Newrez LLC [1] has announced enhancements to its Dream Big and non-qualified mortgage (non-QM) product suites with the launch of new adjustable-rate mortgage (ARM) loan products. Available as five-, seven- and 10-year ARM options, the new loan products are now offered across the company’s Direct to Consumer, Joint Venture and Wholesale lending channels as part of Newrez’s Dream Big product suite. Newrez’s non-QM product suite—SmartSeries—are offering ARMs across Wholesale and Joint Venture.
SmartSeries ARM options are geared toward certain borrowers who qualify, especially self-employed and first-time buyers, achieve homeownership in today’s competitive market by offering a low mortgage rate for a specified period of time before rates increase. For qualifying borrowers with strong credit, reserves, and disposable income, Newrez’s Dream Big ARM options offer more flexible financing solutions.
“Our new ARMs options are going to be very beneficial to certain types of borrowers at a critical time of economic rebound,” said Mike Smeltzer [2], SVP of Newrez Non-QM Lending. “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.”
The new ARM products allow originators and brokers to increase their volume in today’s competitive market, by offering differentiated solutions and products to qualify more borrowers and close more loans.
“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 [3], 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.”