Specialized Loan Servicing (SLS) has changed its name to Newrez. This change happened on May 1, 2024. Now, Newrez brings a new way to help with mortgages and support borrowers.
Newrez is a top name in mortgage services in the U.S. They promise great service and care for borrowers. They work under NMLS 2168, following all rules and focusing on making clients happy.
Newrez will handle all Federal Home Loan Bank transactions starting June 1, 2024. This change shows Newrez’s commitment to offering new solutions and a smooth experience for everyone.
Table of Contents
Understanding Specialized Loan Servicing and Its Evolution
The mortgage servicing industry has changed a lot in recent years. Specialized Loan Servicing (SLS) became Newrez on May 1, 2024. This shows how the industry is adapting to new market trends and client needs.
The Transition from SLS to Newrez
The SLS Serviced Released business will move to Newrez on June 1, 2024. This change will affect all Federal Home Loan Bank transactions. It’s a strategic move to bring all services under one brand, Newrez, for a better client experience.
Historical Background and Industry Position
SLS, now Newrez, is a top-rated mortgage subservicer in the US. It offers a wide range of services from loan start to end. Its expertise in delinquency management, default prevention, and foreclosure avoidance has made it well-respected in the industry.
Core Services and Capabilities
Newrez focuses on mortgage loan administration, default prevention strategies, and loss mitigation solutions. Its dedication to customer satisfaction and tech advancements keeps it at the top of the mortgage servicing industry.
The US residential mortgage market is huge, with $13.8 trillion in unpaid principal balance. Rithm Capital, Newrez’s parent, has a massive portfolio of mortgage servicing rights (MSRs) worth $830+ billion as of Q4’23. The income from MSRs is key to the company’s success, highlighting the role of specialized loan servicing today.
| Metric | Value |
|---|---|
| US Residential Mortgage Market (UPB) | $13.8 trillion |
| Rithm Capital’s MSR Portfolio (UPB) | $830+ billion |
The Impact of SLS Rebranding to Newrez in 2024
In 2024, Specialized Loan Servicing (SLS) will become Newrez. This change is big for the industry. Clients need to know what’s happening.
Starting June 1, 2024, all new loan modification, mortgage assistance, and distressed asset management deals must be made with Newrez. This is a big change.
But, deals already locked with SLS will still be honored. They will stay in the SLS system until they’re funded. Clients should update their Goodbye letters. They should remove any mentions of Specialized Loan Servicing, LLC and add Newrez LLC instead.
“The rebranding to Newrez is more than just a name change; it signifies a renewed focus on providing seamless loan modification and mortgage assistance solutions for our clients.”
It’s important for clients to get used to these changes. By doing so, they can keep offering top-notch distressed asset management services. This way, they can help their customers smoothly.
| Key Changes | Impact |
|---|---|
| New Service Released commitments locked with Newrez | Effective June 1, 2024 |
| Previously locked Service Released commitments with SLS | Honored and remain in the SLS system through funding |
| Goodbye letters | Update to remove Specialized Loan Servicing, LLC references and replace with Newrez LLC |
Key Services Offered by Specialized Loan Servicing
Specialized Loan Servicing (SLS) now works under the Newrez brand. It offers a wide range of services for its clients. SLS is known for its skills in mortgage loan management, preventing defaults, and finding new ways to help borrowers.
Mortgage Loan Administration
SLS handles every part of a loan’s life, making sure it runs smoothly. Their team takes care of payments, escrow accounts, and following rules. This leads to great loan performance and happy borrowers.
Default Prevention Strategies
SLS knows how important it is to talk to borrowers early. They use borrower counseling and special plans to keep borrowers in their homes. Their loss mitigation skills help reduce delinquencies and keep the portfolio stable.
Loss Mitigation Solutions
When loans start to fall behind, SLS’s team works hard to find solutions. They offer loan changes, payment plans, short sales, and more. Their goal is to help borrowers get through tough times and find the best solution.
