Newrez reviews

3.5

61% would recommend to a friend

(1,493 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 1,493 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
5.0
Sep 11, 2014
Recommend
CEO approval
Business Outlook

Pros

Innovative and competetive products, Strong financial backing, Services their own portfolio, Experienced & proven management, Schedule flexibility, Easy to produce, Quick turn times, Awesome lead-calling system, Caring & involved management I can't speak for all locations, but Strongsville has a really amazing group of people that all work closely together to get loans done. Everyone is willing to lend a hand to anyone to help close a loan, and it's the only place I've ever worked where I feel like a whole team is working together instead of people being self-serving. Managers are hands-on and really care about their employees' incomes and success. The atmosphere is incredible and inviting, and the office always hosts small events to help keep stress levels down and the job fun.

Cons

Origination systems are cumbersome, Time management between originating and processing can be difficult, Can be stressful (part of the job anywhere), Time off expires at the end of each year instead of accruing There's very little bad to be said about working here. This is a lower-paid compensation plan that I've had elsewhere, which made me reluctant to make the move to New Penn, but I've found that it's counteracted by being able to close more loans per month. You do have to be a little more involved in the processing side than other companies, but when you get a loan, you know it works instead of waiting for a processor to tell you that it won't get approved 3 weeks later.

5.0
Sep 10, 2014
Recommend
CEO approval
Business Outlook

Pros

The major advantages of working at New Penn Financial are the array of product offerings (they are a direct seller/servicer for Fannie, Freddie & Ginnie plus have a portfolio of Jump Loans all serviced in house), underwriting turn times average about 24 hrs and they provide high quality internet leads for loan officer. The other characteristics I enjoy about this organization is that they have a great compensation plan, provide a great work life balance and continue to invest in their employees via training & system enhancements.

Cons

The cons associated to New Penn are similar to those I have seen at other lending companies, which stem traditionally from the ever changing lending environment but over the last two years I have seen some growing pains associated to new software/system deployment and more exposure to upper management would be nice.

1.0
Aug 30, 2014

The worst company I have ever worked for.

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

There really is nothing, sorry.

Cons

The change the comp plan a few times a year, the change only benefits New Penn. They pay minimum wage, have a random $1500 (per loan officer, per month) deduction from your pay every month. They treat employees as telemarketers, not experienced lending professionals. They don't want loan officers closing more that 3 loans per month, they profit more by having many loan officers close a fewer deals, this allows them to collect $1500 per loan officer and keep the pay scale (bps per deal based on how many deals close) low. They control this by increasing rates, which they do often when the market and other lenders rates often don't increase. They will control you, your life, your pay and when rates go up and you don't have self generated deals your production will go down and you will be out of a job. Trust me, keep moving. .

Viewing 1462 - 1464 of 1,493 Reviews

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