Multichannel mortgage lender Newrez has launched Newrez TitlePass for use in its wholesale channel, giving mortgage brokers a way to waive the lender title insurance requirement on certain refinance loans. This could potentially save borrowers hundreds or thousands of dollars in closing costs, the company said Monday.
The program is offered exclusively through Newrez’s affiliated title company, Avenue 365/Avenue Title Agency, and is currently available in 18 states through the Newrez wholesale business.
TitlePass applies to eligible conventional rate-and-term refinance loans with loan-to-value ratios up to 80% that receive automated underwriting system (AUS) approval, according to the announcement. By removing the lender’s title insurance requirement on these transactions, Newrez aims to reduce one of the more significant third-party fees on a refi closing.
Avenue 365 is fully integrated with Newrez’s lending platform, which allows brokers to obtain title results and close loans through a more streamlined, digital process.
“Newrez TitlePass enables our broker partners to deliver meaningful borrower savings while also increasing speed and closing efficiency,” said Tony Kottenbrock, senior vice president of wholesale lending at Newrez.
“It’s a practical way to reduce closing costs for the consumer, and because it’s fully integrated into our platform, brokers can leverage Newrez TitlePass without changing how they already originate loans.”
TitlePass is currently offered in Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, New Jersey, Nevada, Ohio, Pennsylvania, Tennessee, Texas and Virginia.
Why this matters for brokers and lenders
The launch comes as refinance volume remains sensitive to rate movements and total loan costs, pushing lenders and brokers to find savings in third-party fees. Title insurance has been a growing focus for cost reduction, with investors, regulators and technology vendors exploring alternatives such as attorney opinion letters, title waivers and limited-coverage products.
For wholesale brokers, TitlePass adds a pricing and competitiveness lever. On eligible refis, they can advertise lower cash-to-close without changing lender margins, which can help win rate-and-term refi business when borrowers are comparing offers across multiple shops.
Operationally, Newrez’s vertical integration with Avenue 365 keeps all title-related work within the Newrez ecosystem, which can shorten turn times and reduce conditions. In a margin-compressed environment, faster and more predictable closings can improve pull-through rates and cut per-loan fulfillment costs for brokers and Newrez alike.
Newrez, which is owned by Rithm Capital, is a top-five mortgage originator and servicer by volume, according to Inside Mortgage Finance. The company operates the across retail, wholesale, correspondent and consumer-direct channels, with Avenue 365 serving as its in-house title provider.
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