Newrez

In April 2024, my monthly mortgage amount increased. I contacted my services & asked why the increase of almost $500/month, they explained it was due to property taxes & suggested I make an escrow only payment, which I did, & request an escrow review in order to lower my monthly mortgage payment.

I did all of that, over the phone, in writing, through chat with customer service, 19 times since April 2024.

Not only was I given the run around, they claimed it was in process for at least 7 months, they have still as of January 2025 yet to complete the escrow review that I requested & have again increased my monthly mortgage payment.

My property taxes are $6315, my insurance is $1170 & my monthly escrow payment is $983.97, which ends up being $11,807.64 a year. This is $4,322.64 over the total of my property tax & insurance.

I did not ask Newrez to take over my loan from Specialized Loan Services. I received and email on July 16 telling me that they were my new "better" streamlined loan servicer!

They assured me that everything would remain the same. WRONG! I got a call from them saying I was late on my July payment. I told her there must be a mistake as it was set to draft twice a month from my checking account and had it had occurred that way since I took out the loan a year and a half ago.

She checked and said, yes, that was correct, that they had made a mistake on their end and would correct it. I followed up today and could not log in on the link they provided, I called and the employee who answered kept telling me it was my problem and that I needed to re setup my account withdrawals, finally he put me on a two minute hold and came back and said I was correct they did have the type of bi monthly payment plan but I would need to sign up for it. I read him the letter from Newrez that touted the "wonderful, seamless transition to their service, I was again put on hold for a few minutes then he hung up on me and did not call me back. I called back in, got a female employee who apparently was having headset problems, I could hear her just fine but she could not hear me on my land line and hung up.

I called in again, got the same song and dance as before until I asked for a supervisor, after asking multiple times, I was again put on hold while this fellow talked to his team lead as he informed me when he came back online.

He was instructed to tell me that they would correct the problem and draft on the 1st and 15th as the previous agreement called for.

This whole process has soured me on Newrez, Their phone system is a joke. Here is something novel, why don't you shitcan the phone tree and have a live person answer the phone?Don't use this company for

Sadly, my mortgage was purchased by Newrez about a month ago. I am living in my 7th house, and I have never had trouble with a mortgage company like I have with Newrez.

Before this company started servicing my loan, it sent out emails and letters stating, 'Your mortgage terms will not change as a result of this migration' and 'You will not need to update any information.' This was a falsehood as my terms were changed and I did have to spend about three hours of my time updating not only personal information but the actual terms of my loan. If you don't know, Newrez is actually a debt-collection agency. When you call in to get help, you are treated with a recording that states you are speaking with a debt collector on a recorded line. While a mortgage is a form of debt, I don't consider it a debt in default until I fail to make timely payments.

The customer service representatives are not trained in the finer points of home loans. When I was finally transferred to a supervisor because my questions couldn't be answered, she answered the phone like death, and it was at this moment I realized this company isn't interested in helping its customers. They just want to collect debts, and their behavior on the phone is representative of this fact. They seem braced for an argument because, I assume, this is what they get all day, every day in their lives.

While I can empathize with their plight, I don't deserve to be treated like I am a nuisance when it is they who purchased my loan from another company and changed the terms without my permission. Newrez has been involved in many lawsuits over the years, and I am not surprised.

This company generally lacks knowledge of its customers, and by the way I was treated, I have to assume that it most likely doesn't care that I lost about three hours of my life trying to right the terms of my loan. To them, I am just another debt.