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Newrez LLC, a national mortgage lending and servicing organization, offers several non-qualified mortgage products to help non-traditional borrowers achieve homeownership.
Called the Smart Series, the products offers non-traditional borrowers the opportunity to buy their homes at fair price points through expanded guidelines.
“Today’s competitive housing market, changing rates, and shifting borrower trends are fueling the demand for such Non-QM loan products, with Smart Series recently surpassing the milestone of $1.3 billion funded,” Newrez said in a news release. “With sights set on its vision to create the future of homeownership, Newrez maintains a steadfast focus on innovating products that benefit markets of underserved borrowers and make homeownership more accessible.”
“Our Smart Series loan products were created with the non-traditional customer in mind — someone who is self-employed, someone who falls just outside of qualifications of a jumbo loan due to a recent credit event, or someone seeking an investment property — all otherwise credit-worthy borrowers who just don’t fit the mold of a traditional buyer,” Jeff Gravelle, co-head of production for Newrez, said. “By offering alternative loan solutions like our Smart Series products, we can help more people become homeowners by redefining what borrowers today need.”
The Smart Series suite is comprised of three Non-QM loan products:
- SmartSelf is for self-employed borrowers requiring the use of bank statements and/or asset amortization to qualify. This loan type comprises more than 55% of the company’s total Non-QM production.
- SmartEdge offers competitive financing solutions for borrowers who fall just outside of standard agency and prime jumbo programs due to a credit event or other isolated lapse in their credit performance.
- SmartVest is designed for experienced real estate investors seeking to purchase or refinance an investment property that is owned for business purposes.
For information on Newrez’s Smart Series and other home loan offerings, visit www.newrez.com.
Founded in 2008, Newrez is headquartered in Fort Washington, Pa., and is a member of the New Residential Investment Corp. family.