Newrez taps former Rocket servicing chief to lead $879B portfolio. Nov 04, 2026 Jay Jones takes charge as Newrez prepares for a multiyear technology migration involving more than 4 million homeowners Newrez has appointed former Rocket Mortgage executive Jay Jones as chief servicing officer, putting him in charge of an $879 billion servicing portfolio as the company prepares for a major overhaul of its technology infrastructure. Jones, who assumed the role Nov. 3, will oversee Newrez's servicing operations and third-party servicing business while leading its transition to ValonOS, an AI-powered servicing platform scheduled to begin implementation in early 2027. The appointment brings an executive with more than 30 years of mortgage industry experience to one of the country's largest nonbank servicers. Jones most recently served as chief servicing officer at Rocket Mortgage, where he helped integrate the Rocket and Mr. Cooper servicing portfolios following their combination. His arrival comes as Newrez prepares for a similarly complex operational undertaking. Parent company Rithm Capital disclosed in its 2025 annual report that the migration of Newrez's servicing operations to Valon's platform is expected to take approximately two years. Rithm also identified potential risks involving data conversion, system integration, cybersecurity and reliance on a single technology provider. Get the NMP Daily Essential stories, every weekday. The transition is part of Newrez's broader effort to reduce servicing costs and improve operational efficiency. Rithm reported that Newrez's servicing portfolio reached $878.9 billion in unpaid principal balance at the end of the third quarter, including $282.8 billion in third-party servicing. "Jay understands what our servicing clients and homeowners expect from us, and as we move to ValonOS, he will help build the next era of our industry-leading servicing experience," said Newrez President Baron Silverstein. Jones previously served as executive vice president of servicing at Mr. Cooper and held leadership positions at CIT Bank, OneWest Bank and IndyMac Bank. For Newrez, the appointment puts an executive with experience in large-scale servicing integration at the helm of a technology transition affecting more than 4 million homeowners and a substantial third-party servicing business.

Valon Technologies has raised $150 million in Series D funding at a $2.3 billion valuation, doubling its previous valuation. Ribbit Capital joined as a new investor, with participation from existing backers including Andreessen Horowitz. The company has developed ValonOS, an AI-native operating system for mortgage servicing that replaces legacy mainframe systems. Within six months of launching, Valon secured over $200 million in contracted annual recurring revenue. ValonOS will power one in six outstanding US mortgages, with clients including Newrez, Carrington Mortgage Services, and ServiceMac. Two of the ten largest US servicers are already live on the platform. Founded in 2019, Valon initially built and operated its own full-scale servicing business before offering ValonOS to the industry. The funding will accelerate product development and expand deployment to major servicers. The company plans to expand beyond mortgage into commercial, personal, auto, and student lending sectors.