NewRez DSCR Loans 2026: 2,660 Loans, 91% Through Brokers

What NewRez is, and how you reach it

NewRez LLC is a mortgage lender and servicer, not a DSCR specialist. The legal entity that reports to HMDA is NEWREZ LLC, LEI 549300FNXYY540N23N64, status ACTIVE, with a previous legal name of Stenton Mortgage, Inc. (GLEIF record). Its website prints NMLS #3013. Its servicing brand is Shellpoint: shellpointmtg.com prints “NEWREZ LLC DBA, SHELLPOINT MORTGAGE SERVICING”.

The owner is listed. In its annual report for 2025 (Form 10-K, filed February 19, 2026), Rithm Capital Corp. says its real estate finance platforms are “origination and servicing platforms operated through our wholly owned subsidiaries, Newrez and Genesis”. We cover that parent in RITM Stock: Rithm Capital Dividend vs Earnings, Book Value 2026 and Rithm Property Trust vs Perpetual Life Residential Trust, and Genesis, the other subsidiary, in our Genesis Capital review. Nothing on this page is a view on the parent's listed shares.

Rithm's 10-K breaks 2025 production into $63,344 million: Correspondent $42,506 million (66%), Wholesale $10,599 million (17%), Direct to Consumer $7,302 million (12%) and Retail/Joint Venture $2,937 million (5%). Its company statement for the Wholesale channel is “Originates loans through mortgage brokers and other third party originators”. That is the channel the HMDA numbers below point to.

What the 2025 HMDA file shows

We downloaded NewRez's complete 2025 file from the FFIEC data browser (all states, all actions, 297,816 records) and kept the records coded as investment property. Investment-property records are 17,444 of them; the rest are principal residences and second homes.

Two things matter here. First, NewRez buys as well as originates. Across all occupancies it originated 66,567 loans ($21,978,475,000) and bought 110,121 ($41,738,955,000); the two together are $63.7 billion, within 0.6% of the $63.3 billion funded volume in Rithm's 10-K (our arithmetic), which is how its production table counts correspondent loans. Only 112 of the purchased investor loans are DSCR-type ($30,370,000), so the 2,660 are mostly loans NewRez itself originated, usually from brokers. Second, only 3,490 of the 5,250 originated investor loans are flagged business or commercial purpose; the other 1,760 are investment-property loans made as consumer loans.

HMDA has no DSCR field, so we label by what is reported. A DSCR-type loan is a conventional, first-lien, closed-end, business-purpose loan on a one-to-four-unit property with a term of 30 years or more and no debt-to-income ratio reported; the same definition drives our DSCR lenders ranked by loans page, where NewRez is 17th with 2,660 loans too.

Of the 2,660: 2,630 have a 360-month term and 30 a 480-month term; 1,990 are on one-unit properties, 410 on two, 135 on three and 125 on four; 1,559 are purchases, 773 cash-out refinances and 328 refinances; 454 (17.1%) are interest-only, against 10.4% for other lenders; the median loan-to-value as reported is 75.0% (90th percentile 80.0%) against 73.66% for other lenders. The median note rate is 7.25% on purchases and refinances and 7.125% on cash-out refinances. The largest loan is $2,005,000 and the smallest $95,000.

DSCR-type loans: where NewRez prices against the market

The 0.125-point gap is mostly a statement about the market's mix, not a discount. Bigger loans cost less everywhere, and in the three middle size bands the medians are identical.

The honest reading: NewRez is priced at the market from $150,000 to $999,999, slightly below it on the smaller loans and above it on the largest, where it has few loans. HMDA reports the note rate only. Discount points, total loan costs, lender credits and prepayment terms are blank on all 2,660 loans, so a note rate that looks fine can carry more points. Use the table to test a quote, not to rank NewRez.

Who ends up holding the loans

HMDA records who bought the loan within the year. Of the 2,660, 2,204 (82.9%) went to a credit union, mortgage company or finance company, 429 (16.1%) were not sold in 2025, 14 went to a bank and 13 to a private securitizer (our arithmetic). HMDA does not name the buyer, so we cannot say whether the 2,204 went to an affiliate. Rithm's 10-K says only that it will “securitize non-qualified residential mortgage (“Non-QM”) loans”.

