NewRez

Ditto to all!! It's like a bad Ground Hog Day movie. I started the process in November as they had assumed my mortgage and they offered my a great rate to refinance. Like a carrot and stick move, they kept extending the locked in rate while asking for more and repeat paperwork 'for the underwriters'. Unbelievable that I stuck with them for so long. I figure I lost about $1600 just by sticking with them. So if you haven't already, run, don't walk to another company. I went to Quicken Loans/Rocket Mortgage, got a 3.3% loan and closed 9 days later. And the really funny thing is that I received a "Congratulations you've paid off your loan" email from NewRez and, on the same day, an email from the loan processor asking for updated information!!!.

Our finances are in order, we have excellent credit and have been waiting more than 5 months for a refinance to be completed. Run far away. They're either incompetent, indifferent, or engaging in something fraudulent. I'm sure we'll all find out soon enough.

Shellpoint Partners (NewRez LLC) engages in fraud to prevent or delay home mortgage refinancing for mortgages it services. Shellpoint directs, incentivizes, or conspires with its employees to commit fraud using the following tactics:

1. Shellpoint/NewRez refused to communicate with the applicant promptly and honestly about the status of the loan application.

2. Shellpoint/NewRez made multiple requests for documents from the applicant then refused to review the documents in a timely manner. After a period of months, Shellpoint/NewRez requested similar documents. Examples include bank statements, paystubs, and credit reports.

3. Shellpoint/NewRez attempted to terminate loan applications by surreptitiously posting document requests on its web portal and then failing to communicate those requests to the applicant via email/phone or through their employees. When the applicant failed to respond, a postal letter was sent to threaten to terminate the application.

4. Shellpoint/NewRez made piecemeal and last moment document requests hoping to further delay or thwart the applicant.

5. Shellpoint/NewRez used several tiers of handlers to prolong the loan application process. Some tiers include: mortgage consultant, loan processor, customer care.

My home mortgage was serviced by Shellpoint Mortgage Servicing, and I applied for a refinance with their partner company NewRez LLC in 9/2020. I was assigned to a mortgage consultant (Thomas Baxter) who used several of the tactics listed above to prolong the application process until Jan 2021. In Jan 2021, I was assigned to a loan processor (Julie Rodriguez) who prolonged the process with additional document requests (including previously requested documents) and long periods without communication until March 2021. Finally, I was assigned to customer care (Angela Paci) who posed several more questions, but who then failed to acknowledge receipt of my answers.

In April 2021, I searched BBB, Twitter, CFPB for mentions of Shellpoint/NewRez and realized that this company was engaged in a scam to prevent refinancing. When confronted by the accusation, the response from Shellpoint/NewRez was to was to assign me another loan processer (Jason Baker) who immediately began using the tactics above to request updated documents that I had previously sent to the previous loan processor (Julie Rodriguez). In conclusion, Shellpoint/NewRez and its employees are committing fraud against refinance applicants. They are systematically prolonging the application process using delay tactics that mostly involve document requests, failure to communicate, and multiple tiers of handlers. The practice is so widespread that it is obviously incentivized or promoted by senior leadership at the company. The goal of the fraud is obvious: Shellpoint/NewRez has nothing to gain by letting its borrowers refinance to lower interest rates.

Newrez has been processing my cash-out refi for 4 months, even though I have current mortgage with them and an 830 credit score. Johathan G. and Kelly L. are completely and utterly incompetent. I'm going to go through New Day USA from now on.

NewRez took over my mortgage in October, and immediately offered refinance at a better rate. Sounded great! Five months of multiple missed deadlines on their part, resubmitting new applications, updated paperwork, etc. etc. Tentative closing dates every couple weeks with requests for "just one more updated document". Finally got my official approved to close notification and email from their representative to schedule the closing appointent. Rearranged my week so I could be there, and they didn't show. Zero contact from them about it. I finally gave up on them and looked elsewhere. THREE WEEKS later they sent the exact same "Official approval to close" and email requesting a closing appointment and "just one more updated document". When I told them they had already missed their scheduled closing appointment, they tried to claim that I had "misunderstood" and that was "just an estimated closing" (identical to the current one, and completely different from the actual estimates sent previously). I don't know whether they are just massively overbooked with the takeover of PHH Mortgage, or are actively trying to prevent people from refinancing, but they can't meet their own deadlines.

Very bad company. No customer service at all! No one will call you back despite you called, emailed, left messages. It has been almost 5 months, still no closing date or any info on refinance status!

New Rez is the absolute worst. In October I decided to refinance our loan, I finally told them on March 15th to go pound sand. All they did was drag their feet, kept asking for information that I had already sent numerous times and never got back to me in a timely manner.

New Rez told me on February 5th we would need to do an FHA loan instead of conventional due to our credit. Got the appraisal done ASAP as they asked and still waited to get an approval and closing date.

I called Alcova Mortgage on March 8th and we were approved for a Conventional Loan (which New Rez said we couldn't get) getting more cash out, a lower payment and we should close within the month.

I wish I could give New Rez zero stars.

Stay as far away as you can from New Rez. My only regret is I believed MY mortgage company would do right by us and I wasted 5 months.