Drop in mortgage rates has created a huge demand for VA loan refinances
Oct. 7, 2019 – FULTON, Maryland – NewDay USA, one of the nation’s leading VA mortgage companies, announced it is hiring more than 100 new employees in the Baltimore area to meet soaring loan demand. The new recruits will be trained at NewDay USA University, the company’s proprietary training facility, to become the next generation of mortgage bankers for the industry.
NewDay reported its VA loan originations during the three months ended June 30 totaled nearly 2,500 loans with an aggregate principal balance of $576 million, a 32 percent jump over the prior quarter. The company has determined that a staff expansion of at least 100 new team members is necessary to support its growing volume and expects to welcome the new hires by the end of September.
“Rates are retreating to near historic lows, which is creating an incredible opportunity for military families to refinance and reduce their mortgage payments by an average of $2,000 a year,” said Retired Rear Admiral Thomas Lynch, chairman of NewDay USA, said. “I am proud that we can help the families of veterans and active-duty service members save money through their VA loan benefits.”
Many of NewDay’s employees are recruited from local colleges after graduation. Once on board, new recruits receive an extensive mortgage education at NewDay USA University, the company’s Ivy League-styled, in-house learning institution, where they are trained specifically to help military service members and veterans with their home financing needs. Through its recruiting efforts, NewDay is creating the next generation of mortgage bankers in an industry where the average age for a loan officer today is nearly 47 according to data from STRATMOR GROUP.
“Our staff is one of the best-educated workforces thanks to the major investments we have made in NewDay University,” NewDay USA Founder and Chief Executive Officer Rob Posner said. “It’s these high achievers who will be running the mortgage industry in the next decade, many of whom will remain in the area and continue contributing to Baltimore’s economy.”
About NewDay USA
NewDay USA is a nationwide VA mortgage lender focused on helping active military personnel, veterans, and their families achieve their financial and housing goals. NewDay USA is also a Ginnie Mae (GNMA) approved issuer/servicer. The company employs best practices in mortgage lending and career growth for mortgage professionals. Consistent with its mission, NewDay is a philanthropic partner of numerous organizations focused on assisting military veterans and their families in need. The NewDay USA Foundation provides four-year scholarships to the children of fallen and severely disabled military veterans to attend JROTC military high schools across the nation. The company is also a major philanthropic partner of the Medal of Honor Foundation, the USO, Boulder Crest Retreat for Military and Veteran Wellness, and is a major sponsor of the Military Bowl. Community service and giving back in the form of volunteerism also play a significant role among the NewDay USA workforce. NewDay USA is a registered trade name of New Day Financial, LLC (NMLS # 1043), which is a key holding of Chrysalis Holdings, LLC, a premier private investment company focused on the financial services industry. For more information about NewDay USA, visit www.newdayusa.com.