Important information
- Customer Complaint:Please be advised that due to the high volume of complaints received for this business, BBB publishes 1 out of every 10 complaints handled through our conciliation process.
Complaints
This profile includes complaints for Newrez LLC's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 530 total complaints in the last 3 years.
- 496 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.
Initial Complaint
Date:12/18/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
My son *********************************, ********************& I started a VA Assumption loan application with Newrez on October 19, 2023 and to date we have not been able to complete our application due to the loan officers not communicating with us. They have been extremely non-cooperative and we do not know why. It seems that they do not want to keep this low interest loan on their books perhaps. We need help by having the opportunity to complete our loan application with different loan application personell at Newrez. The treatment we have been given has been absolutely appalling to this point.
Business Response
Date: 01/10/2024
January 10, 2024
Dear *** *******:
This letter is in response to several emails that NewRez LLC (“NewRez”) received, as well as the complaint that the Better Business Bureau (“BBB”) forwarded to us on December 20, 2023. In your correspondence, you express dissatisfaction in the loan application process and state that you have been treated unfairly. You state you have requested a detailed breakdown of the income calculations used, which you have yet to receive. You request the opportunity to present more resources for consideration and request that NewRez provides you with the income calculations that were used in the underwriting and a denial determination for this loan.
NewRez takes great pride in our relationships with our clients and takes allegations of potential discrimination very seriously. It is our policy that all consumers and customers are treated without regard to race, biological sex, sexual orientation, gender identity, color, creed, religion, national origin, marital status, familial status, age, disability, military or veteran status, receipt of public assistance, or any other protected status. Our goal is to provide an unparalleled standard of service and we appreciate the opportunity to address your concerns.
By way of background, a joint application was initially created for a purchase assumption of the subject property on October 19, 2023. While a VA Form 26-6807 was initially submitted, which disclosed a gross monthly income of $24,741.00, much of this income was not reported to the IRS or disclosed in the most recent income tax returns. Also, NewRez was unable to use any stated self-employed income for *** ******** since there were no supporting tax returns. Our loan officer initially contacted you to discuss income verification and clarify the bank statement submission for *** ******** since there appeared to be redacted information, specifically his full address and account number.
Unfortunately, after careful review, we determined there was insufficient verifiable income for total obligations and your application for this mortgage loan was denied on November 28, 2023.
A detailed breakdown of the income calculation was emailed to you on November 22, 2023, the same day that this information was requested, so we must respectfully disagree that this information was not provided to you in a timely manner. Upon learning on the denial, you requested an escalated review of your application, and the file was reviewed by the Sales Manager and Regional Manager; however, there were no changes to the initial denial determination.
You have since asked for NewRez to include future income into the qualification, which is outside of VA guidelines, as well as requested the amount of income you would need to qualify for this loan so you could modify the amount previously reported to the IRS. Please note that NewRez is unable to provide this type of guidance.
Newrez regrets that your expectations were not met during the loan process; however, we did not find any merit to the allegation that you received disparate treatment during the application process. Rather, our review determined that your application was processed professionally and in accordance with all applicable laws, regulations, and industry guidelines. Should you have any questions or concerns, please email us at [email protected].
Sincerely,
Customer Advocacy Team
Newrez LLCCustomer Answer
Date: 01/10/2024
[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
Complaint: ********
I am rejecting this response because: Every single thing that the responder said was an ABSOLUTE LIE. This company is discriminatory in its practices. They did NOT respond to us at anytime at all. This is the very worst company that I have ever had the displeasure of interacting with. Anyone could easily read about how they treat their customers and employees by researching their 2 star reviews all over the internet in every area. They all can go straight to h*** ! We have found a reputable mortgage company to work with and are heading towards closing on January 29.I will surely spread the word to ALL I know to stay FAR AWAY from any Newrez company or affiliate !!!
