Common Complaints About NewRez Mortgage Services
If you're considering NewRez as your mortgage servicer, it is worth reviewing the comments from several upset customers. Below, we summarize the most everyday and regarding complaints that highlight issues that could negatively affect your experience.
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| Newrez Mortgage Servicer Reviews Are So Bad For THESE Reasons - Learn What To Expect! |
1. Delays and Lack of Communication
Many customers have expressed frustration over delays and poor communication. For example, a realtor shared how NewRez did not review essential documents until the day before closing, despite having them for two weeks. These delays jeopardized deals and caused unnecessary emotional stress for customers.
2. Poor Customer Service
NewRez's customer support has been a frequent source of complaints. Customers report difficulty reaching anyone with authority, often stuck in automated phone systems without an option to speak to a human. One reviewer shared how they struggled for months to resolve an issue with overpriced insurance despite having valid coverage. Promised callbacks often fail to materialize, adding to customer frustration.
3. Mismanagement of Escrow Accounts
Issues with escrow account management are another recurring concern. Complaints include delays in insurance payments, nearly resulting in policy cancellations. In one case, NewRez charged a homeowner $1,000 for unnecessary forced insurance. Other cases involved significant overcharges, such as a $3,000 insurance error, which required months of effort to resolve.
4. Overcharges and Withheld Funds
Homeowners often report unexpected increases in mortgage payments and misallocated insurance funds.One property owner shared their ordeal after their loan turned into offered to NewRez without their consent. They had been wrongly charged belongings taxes for over a 12 months, notwithstanding being exempt, and confronted challenges getting money back. In another case, a family whose home became damaged in a fireplace skilled huge delays in receiving coverage budget, leaving their domestic unrepaired for months.
5. Credit Misreporting
Incorrect credit reporting is a particularly alarming problem. For example, one customer on autopay faced an unexpected escrow payment increase. Despite paying their mortgage, NewRez reported them as 30 days late to credit bureaus, damaging their credit score. Attempts to resolve the error were met with resistance and a lack of accountability.
FAQ - NewRez Mortgage Services Complaints
- What are the main complaints about NewRez? Customers report delays, poor communication, mismanagement of escrow accounts, overcharges, withheld funds, and incorrect credit reporting.
- How does NewRez handle escrow accounts? Many complaints involve delays in payments, unnecessary forced insurance charges, and overcharges requiring significant effort to resolve.
- Can I trust NewRez with my mortgage? While some customers have positive experiences, recurring complaints suggest caution and preparation for potential challenges.
Conclusion
From delays and communication breakdowns to economic mismanagement and credit reporting mistakes, the court cases in opposition to NewRez spotlight significant operational troubles. If you are thinking about NewRez as your mortgage servicer—or if your loan is transferred to them—prepare for potential demanding situations.