NewDay USA, also known as NewDay Financial LLC, has established itself as a provider of mortgages and refinances for Veterans and military families. This article will explore NewDay USA’s origins, specialized services, and impact on the mortgage landscape.
History of NewDay USA
NewDay USA, a full-service mortgage lender, was established in 1999 by CEO Rob Posner and is headquartered in Fulton, Maryland. Licensed in 43 states, the company specializes in originating VA loans, which are guaranteed by the U.S. Department of Veterans Affairs.
Since its founding, NewDay USA has focused on serving a significant segment of the American population: military Veterans and their families. The company’s expertise in VA loans has positioned it as a key provider of these specialized mortgage products, catering to the unique needs of those who have served in the military.
The growth of NewDay USA has been notable. In 2017, Inc. magazine recognized the company for its rapid expansion, ranking it No. 3,901 on its list of the 5000 fastest-growing private companies. This accolade was based on a three-year sales growth of 61 percent and a loan volume of $188 million, highlighting the company’s significant progress and success in the mortgage sector.
NewDay USA’s Products
NewDay USA’s product offerings are primarily focused on serving the unique needs of America’s Veterans and active military personnel. The company specializes in VA loans, a cornerstone of its services, which are designed to provide Veterans with the most beneficial mortgage options available.
VA loans, guaranteed by the U.S. Department of Veterans Affairs, offer several advantages to eligible service members and Veterans, including competitive interest rates, no down payment requirements, and no private mortgage insurance (PMI) needs.
In addition to standard VA loans, NewDay USA is particularly known for its 100% VA Cash-out refinance loans. This product allows Veterans to refinance their existing mortgages and to borrow against up to 100% of their home’s equity. This option is ideal for Veterans looking to consolidate debt, make home improvements, or handle unexpected expenses.
NewDay USA Foundation
In addition to its business endeavors, NewDay USA is also committed to charitable activities. In 2013, the company launched the NewDay USA Foundation, a 501(c)(3) charitable entity.
The NewDay USA Foundation plays a pivotal role in enhancing the lives of Veterans, service members, and their communities. A significant aspect of the foundation’s work involves awarding scholarships to children of fallen or severely wounded Veterans. These scholarships offer these children the opportunity to attend JROTC military high schools.
Additionally, 5% of NewDay USA’s net income is donated to Veteran causes, according to NewDay USA.