Rob Posner, CEO of NewDay USA, Predicts Over 150% Increase in Firm’s VA Purchase Mortgage Financing
The company’s monthly home purchase volume is expected to more than double in 2019
April 22, 2019 – FULTON, Maryland – Rob Posner, founder and CEO of NewDay USA, a national VA mortgage lender, said the company’s Operation Home Purchase Division is expected to enable 2,000 veteran and military families to purchase a home this year. The company expects its monthly purchase mortgage production to increase from 100 loans in March to 250 a month by the end of the year, a more than 150% monthly volume increase.
That additional loan volume is projected to lead to a 10 percent increase in overall originations at NewDay USA this year, well ahead of the mortgage industry at large. The Mortgage Bankers Association is forecasting a nine percent drop in refinance volume this year, while purchase-money lending is expected to increase by just five percent.
NewDay’s fintech-based model, which relies on analytics powered by information-based decisioning capabilities, is helping to fuel the company’s purchase loan growth. While every loan at NewDay USA is manually underwritten, the company has been wildly successful at leveraging its technology to approve applicants who were denied by other lenders, thus enabling it to increase its VA refinancing volume. NewDay is now applying that same technology to help originate home purchase loans, stated Posner.
“The American Dream is to own a home,” Posner said. “If anyone is deserving of the American Dream, it’s these men and women and their families who have served and protected our country. I am proud that the NewDay team can help them.”
In addition, Posner said NewDay USA is planning a nationwide, $100,000-per-week media campaign promoting its VA purchase loan business. Ads focused on veterans and active military service members who are thinking about homeownership will begin airing on CNN next week.
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 plays a significant role among the NewDay USA workforce. NewDay USA is a registered trade name of New Day Financial, LLC, 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.