Regards,
*****************************Initial Complaint
Date:12/07/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Five weeks ago I applied for equity in my home . I was told I was approved they just needed to make sure December payment was there cause I made a double payment . I have emailed and called the Following individuals *********************** and ***************************** neither ones have called me ba k I even told them to forget the loan Ill go else were nothing Worst of all no emails bs k or calls its been two weeksBusiness Response
Date: 12/15/2023
December 14, 2023
Dear *** *******:
This letter is in response to the Better Business Bureau (BBB) complaint we received on December 11, 2023, wherein you state that you applied for the above-referenced refinance application and were approved; however, you did not hear from the loan officer or processor for two weeks. As a result, you requested to cancel the loan application.
We appreciate your patience while we researched this matter thoroughly. Our records reflect that you initiated a loan application on November 3, 2023, which was conditionally approved on November 15, 2023. Please note that conditional approval does not represent a commitment to lend as all conditions must be satisfied and during our underwriting review, a recent delinquency was identified that occurred on your existing mortgage. Unfortunately, this prohibited the application from moving forward so an adverse action notice was issued to you on November 30, 2023, advising the application was denied due to delinquent past or present credit obligations.
Newrez apologizes that we did not meet your expectations during the loan process but firmly believes that your application was processed professionally and in accordance with all applicable laws, regulations, and industry guidelines. Should you have any questions or concerns, please email us at [email protected].
Sincerely,
Customer Advocacy Team
Newrez LLCInitial Complaint
Date:12/06/2023
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
We were in the market of buying a home, Newrez was Mortgage company we decided to use, our complaint is during the application process we were approved for a certain amount, we proceeded to look for a house within the rage we were approved for, requested documents were submitted, bank statements, financial statement, honest money collected, house inspections, appraisal money it was very pricey due to we are seniors age, these documents was submitted various times I don't know why, 5 months later they told us they it wouldn't be approved because I was not legally allowed to use my daughter's income, this was probably 5 months later we were denied, we spent a lot of money during this process, they then said we were approved for a cheaper house, so the process begin all over honest money appraisal inspections bank statements etc. We were charged 800 dollars for an appraisal which we were charged 500 previously, they said the extra was for to expedite the process, but it took longer than the first time, we were milked for too much money to find out when our files were transferred to another mortgage company that the required reserves were never there for us to be approved, so in other words all the time money were lost because the *** lending required a 3 month reserve for approval, how could they not known that? They are a mortgage company, they took our money under false pretences knowing we wouldn't have never closed on either loan, our credit was checked over 6 times which displayed a negative on our reports, I don't understand why were we led on knowing we wouldn't ever had qualified for any loan due to the lack of required reserves. They kept kicking it back and starting us over. Why would they lead us on when we were spending so much money, I feel our money should be returned due to the dishonesty in the whole process. We can present as much documents as we can collect, 2 honest money payments 2 inspection 2 appraisals was the largest amounts. Thank youBusiness Response
Date: 12/19/2023
December 15, 2023
Dear *** *****:
This letter is in response to the Better Business Bureau ("BBB”) complaint that NewRez LLC (“NewRez”) received on December 8, 2023, wherein you express dissatisfaction in the previous application process. You state that you were initially approved for a loan but were later advised that it was denied since we were unable to utilize your daughter’s income. As a result, you request that NewRez refund any funds paid during the application process, including earnest money deposits.
We appreciate your patience while we researched this matter thoroughly. Our records reflect an application was initially assigned to loan number **********, which was conditionally approved on March 7, 2023. Please note that a conditional approval does not represent a commitment to lend, as all conditions must be satisfied prior to closing. Unfortunately, during our underwriting review, NewRez determined that disability income, which had been listed for your daughter, could not be used for qualification purposes since you were not the legal guardian. Subsequently, an adverse action letter was issued on April 19, 2023, advising you the loan had been denied due to insufficient income.
