Newrez Review
Founded 2008 · Fort Washington, PA · Nationwide
3.5
Editor Rating
Newrez is a large national lender and servicer (part of Rithm Capital) offering its "Smart Series" of non-QM products. It operates both retail and wholesale channels — consumers can apply directly, though the broadest non-QM guidelines often live on the broker side.
Editor's Take
A big national lender whose Smart Series gives self-employed borrowers solid bank statement and asset options. You can apply directly, but a broker working the wholesale channel may unlock more flexible guidelines on a tricky file.
— Bill Rice, 30+ year mortgage lending veteran
Newrez Review: The Full Breakdown
Newrez is one of the larger non-bank lenders and servicers in the country, operating under Rithm Capital after absorbing Caliber Home Loans in 2021. Its non-QM offering, branded the "Smart Series," includes bank statement (SmartSelf), asset-qualifier, 1099, and P&L programs that cover the core self-employed scenarios.
The practical nuance for a consumer is Newrez's dual-channel structure. It runs a retail operation where you can apply directly, and a separate wholesale operation that serves mortgage brokers. The most flexible non-QM guidelines frequently surface on the wholesale side, which means a borrower with a complicated file might actually get further with a broker who can place the loan through Newrez wholesale than by going direct. It is worth pricing both paths.
As a large, well-capitalized lender with a full agency and government menu alongside its Smart Series, Newrez is a credible option — particularly for borrowers who want the stability of a major institution. It does not appear to offer an ITIN program, and the experience can feel less hands-on than a boutique non-QM shop, so weigh it accordingly against more specialized competitors.
Pros & Cons
Pros
- Large, established lender and servicer (Rithm Capital)
- Smart Series covers bank statement, asset, 1099, and P&L
- Retail channel lets you apply directly
- Nationwide availability
Cons
- Deepest non-QM flexibility often sits on the wholesale/broker side
- No published ITIN program
- Large-lender service can feel impersonal for complex files
Loan Products Offered
Eligible Property Types
Best For
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Newrez Review: Frequently Asked Questions
Is Newrez a legitimate lender?
Newrez is an established lender founded in 2008 and headquartered in Fort Washington, PA. It lends nationwide and specializes in bank statement loans, self employed mortgages, non qm loans, asset depletion loans, 1099 income loans, profit and loss loans and no tax return mortgages. To verify it for yourself, confirm Newrez's current NMLS registration and state licensing, check its Better Business Bureau (BBB) profile and reviews, and compare written quotes before you apply.
What are the pros and cons of Newrez?
Pros: Large, established lender and servicer (Rithm Capital); Smart Series covers bank statement, asset, 1099, and P&L; Retail channel lets you apply directly. Cons: Deepest non-QM flexibility often sits on the wholesale/broker side; No published ITIN program; Large-lender service can feel impersonal for complex files.
Does Newrez offer bank statement loans?
Yes. Newrez offers bank statement loan programs that qualify self-employed borrowers using 12–24 months of bank deposits instead of tax returns or W-2s — useful for business owners and 1099 earners with non-traditional income.
What credit score do you need for Newrez?
Newrez's published minimum credit score is 620. A higher score generally unlocks better rates and higher leverage. Requirements vary by loan program and are subject to change.
What rates and fees does Newrez charge?
Newrez's rates run approximately 7%–9.75% with origination fees of 0–2 points, on loans from $100K to $4M (up to 90% LTV). All figures are approximate and subject to change — request a written quote for your scenario.
How fast can Newrez close a loan?
Newrez typically closes in 25–40 days, depending on the loan program, the property, and how quickly you provide documentation.
Disclaimer: Rates, terms, and requirements shown are approximate and based on publicly available information as of March 2026. Actual terms may vary based on your credit profile, property details, and market conditions. Always verify current terms directly with the lender before making financing decisions. Self-Employed Lending Hub provides editorial reviews for educational purposes and does not guarantee loan approval or specific terms.