Newrez Supports Non-Traditional Borrowers Through Signature Non-QM Products
Newrez LLC ("Newrez", the "Company"), a national mortgage lending and servicing organization, is committed to helping non-traditional borrowers reach the dream of homeownership through its Smart Series product line ("Non-QM"). Designed to serve borrower needs often overlooked in other non-agency products, Smart Series affords non-traditional borrowers the opportunity to buy their homes at fair price points through expanded guidelines.
Today's competitive housing market, changing rates and shifting borrower trends are fueling the demand for such Non-QM loan products, with Smart Series recently surpassing the milestone of $1.3 billion funded. With sights set on its vision to create the future of homeownership, Newrez maintains a steadfast focus on innovating products that benefit markets of underserved borrowers and make homeownership more accessible.
"Our Smart Series loan products were created with the non-traditional customer in mind – someone who is self-employed, someone who falls just outside of qualifications of a jumbo loan due to a recent credit event or someone seeking an investment property – all otherwise credit-worthy borrowers who just don't fit the mold of a traditional buyer," said Jeff Gravelle, Co-head of Production for Newrez. "By offering alternative loan solutions like our Smart Series products, we can help more people become homeowners by redefining what borrowers today need."
The Smart Series suite is comprised of three Non-QM loan products:
- SmartSelf is a product that is ideal for self-employed borrowers requiring the use of bank statements and/or asset amortization to qualify. This loan type continues to grow in popularity, now comprising more than 55 percent of the Company's total Non-QM production.
- SmartEdge is a product that offers competitive financing solutions for borrowers who fall just outside of standard agency and prime jumbo programs due to a credit event or other isolated lapse in their credit performance.
- SmartVest is a product that is designed for experienced real estate investors seeking to purchase or refinance an investment property that is owned for business purposes
For more information on Newrez's Smart Series and other home loan offerings, visit https://www.newrez.com/blog/mortgage-101/smart-series-non-qualified-mortgages/.
About Newrez
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 New Residential Investment Corp. family.
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