Most recently, a loan application was assigned to loan number ********** on April 4, 2023; however, it was denied on April 19, 2023, due to insufficient income as well as insufficient funds to close. Please note that the deposit associated with this application reflected as self-employment income, which was not initially disclosed, and further review of the tax returns reflected there was a loss reported.Please be advised that any earnest money deposit is subject to the agreement between the buyer and the seller(s), and NewRez is not a party to that contract. Since NewRez does not maintain these funds, we are unable to reimburse them; however, as a courtesy, we have agreed to refund both appraisal fees, totaling $1,450.00, via check. This includes an appraisal fee of $800.00 from loan ********** and an appraisal fee of $650.00 from loan **********. Newrez does not have a record of a $500.00
fee being charged to you. Please allow 7-10 business days for this check to be received.Newrez apologizes that we did not meet your expectations during the loan process but believes your application was processed in accordance with all applicable laws, regulations, and industry guidelines.
Should you have any questions or concerns, please email us at [email protected].
Sincerely,
Customer Advocacy Team
Newrez LLCCustomer Answer
Date: 12/19/2023
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
*********************Customer Answer
Date: 12/19/2023
My new address is ********************************************; Apt ******************************************
Initial Complaint
Date:08/30/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Newrez is my mortgage company. They regularly send me junk mail unrelated to my mortgage that I never asked for and do not offer any way on their website or phone menus to opt out of getting this junk mail.Business Response
Date: 09/12/2023
Hello, ************,
Thank you for contacting Newrez regarding the multiple marketing materials you have received. We have opted you out of emails and mail for refinancing marketing materials. Please allow 10 days for the emails to stop. Additionally, please allow up to 12 weeks for direct mail to cease.
We appreciate your patience during this process, and if you require any further assistance, please contact us at [email protected], and we will be happy to assist you.Initial Complaint
Date:08/11/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Same problem as I see others complaining about - trying to refinance and the company is incredibly unresponsive and keeps asking for the same documents repeatedly. We paid credit and appraisal fees, and our interest rate lock is about to expire. Would not go through this again.One of the most ridiculous documents they are asking for is our mortage statement - they are our current lender! And worse, when I try and download our current mortgage statement, I get an error from their web site.Business Response
Date: 08/31/2023
August 31, 2023
Dear *** ******:
This letter is in response to your BBB inquiry dated August 18, 2023, which was forwarded to NewRez Customer Advocacy Team concerning the referenced refinance application. We
appreciate your patience while we researched this matter thoroughly.In your inquiry, you mentioned that the processing times exceed initial expectations, and there's a need for multiple documents which are being requested on multiple occasions.
Our records reflect that you initiated a loan application on June 27, 2023, which was conditionally approved on July 5, 2023, but please note that conditional approval does not represent a commitment to lend, as all conditions must be satisfied. Moreover, during the underwriting review of the application, supplemental documents or information could be requested.Your loan is still in process and pending information from your employer and you. You have been in contact with the processor **** ********. Once these have been received your loan will be resubmitted for final underwriting.
Should you have any questions or concerns, please feel free to email us at [email protected] or your processor **** ******** at [email protected].
Newrez firmly believes that your application was processed professionally and in accordance with all applicable laws, regulations, and industry guidelines.Sincerely,
Customer Advocacy Team
Newrez LLCInitial Complaint
Date:06/22/2023
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Home was sold on 3/17/23 when VA mortgage was assumed and balance in escrow account was $5,620.32. Newrez bank attorney advised us that Newrez would issue a refund within 30 days. Over 90 days and no check was received and Newrez will not discuss or give any information since I do not have an account with them any longerBusiness Response
Date: 07/06/2023
July 6, 2023
Dear *** ****,
NewRez appreciates the opportunity to respond to your Better Business Bureau (BBB) complaint. In this complaint, you stated that didn’t remaining escrow balance of $5,620.32.
On behalf of NewRez we apologize we didn’t meet your expectations and apologize for any inconvenience this caused. A check in the amount of $5,620.32 has been mailed to the address you provided in this complaint. Please allow 14 business days for this to arrive via regular USPS mail.If you have any further questions, please contact us directly at [email protected] and we will assist you.
