Top 10 mortgage lender and servicer Newrez is partnering with Newzip, a tech-enabled real estate platform, to roll out a program aimed to save buyers and sellers on credit costs.
Dubbed Newrez Home Rewards, buyers will be matched with a real estate agent who works with Newzip and provided booking services. They will also be offered closing cost credits of up to 0.5% of the sales price when buying a home and up to 1% when selling. The program is only eligible for loans that close through Newrez.
Unlike other offerings, there is no limit on the home sales price. The Newrez Home Rewards program is currently available in 40 states for buy-side credits that allow consumer rebates on the closing disclosure, Newrez said in an emailed response to HousingWire.
Sellers can receive a 1% real estate agent commission reduction when selling with a Newzip-affiliated agent. More than 15,000 real estate agents — including those with Coldwell Banker, Compass and Keller Williams Realty — are registered with the Newzip network.
Newrez loan officers, in return, will benefit from predictive analytics that allow them to better manage customers along their home purchase journey, the lender said.
This “holistic approach” not only brings value to clients when they buy their home but also through the life cycle of their loan with Newrez’s customer servicing experience, the firm added.
“We are excited to launch Newrez Home Rewards as another key technology investment that empowers our clients to make the best financial decisions throughout their homeownership journey,” Baron Silverstein, president of Newrez, said in a prepared statement.
“In delivering a closing cost credit and a home concierge program through the Newzip partnership, we are furthering our commitment to our customers.”
Newrez/Caliber ranked as the seventh largest lender in the country with an origination volume of $36.5 billion in 2023, per data from Inside Mortgage Finance. Compared to 2022, production was down 46%.