The broker channel

This is the finding no lender-marketing page gives you. Of the 2,660 DSCR-type loans, 228 were submitted directly to NewRez and 2,432 were not. For NewRez's loans of every type the split is nearer even (36,342 direct, 30,225 not direct), so the investor business is distinctly broker-led.

The company's own page agrees. Its blog post “Understanding Non-QM Loan Options at Newrez”, published May 21, 2025 and updated June 27, 2025, closes with “Contact us today and become an approved Newrez broker”, and its disclosure reads “For real estate and mortgage professionals only and not intended for distribution to consumers or other third parties.” We could not find a retail DSCR application page on newrez.com; the product URLs we tried (newrez.com/dscr-loans and similar) returned 404.

NewRez sits with the wholesale group (UWM, Champions, Emporium, Angel Oak) rather than with the retail lenders. For the broker-only model in depth see our UWM review; for the direct model see the CrossCountry Mortgage review.

What NewRez says about SmartVest, and its limits

The page we could read is the June 27, 2025 broker post. It names the DSCR product SmartVest and lists criteria. It is more than 16 months old and written for brokers, so treat it as a starting point.

We cannot say what rate sheet, prepayment structure, minimum loan or reserves NewRez applies today; the page states none of them, and HMDA reports no prepayment term. Ask the broker for the current matrix in writing, with its date. For a cross-lender comparison of published terms see DSCR loan requirements and non-QM loans.

Where NewRez lends

NewRez made DSCR-type loans in 51 jurisdictions; Florida, Texas and California together are 32.1% (our arithmetic).

For lender-by-lender tables in the biggest of those states see our Florida, Texas, California, New York and Pennsylvania pages. Medians for Ohio, New Jersey and Pennsylvania come from 92 to 147 loans each; do not read a gap of an eighth of a point as a pricing policy.

Applications and denials

For DSCR-type files NewRez decided, 351 were denied and 2,660 originated: a denial rate of 11.7%, against 23.4% for all other lenders (46,223 denials; our arithmetic). The first-listed reasons for NewRez's 351 were collateral (133), credit history (65), debt-to-income ratio (59), other (50), unverifiable information (32), insufficient cash (11) and employment history (1). Collateral dominates, which fits a product underwritten on the property.

Across all its investor records the denial rate is higher: 2,153 denied against 5,250 originated, 29.1%, because that group includes consumer-purpose loans. NewRez's denial rate was 36.0% on principal residences and 34.4% on second homes.

The low DSCR-type rate has two readings, and the file cannot separate them. DSCR-type-shaped records total 5,708: 2,660 originated, 1,903 withdrawn by the applicant (33.3%), 631 closed for incompleteness, 351 denied, 112 purchased and 51 approved but not accepted. Either NewRez approves most files it decides, or weaker files leave before a decision. Our denial-rate page has the state view.

Complaints

On October 31, 2026 we searched the CFPB Consumer Complaint Database (latest complaint in the database received October 30, 2026). The database has no company named Newrez: a company search for “Newrez LLC” returns 0, a free-text search for “newrez” returns 0, and the company-name suggester returns nothing for it. Its suggester does list Shellpoint Partners, LLC. Shellpoint is the servicing name of Newrez, but the database does not say that the two are the same legal entity, so we report this as the closest match, not as proof.

Shellpoint Partners, LLC has 7,418 complaints received since January 1, 2025 (3,881 in 2025 and 3,537 in 2026 through October 30) and 20,234 since the database began. The latest was received October 26, 2026.

Controls with the same dates: Rocket Mortgage, LLC 4,704, Freedom Mortgage Company 3,191, Mr. Cooper Group Inc. 3,162, PennyMac Loan Services 2,289, Guaranteed Rate 172, Kiavi 17 and Lima One Capital 7. Raw counts follow servicing books, so they are not a quality score.

Read this carefully. These are mostly complaints about servicing: the payment-process and hardship issues are 5,509 of 7,418 (74.3%) and the application and closing issues 512 (6.9%, our arithmetic). The database covers consumer financial products, has no field for occupancy or loan purpose, and so cannot tell us how many concern a DSCR loan. They are allegations by consumers that the CFPB publishes without verifying them. We did not read state regulators' enforcement records and make no statement about them; check your state regulator and NMLS Consumer Access (NewRez NMLS #3013) before you commit.

