NewRez announces SMART series enhancements
NewRez Announces Enhancements to its SMART Series Non-QM, Non-Agency Loan Products
April 11, 2019
Plymouth Meeting, PA --(BUSINESS WIRE)--National mortgage lender NewRez (formerly New Penn Financial) announced the expansion of its SMART Loan Series, a line of Non-QM, non-agency loan products that provide a variety of options for highly qualified borrowers who fall outside the specific requirements of traditional mortgage loans.
The SMART series, originally launched in February 2018 with four products, has been extremely well-received in the marketplace. With two additional loan programs added during the past year, the product suite is aimed at borrowers who are unable to secure traditional financing, those with an isolated derogatory event, bank statement or asset qualifiers, experienced real estate investors, and non-warrantable condominiums.
“With more than a year of successfully originating SMART Series loans, we found that there were opportunities to make adjustments in the programs that would allow us to reach an even larger number of borrowers,” said Kevin Harrigan, President and CEO of NewRez. “We are continually reviewing our product offerings so that we can make needed adjustments based on market conditions and the unique needs of our clients.”
NewRez has now expanded many of the terms and features of the SMART series, including loan amounts, FICO and LTV combinations. For example, the SmartEdge product, designed for borrowers qualifying full doc with Non-Agency/Non-QM features, has expanded the LTV to 95%. Many SMART Series products are now available as 40-year interest-only loans. Program requirements have been adjusted as well, including the elimination of site and 2-4 unit condo project reviews.
“Other lenders may still be overlooking many of the borrowers who we have been able to assist through our SMART series,” said Harrigan. “These are deserving, well-qualified borrowers, and we look forward to bringing more options to more clients through our expanded programs.”
Headquartered in Plymouth Meeting, PA, with offices across the United States, NewRez takes pride in finding the right loan for every borrower. The lender offers a wide range of mortgage products that help make the dream of home ownership attainable.
NewRez LLC (NewRez), formerly New Penn Financial, LLC, is a leading nationwide lender that focuses on offering a breadth of industry-leading products, supported by a loan process that blends both human interaction and the benefits of technology into an unparalleled customer experience. Founded in 2008 and licensed to lend in 49 states, NewRez is headquartered in Plymouth Meeting, Pennsylvania and operates multiple lending channels, including Wholesale, Correspondent Lending, Direct-to-Consumer, Retail, and a network of Joint Venture partners. NewRez is a Shellpoint Partners company and a member of the New Residential Investment Corp. family. More information is available at newrez.com.