Company provides more lending solutions to borrowers who do not meet traditional standards
NewRez is expanding its non-QM market line-up with the launch of its new adjustable-rate mortgage (ARM) loan offerings.
The mortgage banker introduced five-year, seven-year, and 10-year ARM options as part of its Dream Big product suite – offered across its direct-to-consumer, joint venture, and wholesale lending channels. Additionally, NewRez’s non-QM product line, called SmartSeries, now issues ARMs across its wholesale and joint venture channels.
Mike Smeltzer, senior vice president of non-QM lending at NewRez, said that the new ARM offerings would be “very beneficial to certain types of borrowers” who fall just outside of traditional qualifying guidelines.
According to NewRez, the SmartSeries ARM product line is ideal for self-employed and first-time buyers, offering them the lowest possible mortgage rate for a specified period of time before any rate increases. Meanwhile, qualifying borrowers with solid credit, reserves, and disposable income can access more flexible financing options through the Dream Big ARMs.
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“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,” Smeltzer said.
“Creating this product for our borrowers is a win across the board for everyone – more lending solutions, more qualified borrowers, more loans closed,” said Jeff Gravelle, chief production officer at Newrez. “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.”
