National mortgage lender NewRez has gone live with LoanNEX, providing lenders expanded access to the lender’s non-quality mortgage and other products.
With the addition of the LoanNEX platform, a pricing and eligibility engine, NewRez lenders are able to quickly and confidently find a fit across NewRez’s non-QM loan programs and serve more borrowers who don’t qualify for agency programs.
“The LoanNEX non-QM product and pricing platform will allow lenders to access NewRez pricing and product eligibility,” Lisa Schreiber, senior vice president of correspondent lending at NewRez. “It provides for national exposure and a transparent, competitive process with other non-QM buyers.”
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Non-QM origination volume increased to $380 million in the fourth quarter of 2018, from $20 million in the first quarter of 2018. NewRez, formerly New Penn, is a subsidiary of New Residential Investment Corp.
As reported in The Mortgage Leader earlier this year, the volume of originations NewRez has targeted for 2019 is around $15 billion, double the $7.2 billion in originations the company completed in 2018, Michael Nierenberg, CEO of New Residential Investment Corp., said during the company’s most recent quarterly earnings call. New Residential is the parent company of NewRez.
“In today’s changing market, we know how important it is for lenders to differentiate themselves and bring real solutions to their borrowers,” says LoanNEX’s CEO and co-founder, Eloise Schmitz. “This requires having access to both the right products and the right tools to deliver the best options to your borrowers."