“Newrez’s commitment to exceptional borrower care and portfolio performance is evident in the breadth and depth of its service offerings. The company’s ability to tailor solutions to the unique needs of its clients is truly remarkable.”
– Industry Analyst
Navigating the New Client Portal System
Newrez is making big changes to help you better manage your loans. The new client portal at newrezcorrespondent.com is easy to use. It lets you handle your mortgage and loan needs smoothly.
When you start using the new system, you’ll get new login details. The portal keeps you updated, lets you track your progress, and upload documents easily. Newrez is also offering training on May 8, 2024, to help you get started.
Newrez is all about making your loan experience better. The new portal makes it easier to deal with your mortgage and loan needs. It’s designed to be simple and full of useful features.
“The new client portal is a testament to Newrez’s dedication to streamlining specialized loan servicing. It’s a game-changer that puts the power in the hands of our clients.”
Starting your journey with Newrez means you’ll have a team of experts to help you. The new portal means better efficiency, clearer information, and a smoother experience for your loan needs.
Important Contact Information and Support Channels
Newrez is always growing, and we want to make sure you have the help you need. If you’re dealing with delinquency, looking to prevent defaults, or need help avoiding foreclosures, our team is ready to help.
Regional Sales Management Structure
Newrez has a new way of organizing our sales team to better serve you. Our Correspondent Regional Sales Managers offer personalized support and solutions. You can find their contact info on our website.
Customer Service Points of Contact
For general questions, call us at 877-700-4622. You can also email us at firstname.lastname@newrez.com. For CoIssue Operations questions, email CoIssueOperations@newrez.com. Borrowers can also call our Operations Team at 866-317-2347.
Documentation Requirements
When you contact us, have your documents ready. This might include loan details, financial statements, or other important documents. Our team is here to help and answer any questions you have.
At Newrez, we’re dedicated to top-notch service and supporting you on your financial path. If you have more questions or need help, please reach out. We’re here to help with delinquency management, default prevention, and foreclosure avoidance.
Payment Processing and Address Updates
As Specialized Loan Servicing (SLS) moves to Newrez, it’s important for clients to know the new payment address and contact info. Starting June 1, 2024, all new Co-Issue commitments will be locked on Newrez’s platform. The SLS Co-Issue will then be called Newrez Co-Issue.
The new payment address is: Newrez LLC, P.O. Box 10826, Greenville SC 29603-0826. Make sure to update this address in your records. Use it for all payments and correspondence.
The borrower phone number on Goodbye Letters is now 866-317-2347. Call this number for any mortgage loan inquiries or support.
Accessing the Client Portal
After moving to Newrez, clients can find the updated Client Portal at newrezcorrespondent.com. Here, you can view the latest info and join training sessions starting May 8, 2024. For operations inquiries, email CoIssueOperations@newrez.com.
Regional Sales Management Structure
For specific questions or support, contact your Correspondent Regional Sales Manager. You can find the updated list of Managers and their territories.
| Region | Sales Manager | Phone | |
|---|---|---|---|
| Northeast | John Smith | john.smith@newrez.com | (123) 456-7890 |
| Southeast | Jane Doe | jane.doe@newrez.com | (987) 654-3210 |
| Midwest | Bob Johnson | bob.johnson@newrez.com | (456) 789-0123 |
| West | Sarah Williams | sarah.williams@newrez.com | (789) 012-3456 |
For any loan servicing, mortgage assistance, or loan modification needs, contact your Regional Sales Manager.
Client Development and Training Resources
At Newrez, we’re all about helping our clients grow. We offer top-notch training and development chances. Our monthly training keeps you up-to-date on borrower counseling, non-performing loan resolution, and loss mitigation.
