As previously announced, effective today, January 7, 2019, New Penn Financial, LLC has changed its name to NewRez LLC.
To promote this change, we have updated our Broker Agreement, which is posted to our new website www.newrezwholesale.com and which is linked here.
Please pay close attention to the following changes to the Agreement.
- Changes lender name and branding from New Penn Financial, LLC to NewRez LLC (global change)
- Adds NewRez Community Lending LLC (f/k/a New Penn Community Lending, LLC) and other mortgage lender subsidiaries as third party beneficiaries new section (10.21)
- Changes defined terms of "Portfolio" and "Non-Agency" and "Agency", respectively, and updated their definitions, to reflect current product offerings (Section 2.8b)
- Updates Notice provision to include email (Section 10.2)
- Removes blanks for initials on Exhibit A, as signature line at the bottom is sufficient (Exhibit A)
As a reminder, by submitting your next loan to NewRez LLC, you consent to the terms of the updated agreement.
Thank you once again for your business, and we look forward to continuing to serve you and your clients during this new chapter for our orgainzation.
If you have any questions, please contact your Account Executive.