If you have a mortgage with Caliber Home Loans, or you’re shopping for one, the name Newrez probably pops up. The two companies are connected. Caliber Home Loans is now part of Newrez, a major mortgage lender and servicer owned by Rithm Capital. That change matters for your monthly payments, customer service, and where you send documents. Here’s what actually happened and what it means for you.
What Was Caliber Home Loans?
Caliber Home Loans started in 2008 and grew into one of the largest non-bank mortgage lenders in the country. Headquartered in Coppell, Texas, the company originated home loans and serviced them for millions of borrowers. Its product menu covered the basics: conventional loans, FHA, VA, USDA, jumbo mortgages, and refinancing. Caliber also built a reputation for serving real estate investors and borrowers with less-than-perfect credit through non-qualified mortgage (non-QM) options.
By 2020, Caliber was originating billions of dollars in loans each year. In 2021, New Residential Investment Corp. acquired Caliber Home Loans for $1.675 billion. The deal closed that year and folded Caliber into Newrez, New Residential’s mortgage subsidiary.
Why Newrez Bought Caliber (and What Rithm Capital Has to Do With It)
New Residential Investment Corp. was a real estate investment trust that owned mortgage servicing rights and other housing assets. It already owned Newrez, formerly New Penn Financial, which it rebranded in 2018. Buying Caliber gave Newrez a much larger origination platform and a bigger servicing portfolio. In 2022, New Residential changed its name to Rithm Capital. Today, Rithm Capital is the parent company, and Newrez is the mortgage arm that handles origination and servicing. Caliber Home Loans is no longer a separate brand in most cases. If you visit the old Caliber website, you’ll likely be redirected to Newrez.com.
What the Caliber-to-Newrez Merger Means for Your Loan
If you had a Caliber mortgage before the merger, you probably received a letter about the servicing transfer. The letter would have explained where to send payments and how to contact the new servicer. Here’s what changed and what didn’t.
Your Terms Stay the Same
Your interest rate, monthly payment, loan balance, and maturity date did not change because of the merger. A servicing transfer doesn’t alter the contract you signed. If you had a fixed-rate mortgage, it stays fixed. If you had an adjustable-rate mortgage, the adjustment schedule still applies. The only difference is who collects your payment and manages your escrow account.
Payments and Escrow Move to Newrez
Newrez now handles your monthly payments, property tax payments, and homeowner’s insurance payments from escrow. If you used auto-pay with Caliber, that old authorization likely stopped. You need to set up auto-draft with Newrez or make other payment arrangements. Missed payments during a transfer can happen, but you can usually get late fees reversed if you act quickly and show that you paid on time. Check your escrow analysis carefully. Sometimes taxes or insurance premiums change, which can create a shortage or a surplus. A shortage means your payment goes up; a surplus over $50 may come back to you as a check.
Customer Service and Your Online Account
Your old Caliber online account is gone or folded into Newrez. You’ll need to create a new login at Newrez.com to view statements, make payments, and download tax documents. Customer service is handled by Newrez. The phone number is printed on your monthly statement. When you call, have your loan number ready. Expect longer wait times at the beginning of the month and during tax season.
Loan Options Through Newrez Today
If you’re looking for a new mortgage rather than servicing an old one, Newrez offers a wide range of products. The Caliber name may still appear in some loan officer bios or local marketing, but the underwriting and funding happen under Newrez.
- Conventional loans: Fixed-rate and adjustable-rate mortgages that meet Fannie Mae and Freddie Mac guidelines.
- FHA loans: Government-backed loans with lower credit score requirements and down payments as low as 3.5%.
- VA loans: For veterans, active-duty service members, and surviving spouses, often with no down payment.
- USDA loans: For eligible rural properties, with no down payment for qualifying buyers.
- Jumbo loans: For loan amounts above the conforming loan limit set each year by FHFA.
- Refinancing: Rate-and-term refinances to lower your rate or change loan terms, and cash-out refinances to tap equity.
- Non-QM and investor loans: Bank statement loans, DSCR loans, and other options for self-employed borrowers or real estate investors.
How to Compare Newrez Against Other Lenders
Newrez is a legitimate lender with a large servicing operation, but it’s not the only option. Mortgage rates vary by lender on any given day. A difference of 0.25% in interest rate on a $400,000 loan can cost you roughly $58 per month, or about $20,000 over 30 years. That’s why you should get quotes from at least three lenders, including a credit union and an online broker.
Rates and Fees
Ask for a Loan Estimate, not just a rate quote. The Loan Estimate shows the interest rate, monthly payment, closing costs, and whether the rate can change. Compare line items like origination charges, discount points, and third-party fees. Newrez may offer competitive rates for some borrowers, especially those with strong credit and a sizable down payment. Borrowers with lower credit scores or non-QM needs may find better pricing elsewhere.
Service and Reputation
Newrez has a mixed reputation as a servicer. Like many large mortgage servicers, it has drawn complaints about escrow handling, insurance force-placement, and slow response times. The Consumer Financial Protection Bureau’s complaint database is a useful place to check patterns. For origination, read recent reviews from your state and ask your real estate agent about their experience with the local Newrez branch.
If Something Goes Wrong with Your Caliber/Newrez Mortgage
Most loans run smoothly. When they don’t, you need a paper trail. Here’s a practical sequence if you have a dispute over escrow, a payment posting, or a payoff quote.
- Call Newrez first. Use the number on your statement. Write down the date, the representative’s name, and a reference number.
- Send a written notice. If the issue isn’t fixed in one call, send a letter or secure message. Keep a copy. Under RESPA, servicers must respond to certain written requests within 30 days.
- Escalate to a supervisor. Ask for the customer resolution team or a manager. Be calm and specific about what you want: a corrected escrow statement, a refund of late fees, or a payoff figure.
- File a complaint with the CFPB. The Consumer Financial Protection Bureau accepts complaints online. Companies usually respond within 15 days.
- Contact a HUD-approved housing counselor. If you’re behind on payments or facing foreclosure, a free counselor can help you understand your options.
A Practical Checklist for Your First Year with Newrez
Whether you’re a longtime Caliber borrower or a new customer, a little organization saves headaches. Use this checklist to stay on top of your loan.
- Log in to Newrez.com and set up your online account.
- Update auto-pay with your new loan number.
- Confirm your escrow account has the right tax and insurance information.
- Download your most recent statement and save it as a PDF.
- Check your credit report to make sure the transfer was reported correctly.
- If you have an adjustable-rate mortgage, note the next adjustment date.
- Review your homeowner’s insurance policy and make sure Newrez is listed as mortgagee.
- Set a calendar reminder to review your escrow analysis each year.