...putting together a database on NewRez experiences
Why I am compiling and documenting these experiences
NewRez acquired my home loan nearly 5 years ago and at the time, I didn't think much of it. However, in 2025 I had a small house fire that caused a lot of damage and had a bizarre and extremely frustrating experience with NewRez that I would not have believed had I not experienced it.
After checking blog sites, reviews in the BBB, and Facebook, I heard very similar experiences from other people. Most of the issues customers of NewRez were complaining about were about:
Loss Draft Protection Department
If you have had a fire or flood the Loss Draft Department takes over management of your mortgage and appears to be set up to cause harm to the homeowner, is highly disorganized and grossly unprofessional. Many, including myself, have had to deal with them withholding funds paid by your insurance company preventing you from repairing your home. Several have documented over six months delays or longer.
Phantom or Ghost Fees
There are numerous accounts of NewRez adding fees to monthly payments that lack explanation and have resulted in people loosing their homes due to the financial hardships imposed on them because they were unable to pay against a much higher monthly mortgage payment than they budgeted for. Often homeowners are siting a complete lack of follow-up from NewRez to address or even explain the increases to the homeowner.
Class Action Lawsuits
NewRez has active class actions lawsuits at the moment and recently closed lawsuits against them. They vary by function within the organization, but all highlight general deceptive approaches to business, often defying logic as they don't appear to benefit NewRez and cause undue hardships for the homeowners. Below is a list of class action lawsuits (some still active):
- Phantom 2nd Mortgage
- Charging illegal fees
- Unlawful Foreclosures and Deceptive Business Practices
- Pay to Pay (Alvarez v. NewRez LLC)
About Me
I am just a home owner that was disgusted by the behavior of this company and is trying to do something about it.