance, and Delayed Financing allowed.

·Primary, Second Home, and Investment

·1-4 units

·Minimum loan amount: Conforming + $1

·Maximum loan amount: $3MM

·Minimum FICO: 660

·Maximum LTV 89.99% for Fixed rate only

·Mortgage insurance (MI) is not required.

·Maximum debt-to-income (DTI) ratio: 45%

·Maximum cash out: $500,000

·ARMs and 30-year fixed term only

·DU is required at submission with an Approve/Ineligible for the loan amount or LTV parameters only.

2. Jumbo AUS Yosemite (DU &LP) allows Recast

•higher loan amounts.

·Purchase, Rate Term, Cash Out Refinance

·Primary, Second Home, and Investment

·1-4 Units

·Minimum loan amount: Conforming +$1

·Loan Amount: Up to $3.5MM

·Minimum FICO: 680

·Maximum LTV: 80%

·Debt-to-Income (DTI) Ratio: Up to 49.99% ·

Cash out: Per AUS

3. Non-QM Jumbo SmartEdge Full Doc

·Only one (1) year of tax returns are required if an ownership share of 25% or more, and the start date for all self-employed businesses is at least five (5) years prior to the application.

·Purchase, Rate Term, Cash Out Refinance

·Primary, Second Home, and Investment

Temporary Buy Downs 3-2-1

·1-4 Units

Maximum LTV 90%

Maximum loan amount: $3MM

Minimum FICO 660

Debt to income Ratio: up to 50%, Exceptions to 55%

WARRANTABLE AND NON WARRANTABLE CONDOS

·Maximum cash out

LTV ≤ 60%: $750,000

LTV > 60%: $500,000

Conventional

Fico score of 580 allowed with an AUS Accept Approve
Fico score of 600 allowed on a manual UW.
borrowers without a credit score, we allow a Nontraditional Mortgage Credit Report (NTMCR) from a credit reporting company or independently develop the borrower’s credit history.

No borrower has a credit score,

DU will apply the following requirements:
•1-unit Primary residences only, Conforming only up to 90%
•All borrowers must occupy the property
•Purchase or Limited Cash-out Refinance transactions only
•No verification of nontraditional credit references is required for any borrower when DU conducts a cash flow assessment and issues a message that the third-party asset verification report may be used to satisfy the requirements
OR
•A nontraditional credit history must be documented for each borrower

At Least One Borrower Has No Credit Score and Another Borrower Has a Credit Score

•1- unit primary residence only

•All borrowers must occupy the property

•Purchase or Rate and Term refinance transactions only

•Maximum conforming loan limit

•High-balance mortgage loans are not eligible

•Reserves may be required as determined by DU

•If the borrower(s) with a credit score is contributing more than 50% of the qualifying income, a nontraditional credit history is not required to be documented for the borrower(s) without a credit score.

•If the borrower(s) with a credit score is contributing 50% or less of the qualifying income, a nontraditional credit history must be documented for each borrower without a credit score.

Government

VA Joint Loans
FICOs to 580 for Conventional (blended fico only), VA & FHA. Minimum 600 FICO for USDA.
Manual Underwrites down to 600 score for FHA, VA and USDA. Need to meet guides for manual underwrite.
NO FICO Borrowers Allowed – FHA, VA, and Conventional allow non-traditional credit
Manufactured Homes – Conventional, FHA & VA (Including single-wide and CASH OUT!!
We take transferred appraisals too!

Newrez Offers Fixed Close End 2nd Mortgages

Maximum Loan Amount: $400,000
Minimum Loan Amount: $75,000
Maximum CLTV: 90%
Minimum FICO: 660
Maximum DTI: 45%
1-Unit Primary Residence
First lien must be seasoned for a minimum of 6 months.
Reserves are not required.
Asset verification and tax transcripts are not required unless used to qualify.
Loan amount less than $250k — an Owner & Encumbrance Property Report is required.
Loan amount greater than $250k — a Full Title is required.
Broker prepared LE’s are not allowed.

Loan amount ≤ $250,000:

o AVM with exterior property inspection

o Exterior-only appraisal (Form 2055), or

o Full interior/exterior appraisal (Form 1004/1073)

Loan amount > $250,000

o Full interior/exterior appraisal (Form 1004/1073)

1st lien ADU and outdoor Renovation Product, RezPool Plus

Do your clients have borrowers looking to finance backyard renovations to customize the home of their dreams?

This new renovation product 1st line product can help first-time or existing homeowners finance amazing backyard renovations or repairs to outdoor living spaces. With RezPool Plus, borrowers can add:

Detached ADU Accessory Dwelling Unit
An inground pool
A deck or patio
An outdoor kitchen
Landscaping
A pergola
Fencing

Newrez offers Co-op financing in

NEW YORK AND NEW JERSEY

******You must be licensed**********

New York

5 Boroughs: Bronx, Brooklyn, Manhattan, Queens, Staten Island.

Nassau, Suffolk, Westchester and Rockland Counites.

New Jersey: Bergen, Essex, Hudson, Middlesex and Union Counties

Lender's overlays

N/A

Lender turn time

Initial underwrite (days)

CTC conditions review (days)

Initial CD (days)

Review - NewRez LLC

4.6

5 reviews

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