What Rithm Capital's filings add

Rithm's reports are the only place NewRez's volume is stated in dollars. Its production table shows Non-QM at $3,529 million for 2025, 6% of $63,344 million and up from $1,189 million in 2024. In the quarterly report for the period to June 30, 2026 (accession 0001556593-26-000029), Non-QM production was $1,282 million for the quarter and $2,358 million for six months, against $1,026 million a year earlier, out of $31,375 million of total production; Wholesale was $5,705 million of that.

Compare that with the HMDA file: NewRez's 2,660 DSCR-type loans are $829 million, which is 23.5% of the $3,529 million (our arithmetic), though the two figures count different things (HMDA originations by loan amount, Rithm production by unpaid principal balance, and Non-QM also covers bank-statement and other products). Rithm does not report DSCR separately, and the filings say nothing about the credit box. Our non-QM loans page sets this against other Non-QM buyers.

Cost in dollars: our arithmetic

On a 30-year, fully amortizing loan of $245,000 (NewRez's median DSCR-type loan), the payment is $1,671.33 a month at its 7.25% median, $1,692.15 at the other lenders' 7.375% and $1,650.61 at 7.125%. One eighth of a point is $20.82 a month. At 7.0%, the median on NewRez's income-documented investor loans, it is $1,629.99 (all our arithmetic, before points, fees and prepayment terms, which HMDA does not report). A quote within an eighth of a point of the median is normal; a quote a half point above it on a strong file is worth questioning.

What HMDA does not show

• No pricing beyond the note rate. Points, origination charges, lender credits, total loan costs and the prepayment-penalty term are blank on all 2,660 loans.
• No DSCR, credit score or reserves. There is no debt-service-ratio field in HMDA; “DSCR-type” is our label.
• No broker. The file says a loan was not submitted directly, not which broker or which loan officer.
• No 2026 loans. The 2025 file is the newest complete year. Our national counts differ by a few dozen loans from other pages of ours because the FFIEC file is revised after it is first published.

What a reader can do with this

• Expect to go through a broker. 91.4% of NewRez's 2025 DSCR-type loans did. Ask a broker who is approved with NewRez for the current SmartVest matrix, with its date, before you pay for an appraisal.
• Test the quote. On a DSCR-type loan of $150,000 to $999,999 the 2025 median at NewRez and at other lenders was 7.25%. Ask what points and prepayment fee come with it, because HMDA cannot tell you.
• Price the same file at a second lender the same day. Compare note rate, points, prepayment fee and rate lock side by side. Our guide is this DSCR lender legit? lists what to check, and investment property mortgage rates gives the market level.
• Do not read the servicing complaints as a verdict on DSCR loans, or the other way round. The database cannot separate them.
• Choose by place. NewRez is a top-15 DSCR lender in Florida and Maryland and outside the top 20 in California, New York and New Jersey; look at the lenders with the most loans in your state.
• Get a direct quote from a lender that lends to rentals directly. See Kiavi, Visio Lending and Lima One.

FAQ

Sources, read October 31, 2026: FFIEC HMDA 2025 loan-level files from the FFIEC data browser (NewRez LLC, LEI 549300FNXYY540N23N64, all states and all actions; and all lenders' originated and denied investment-property records, 56 jurisdictions, tabulated by us in sources/tabulation_output.txt with the scripts in sources/scripts), the FFIEC 2025 filer list and LAR data-field definitions; the CFPB Consumer Complaint Database search API; the Newrez blog post “Understanding Non-QM Loan Options at Newrez” (published May 21, 2025, updated June 27, 2025), newrez.com and shellpointmtg.com home pages; the GLEIF record for LEI 549300FNXYY540N23N64; SEC EDGAR: Rithm Capital Corp. Form 10-K for 2025 (accession 0001556593-26-000012), and Form 10-Q for June 30, 2026 (0001556593-26-000029). Our national DSCR-type count (154,314) treats Emporium TPO LLC's term-30 and term-40 loans as 30- and 40-year loans, as our other lender pages do; the FFIEC file is revised after first publication, so counts differ by a few dozen loans from earlier pages. Sums, shares, differences and payment figures are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.