Newrez (Shellpoint, New Penn) is one of the largest nonbank servicers in the country. They handle FHA-heavy portfolios and recent GSE transfers. Here's how their process actually works — and where most homeowners get stuck.
The "waterfall" is the order in which Newrez reviews options when a borrower asks for help. Knowing the order — and what each option actually delivers — tells you what to ask for and what to push back on.
Past-due amounts spread over 3–6 months alongside the regular payment. Used when income has stabilized.
Short-term payment pause (typically 3 months, extendable). Repayment terms vary — read carefully.
Permanent terms change. Newrez follows GSE waterfalls (Flex Mod for Fannie/Freddie, FHA-HAMP for FHA). Documentation review averages 60–90 days.
FHA-specific tool that places past-due amounts in a zero-interest junior lien due at payoff or sale. Often the strongest FHA option.
Last-resort exits if retention fails. Newrez typically requires marketing the property for 90+ days before approving a deed-in-lieu.
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Every servicer has its own quirks. The patterns below are what trips up homeowners who try to navigate Newrez alone.
Many Newrez borrowers were transferred from another servicer. Old loss mitigation files do not always carry over. You may need to start the application again.
Newrez relies heavily on its online portal. Fax submissions go missing. Always upload PDFs through the borrower portal and keep timestamped screenshots.
Borrowers are sometimes pushed into a partial claim before exploring whether FHA-HAMP modification produces a lower long-term payment. Once a partial claim is signed, modification options narrow.
Documents may arrive under either name. Shellpoint Mortgage Servicing is the operational arm — same company, different letterhead.
If a sale date has been scheduled, you have a narrow window to act. Here's the sequence we follow:
A first denial is not the end. Most successful modifications are approved on appeal or after a Notice of Error is filed under RESPA Section 6.
Newrez publishes these official paths on its own site:
If your statement says Shellpoint Mortgage Servicing, your loan is serviced by Newrez under the Shellpoint name. Shellpoint's site lists 800-365-7107 and has a Borrower Assistance Form on its servicing forms page.
Newrez lists five main options: repayment plan, forbearance, loan modification, short sale, and deed in lieu.
Your monthly statement is the final word. The servicer name, phone number, and mailing address printed on your most recent statement or on a transfer letter are the ones that apply to your loan. Use those over any number you find online, including this page. Scammers often pose as servicers, so never pay a fee to anyone who promises to "save" your home (see foreclosure scams to avoid).
Newrez hosts the standard Fannie Mae/Freddie Mac Mortgage Assistance Application (Form 710) on its site, and Shellpoint offers a Borrower Assistance Form and a Form 4506-C. Expect a package like this:
| Document | Why they ask |
|---|---|
| Mortgage assistance application (often Fannie Mae/Freddie Mac Form 710 or the servicer's own form) | Your income, expenses, and what kind of help you want |
| Hardship letter or statement | What happened, when it started, and whether it is short-term or long-term |
| Proof of income (recent pay stubs, benefit award letters, or profit-and-loss statement if self-employed) | Shows what payment you can afford now |
| Recent bank statements (usually the last two) | Confirms income deposits and savings |
| Tax return and/or IRS Form 4506-C | Lets them verify income with the IRS |
| Hardship proof if it applies (divorce decree, death certificate, job-loss or transfer letter) | Backs up the reason you fell behind |
Tips that save weeks:
Not sure which option fits? Compare forbearance, loan modification, and a short sale.
Because Newrez grows by buying other servicers and servicing rights. Its parent, New Residential Investment Corp., renamed itself Rithm Capital in 2022. Deals that moved many homeowners to Newrez include:
Newrez also services loans for other companies. You may have a different owner (investor) than servicer, and the investor's rules decide which options you can get.
A transfer changes who you pay and who you talk to. It does not change your loan terms, your interest rate, or the amount you owe. Federal law (RESPA Section 6 and Regulation X §1024.33) gives you these protections:
If you get a transfer letter while you are asking for help, save it, write down the date, and call the new servicer to confirm they have your full file.
Sources (checked 2026-09-26):
Newrez's website lists 1-888-673-5521 as its main customer number, and you can apply online under Mortgage Assistance in your account. If your statement says Shellpoint, use the Shellpoint number on your statement.
Shellpoint Mortgage Servicing is a name Newrez LLC uses to service loans. Shellpoint's own forms say Newrez LLC is the company behind them. Follow the contact details on your statement.
Newrez is part of Rithm Capital, which was called New Residential Investment Corp. until it rebranded in 2022. Rithm has bought servicing from Citi, Caliber Home Loans, and Specialized Loan Servicing.
Usually not. Under Regulation X, the old servicer must pass your pending application to Newrez, and Newrez must handle it within the original timelines. Call to confirm Newrez has your complete file.
If your complete application arrived 90 or more days before a scheduled sale, you generally have 14 days to appeal a modification denial. Read the denial letter carefully, and talk to a HUD-approved counselor at 1-800-569-4287 or a local foreclosure attorney.
Most modifications we close were originally denied. Our team knows how to read the denial reason and structure the appeal. No upfront fees, ever.
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