Sincerely,
Customer Advocacy Team
NewRez LLCCustomer Answer
Date: 07/13/2023
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
*********************Initial Complaint
Date:04/18/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Hi this is **** ***** and I want a refund of my joke of an I guess an appraisal. First of foremost communication between me and the loan originator was great. ************************* is awesome. The loan processor was a joke. The only time she communicated with me is when she needed something or I assume when I emailed her supervisor who never replied to my email untill I told him I was going to get a hold of upper management and the better business bureau. Then I emailed him back about how there was no communication and I wanted my back for the appraisal. And did not want to move forward with the refinance. Then the manager of loan processor called me. The appraisal company nor new Rez did not know that the dumb *** appraiser came to my house. I had to communicate between the appraisal company and Newrez. I called the appraiser and I told him that both company said he was ***. He got rude with me and he said he told the appraisal company it would be a few days. The appraisal was done Wednesday morning and he told me that I would have the report Thursday evening. I don't appreciate being lied to. This process has been horrific. I want my 550 and the 20 for the credit report that I didn't know I had to pay for. I figured I would email you all before I start leaving reviews on websites and social media platforms and for most the better business bureau. Thanks for your time.Business Response
Date: 04/26/2023
April 26, 2023
Dear *** *****:
This letter is in response to your BBB inquiry dated April 24, 2023, which was forwarded to NewRez Customer Advocacy Team concerning the referenced refinance application. We appreciate your patience while we researched this matter thoroughly.
In your inquiry you advise that there was lack of communication from processing and that the appraiser had been there and you hadn’t received the report.
Our records reflect that you initiated a loan application on April 4, 2023, which was conditionally approved on April 5, 2023, but please note that conditional approval does not represent a commitment to lend, as all conditions must be satisfied. Moreover, during the underwriting review of the application, supplemental documents or information could be requested.
On behalf of NewRez we apologize for the confusion with the appraisal company ***. NewRez has refunded the appraisal and credit reporting fee in the amount of $575.00 on April 18, 2023. Please allow 7-10 business days for this to reflect on the card that was provided.
Should you have any questions or concerns, please feel free to email us at [email protected]. NewRez firmly believes that your application was processed
professionally and in accordance with all applicable laws, regulations, and industry guidelines.Sincerely,
Customer Advocacy Team
NewRez LLCInitial Complaint
Date:03/25/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
If only there was a 0 star, worse experience I have ever had, never an answered call, returned vm, read email just pathetic, we got pre-approved with ******************* prior to looking at beach houses was then encouraged to give earnest money, did and next day they were like oh no maybe wait on that were not done with underwriting, once figured out back on track after losing our paperwork and re sending the exact same thing multiple times we were fortunate enough to miss our first closing on 3/3 which we were told 1 day prior, to now move it to 3/10 after then being drugged to the last possible minute we were once again guaranteed a closing and encouraged to get a cashier check for 150k made to attorney, at this point new people like ********************* or **** or even ****** began to talk to us since there were issues but most left you hanging like the others, we took kids out of school/ work drive 4 hours for a 9am close, 1 hour from arriving the call us now 7pm they are backing out because property is ineligible, a property we told them before we ever made an offer, our earnest money gone/ inspections gone/ we are even paying the electric bill at this place, do they return a call now, no they did say I'm sorry so that was niceBusiness Response
Date: 04/05/2023
April 3, 2023
Dear *** *****:
This letter is in response to your BBB inquiry dated March 29, 2023, which was forwarded to NewRez Customer Advocacy Team concerning the referenced purchase application. We appreciate your patience while we researched this matter thoroughly.
In your inquiry you said that communication was poor and on the day of closing you were informed that the condo project was ineligible.
Our records reflect that you initiated a loan application on February 2, 2023, which was conditionally approved on February 7, 2023, but please note that conditional approval does not represent a commitment to lend, as all conditions must be satisfied. Moreover, during the underwriting review of the application, supplemental documents or information could be requested.
