About
This business has 2 alerts
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:Minnesota Department of Commerce vs NewRez
On August 17, 2022, the Minnesota Commissioner of Commerce has advised they are prepared to commence formal action and other applicable law based on allegations that NewRez incorrectly applied 54 of 58 payments by consumers from January 2020 to December 2021. NewRez has voluntarily repaid all interest over payments by consumers and agreed to not re-apply the interest under payments by consumers as not all misapplications of payments resulted in financial harm to consumers. The company has waived their right to any notice or opportunity for a hearing on any civil penalty imposed by the commissioner. The company will pay a civil penalty of $54,000 + costs to the State of Minnesota and conduct an audit of all Minnesota mortgages whose servicing rights were transferred from TCF Bank, N.A. to NewRez since January 1, 2019. The Consent Order was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law. For more details go here
Overview
BBB Accredited Since: 1/25/2017
Years in Business: 17
BBB Accreditation & Rating
Business Details
- Local BBB:
- BBB of Upstate South Carolina
- BBB File Opened:
- 12/13/2011
- Business Started:
- 1/1/2008
- Business Started Locally:
- 3/1/2014
- Business Incorporated:
- 7/21/2008
- Type of Entity:
- Limited Liability Company (LLC)
- Alternate Names:
- NewRez, LLC
- Business Management:
- Ms. Kara Watt, Compliance Manager
- Jessica Julia, Compliance Director
Additional Contact Information
- Principal Contacts
- Ms. Kara Watt, Compliance Manager
- Fax numbers
- Primary Fax: (866) 467-1137
Licensing information
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Additional Information
- Business Categories
- Loan Servicing
More Resources
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