Newrez reviews

3.5

61% would recommend to a friend

(1,496 total reviews)

Baron Silverstein

69% approve of CEO

60% positive business outlook

Newrez has an employee rating of 3.5 out of 5 stars, based on 1,496 company reviews on Glassdoor which indicates that most employees have a good working experience there. The Newrez employee rating is in line with the average (within 1 standard deviation) for employers within the Financial Services industry (3.7 stars).

Reviews by job title

1K reviews
2.0
Aug 4, 2022
Recommend
CEO approval
Business Outlook

Pros

Build relationship with other people and create partnerships with nationwide teams. After office closures many positions became remote. If there is an office closeby, would require commute to the office. In the time I was with Caliber, I was fortunate to have the support from Caliber leaders to move to various teams and begin my true career aspirations. Technology support is top notch especially in desperate times of need.

Cons

I was with the company for over 11 years and this place became my second home. Initially, when we were just Caliber, there was a focus on employee experience, refreshing culture, and a sense of pride for being part of the company's mission. Everything started falling apart after NRZ investment. Corp bought Caliber and combined us with Newez, and Shellpoint mortgage. Upper management on the Caliber side began leaving including the CEO (he was exceptional and so talented) and then unsettling times happened. Continued layoffs began in large quantities about every month and the environment became toxic especially in how layoffs were being handled. Telling some people they were getting laid off and then nevermind can stay a couple days later. Unfortantely, most of those getting laid off are on the Caliber side. With most upper management on the Newrez side, they seem to be keeping their people and reducing the combined company headcount. Employees are spread thin with responsibilities that were supposed to be for multiple people creating challenges to support and causing a highly stressful environment. I was no longer able to do the role i was hired to do because i was filing in someone else job. There is lack of leadership, direction, prioritization, and employee support. Many have started seeing the red flags so leaving on their own, but many like I had/have hope things would get better. Some managers are awesome, but there are also some on the Newrez side who are not transparent with what's happening to prepare the team and makes promises that can't be fulfilled. I was asked to provide where I spend most my time, and where I would like to spend most of my time. A couple days later I was invited to an early meeting to be told I was getting laid off and wanted to ensure I felt comfortable getting laid off. Managers need training on how to express empathy and be tactful during layoff conversations. I didn't get a thank you for the 11+ years I've been with the company or show much care about me and my family. It was more of going down a checklist, keeping it short, and not providing much guidance of how HR will contact me, return of equipment etc. Unfortunately, the company left a sour taste and I look forward to moving on. I wasn't doing what I loved anymore and instead was required to do monotonous tasks that were not allowing me to shine and show my full potential.

2.0
Mar 3, 2022

Toxic, unproductive, and hierarchical

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

Well capitalized. If you're going to work at a mortgage company during a downturn in the industry, you know Caliber won't go out of business. Still some good people left there.

Cons

The culture in corporate is completely toxic, hierarchical, and top-down driven. Almost all the high performers and high-potential employees have left, and for good reason. No clear priorities, so you will constantly be running from fire to fire. No communication from management on any changes or what the future looks like. No one is empowered to make decisions - they all must flow up to the top, which means middle management is caught and unable to do their jobs well. Leadership couldn't care less about diversity or equity, and the makeup of the new leadership team versus old demonstrates that. There has been a mass exodus of extremely capable employees. Compensation is paltry compared to what it used to be, but the hours are much more. Run away.

2.0
Mar 23, 2021

RUN

Recommend
CEO approval
Business Outlook

Pros

- Team (other LOs) - Pay (commission structure is really good)

Cons

- everything else - upper management: upper management lacks management skills. they tell you they care about you and don't want you working saturdays, and then will make you work Saturdays within days notice despite hitting your goal. - "ignore the noise" newrez wants to be quicken loans so bad they tell us to noise the noise. instead of having us ignore things going on, they have the entire company ignoring customers (from LOs to management). if you need help with a customer, or if a customer feels ignored - good luck! they and you are on your own. - they pride themselves on exceptional customer service - but their customer service is actually non-existent. loans will get denied and then won't tell their LO's it got denied. you'll find out when the borrower calls in asking for an update. - zero support from managers. being forced to work weekends. managers should work with their team on weekends for support. instead, they force LOs to work ridiculous time slots on the weekend while they sit at home and casually send the "lets get to work team!" email. management has never and will never support their team/work with them on weekends. - technology: technology was fine when I started a few years ago, but has gone down the gutter. "don't fix it if it's not broken" is something they do not believe in. systems are incredibly slow and when there is a problem that needs addressed, instead of working on it to fix it, they instead find a time-consuming work around because that's easier than to actually have to figure out where they went wrong. - if you have a bad day, your managers will automatically think you forgot how to sell and force you to send them call recordings and sign you up for training classes. - PTO: You can take pto but they make you feel guilty for taking off and it's nearly impossible to catch up when you come back. youre out-of-office contact (manager) will not likely respond to any emails and then get mad at you for taking several hours to catch up. they expect you to do that on youre own time so it does not interfere with new business. - many more cons but my hands are tired from typing this. You get the point.

Viewing 31 - 33 of 1,496 Reviews

Glassdoor has 1,537 Newrez reviews submitted anonymously by Newrez employees. Read employee reviews and ratings on Glassdoor to decide if Newrez is right for you.