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Newrez LLC enhanced its Dream Big and non-qualified mortgage product suites with the launch of new adjustable-rate mortgage loan products.
Available as five, seven and ten-year ARM options, the new loan products are now offered across the company’s Direct to Consumer, Joint Venture and Wholesale lending channels as part of Newrez’s Dream Big product suite. Newrez’s Non-QM product suite, known as its SmartSeries, are offering ARMs across Wholesale and Joint Venture.
The SmartSeries ARM is created for buyers who fall just outside of traditional qualifying guidelines, especially self-employed and first-time buyers. According to Newrez, it offers the lowest possible mortgage rate for a specified period of time before any rate increases. For qualifying borrowers with strong credit, reserves, and disposable income, the Dream Big ARMs options will offer more flexible financing solutions.
“Our new ARMs options are going to be very beneficial to certain types of borrowers at a critical time of economic rebound,” said Mike Smeltzer, senior vice president of Newrez Non-QM Lending. “With the potential for rises in interest rates, now is the time for these borrowers to lock in a lower rate for a set period of time.”
Newrez believes that its new ARM products allow originators and brokers to increase their volume in today’s competitive market, by offering differentiated solutions and products to qualify more borrowers and close more loans.
“Our SmartSeries and Dream Big products are designed to fit specific borrower needs. With expanded guidelines and more options, we are now able to help more borrowers who sit outside the conventional financial requirements turn their dreams into reality,” said Jeff Gravelle, chief production officer at Newrez.