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“We are continually enhancing and updating our Smart Series products to ensure we are providing competitive non-QM financing options for our clients in current market conditions,” said Jeff Gravelle, co-head of production at Newrez. “Our Smart Series products, like the 40-year IO, are developed to meet the needs of today’s borrowers and open the door to thousands of prospective homeowners.”
Rithm Capital – the parent company of Newrez – reported a $3.3 million loss in its second quarter financial report. Despite the loss, the firm celebrated a few milestones, including the growth of its non-prime mortgage and single-family portfolios.
Read next: Rithm Capital posts multi-million-dollar loss in second quarter
“The business continues to benefit from our large portfolio of MSRs, our balanced approach to origination and servicing, and our diverse portfolio of operating companies and assets,” said Michael Nierenberg, chairman, CEO, and president of Rithm Capital. “With $1.8 billion of cash and liquidity, we are in a great position to make investments at attractive yields in a financial services market searching for liquidity.”
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