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      Newrez

      Engaged Employer

      Newrez reviews

      3.5

      61% would recommend to a friend

      (1,496 total reviews)

      Baron Silverstein

      69% approve of CEO

      61% positive business outlook

      Ratings by category

      4.0

      Diversity & inclusion

      3.6

      Compensation and benefits

      3.5

      Culture & values

      3.5

      Work/Life balance

      3.5

      Career opportunities

      3.3

      Senior management

      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).

      Ratings by demographic groups

      Reviews by job title

      1K reviews
      1.0
      Apr 9, 2016

      Former loan originator

      Loan officer
      Recommend
      CEO approval
      Business Outlook

      Pros

      Good rates in the market Semi corporate

      Cons

      I worked there for 5 years. I have been a top LO In industry for 12 years. Place is good if you have no experience and only want to close 2 loans a month.Branch managers lie to the top Los. Do not want them to grow or make money. If you close 7 loans a month your a rockstar but that's barely 100k. Low payouts, they would rather have Los close 2 loans a month. All branches are run by branch managers who analyze every penny on their PandL so THEY can make money not the lo. Place could be good if they valued top employees and weren't so greedy. Managers barely work and are happy with override off their teams. And branch managers want Los to avg two loans a month so they pay them on lowest tier. Plus your calling internet leads all day. Very hard to convert unless you have a lot of experience. Not a recipe for success

      1.0
      Nov 23, 2014

      Stay away from New Penn

      Anonymous employee
      Recommend
      CEO approval
      Business Outlook

      Pros

      Nice building, yard, parking lot

      Cons

      micromanagement at all levels, benefits

      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 157 - 159 of 1,496 Reviews
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      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.