The loan application was rejected because the condo in question was deemed ineligible. This was revealed when the condo association provided a questionnaire, which disclosed that the condo project is currently involved in litigation and lacks adequate flood insurance. Despite the project's requirement of $60 million in flood coverage, it only had $15 million. As the litigation is ongoing, the loan must be declined in accordance with underwriting guidelines. The earnest money is not held by NewRez. The appraisal was completed in good faith and therefore will not be refunded.
Should you have any questions or concerns, please feel free to email us at [email protected]. NewRez firmly believes that your application was processed professionally and in accordance with all applicable laws, regulations, and industry guidelines.Sincerely,
Customer Advocacy Team
NewRez LLCCustomer Answer
Date: 04/06/2023
[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
Complaint: ********
I am rejecting this response because: I specifically showed you address of condo prior to even making an offer ************************* new exactly which condo so me as a customer don't even know about a condo questionnaire exists was encouraged to make offer I then being very **** gave a play by play to ******* that they accepted offer and required a due diligence of 5k, I was encouraged to give, then dragged thru an entire charade by you idiots that we would close all the way up to me getting a cashier check with encouragement from ******* and ***** of a 150k removing my kids and self from school / work to drive 4 hours away for a 9am close you idiots scheduled, I love your no response to me directly even tho I have now 10x, emailed 5x and just completely ghosted I love your care free attitude of oh well it happens, I'm a builder and would love to build you idiots a house and it to collapse on you and just say oh well conditions are likely, I'm young and have money so I will buy alot of houses in my lifetime, never with you *** I did end up buying a beach house in cash without you idiots, I want my 5k or I will sue you, still ********************* ************
Regards,
*********************Business Response
Date: 05/04/2023
As previously stated in our response dated March 29, 2023. In your inquiry, you said that communication was poor and on the day of closing you were informed that the condo project was ineligible.
Our records reflect that you initiated a loan application on February 2, 2023, which was conditionally approved on February 7, 2023, but please note that conditional approval does not represent a commitment to lend, as all conditions must be satisfied. Moreover, during the underwriting review of the application, supplemental documents or information could be requested.
The loan application was rejected because the condo in question was deemed ineligible. This was revealed when the condo association provided a questionnaire, which disclosed that the condo project is currently involved in litigation and lacks adequate flood insurance. Despite the project's requirement of $60 million in flood coverage, it only had $15 million. As the litigation is ongoing, the loan must be declined in accordance with underwriting guidelines. The earnest money is not held by NewRez.NewRez firmly believes that your application was processed professionally and in accordance with all applicable laws, regulations, and industry guidelines.
Please note that we now consider this matter closed.
Customer Answer
Date: 05/11/2023
[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
Complaint: ********
I am rejecting this response because: they can't just simply say they see this matter as closed so it is, they are the professionals I understand they found property to not be warranted but isn't that something they should look into prior to encouraging me to give a 5k due diligence, giving me a closing date not 1 x but twice and telling me the exact amount I need to bring is 150k and me , my kids etc taking off work traveling 4 hours away, paying for hotel to be told oops hang tight we don't know if we can now close, this is your field of expertise, as a builder can you hire me to build your house, pay me and then I build, it falls on you kills you and I say we'll I looked at the lot later and it's not perked for building I therefore see this matter closed, now new rez guarantees you close on day they say or you get 5k, they missed my close 2x, next time shouldn't they check the condo questionnaire prior to encouraging customer to pay non refundable money, I as a non financial loan officer knowing nothing about underwriting didn't even know a questionnaire existed, at the end of the day there terms are bs this is a 300 unit condo with a multi million dollar hoa that has existed perfectly since 1985, they just messed up and have unprofessionally ghosted me since
Regards,
*********************Initial Complaint
Date:03/02/2023
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I file a home refinance application with newrez after they kept sending me mail with favorable refinance terms. When i file my application online where i almost completed or submitted the application the closing costs total almost $10K. For a 30 year fixed, it was estimated i would save $433.30 and will recover the cost in 6 months ($2,599 in refi fees). However, this does not take into account another $6K cost. The principal and interest was estimated at $841 / mos. I called newrez support trying to clarify where the other $6K came from. The agent told me it was escrow which their old IT system calculate towards my payment. I told him i pay property and insurance separately. He assured me it will be removed. He then proceeded starting a new application on my behalf which i am not told nor aware of. He finalizes the paper without my approval. The interest rate was higher than previously quoted when i started the application (6.375% / 6.667% APR). This is a bait and switch strategy. In addition newrez sold my refi request to third parties companies who bombarded me with calls on my personal cell phone. I did not authorized nor seek to refi with Rocket Mortage or any third parties. I request that newrez withdraw my application and STOP or retract of selling my information to third parties. This is causing SPAM calls nonstop to my phone.Business Response
Date: 03/17/2023
March 17, 2023
Dear BBB for *** ****,
We are writing in response to the inquiry filed with the Better Business Bureau regarding the
refinancing offers provided by NewRez LLC, which was received on March 3, 2023.