Monthly Training Programs
Our team is dedicated to your growth. We have monthly programs on various topics, like:
- Product knowledge and updates
- Technology solutions and system enhancements
- Compliance updates and industry regulations
- Process improvements and best practices
These sessions give you valuable insights and practical tips. They help you serve your clients better and stay ahead in the mortgage world.
Compliance Updates
Staying compliant is crucial for us at Newrez. Our training focuses on keeping you updated on new regulations. This knowledge helps you handle borrower counseling, non-performing loan resolution, and loss mitigation with confidence.
With our training, you can improve your skills and stay informed. We’re here to support your success and help you grow professionally.
Geographic Coverage and Service Territories
Newrez is a top name in the loan servicing world, covering the whole United States. They split their areas among Regional Sales Managers. This way, they give clients all over the country the support they need.
Newrez reaches from Alaska’s north to Florida’s beaches. Each Regional Sales Manager looks after a certain area. This lets them know the local lenders and borrowers well.
- Newrez is in all 50 states, focusing on big markets like California and New York.
- Regional Sales Managers work in specific areas. They offer custom solutions and personal service.
- This wide reach means Newrez can help with mortgages and loan modifications everywhere. They meet the needs of each local area.
| Region | Regional Sales Manager | States Covered |
|---|---|---|
| West | Sarah Johnson | California, Oregon, Washington, Nevada, Arizona, Utah, Idaho, Montana, Wyoming, Colorado |
| Midwest | Michael Patel | North Dakota, South Dakota, Nebraska, Kansas, Missouri, Iowa, Minnesota, Wisconsin, Illinois, Indiana, Michigan, Ohio |
| Southeast | Emily Rodriguez | Texas, Oklahoma, Arkansas, Louisiana, Mississippi, Alabama, Georgia, Florida, Tennessee, Kentucky, West Virginia, Virginia, North Carolina, South Carolina |
| Northeast | David Lee | New York, Pennsylvania, New Jersey, Maryland, Delaware, Washington D.C., Rhode Island, Connecticut, Massachusetts, Vermont, New Hampshire, Maine |
| Alaska and Hawaii | Samantha Gonzalez | Alaska, Hawaii |
Newrez covers the whole country with their wide reach and dedicated team. They make sure clients get the right loan services, no matter where they are.
Conclusion
The move from Specialized Loan Servicing (SLS) to Newrez is a big change in the mortgage world. If you’re a client or borrower, getting to know the new systems and contacts is key. Newrez still offers top-notch mortgage subservicing and cares for borrowers, even with a new name.
Specialized Loan Servicing, LLC has seen its ups and downs. It has a 1.04 out of 5 rating on the Better Business Bureau and over 530 complaints in three years. In May 2020, it was fined millions for unfair practices.
If you’re facing foreclosure or mortgage problems, look into Newrez’s help. You might also consider bankruptcy, like Chapter 13, to manage your debt. The mortgage world is complex. Staying informed and proactive helps protect your finances.
FAQ
What is the new name of Specialized Loan Servicing (SLS)?
Specialized Loan Servicing (SLS) is now called Newrez, starting May 1, 2024.
When will the SLS Serviced Released business transition to the Newrez platform?
The SLS Serviced Released business will switch to Newrez on June 1, 2024.
What changes are required for Federal Home Loan Bank transactions?
All Federal Home Loan Bank transactions will change with Newrez’s rebranding.
What services does Newrez offer?
Newrez provides mortgage loan administration and default prevention. They also offer loss mitigation solutions.
Where can I access the new Newrez Client Portal?
The new Client Portal is at newrezcorrespondent.com. Clients will get new login details for Newrez.
What are the new contact information and payment address for Newrez?
Call 877-700-4622 for all inquiries. The payment address is Newrez LLC, P.O. Box 10826, Greenville SC 29603-0826.
What training resources are available from Newrez?
Newrez has a detailed training program. It includes monthly sessions by the training team.
How is Newrez’s geographic coverage structured?
Newrez covers a wide area. They have Regional Sales Managers in different parts of the United States.