Our records indicate that *** **** submitted an online loan application on March 1, 2023. *** **** had concerns with the closing costs, pre-paid items, and escrow funds. ****** ***** explained that the pre-paid items included escrows, which could be removed. After reviewing the disclosures, *** **** ultimately decided that the terms were not acceptable and chose to cancel the application.
Please be advised that the marketing materials *** **** received are general in nature and aimed at encouraging potential applicants to explore their refinancing options. As per *** ****’s request to opt out of receiving marketing materials from NewRez LLC, we have removed him from our mailing list. However, please note that it may take up to 12 weeks for the removal to take effect for direct mailing purposes.
Should you require any further assistance, please do not hesitate to contact us at [email protected].
Sincerely,
Customer Advocacy Team
NewRez LLCInitial Complaint
Date:02/06/2023
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I called to see about deferring 1 payment after 2 years never being late on my mortgage they automatically put me thru to a person who told me they don't defer payments but he could get me refinance with cash out to fix my home pay bill exct. TOLD ME IT WOULD COST ME NOTHING!! Well after $20 credit check within 2 days I was getting multiple email and text saying my loan was pretty much going thru they sent out appraisal ask me to get a $150 termite inspection and I did and the next day they called me said the appraisal was too low and they can't do it!! I explained to them in the beginning there was no comps to compare in my area due to a hurricane there was no homes for sale... they kept saying no worries.. well I'm out $170 @ im in worse shape than before I started this!! They refused to refund me my money. I will never use this company again. I'm a veteran and I will look for a advocate and see if they can help me.Business Response
Date: 02/17/2023
February 17, 2023
Dear *** *****:This letter is in response to your BBB inquiry dated February 7, 2023 which was forwarded to NewRez Customer Advocacy Team concerning the referenced refinance application. We appreciate your patience while we researched this matter thoroughly.
In your inquiry you advise that you applied for a refinance, and you were informed there would be no cost to you.
Our records reflect that you initiated a loan application on January 24, 2023, which was conditionally approved on January 25, 2023, but please note that a conditional approval does not represent a commitment to lend, as all conditions must be satisfied. Moreover, during the underwriting review of your application, supplemental documents or information could be requested. As part of our underwriting review, an appraisal was ordered, but you were not charged for this service. Also, an underwriting condition to have a current termite inspection was required. Unfortunately, the appraisal value came in lower than anticipated, and the loan was withdrawn. On behalf of the NewRez, we are refunding the $150.00 termite inspection fee if you can send us a copy of the invoice (as communicated to you via email on February 13, 2023), and the $20.00 credit reporting fee.
We regret the loan application experience did not meet your expectations. We appreciate the opportunity to address your concerns.
Sincerely,
Customer Advocacy TeamCustomer Answer
Date: 03/09/2023
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
*********************
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