FULTON, Md.--(BUSINESS WIRE)--
NewDay USA, one of the nation’s leading approved VA lenders, has announced that the Company will be placing even greater strategic focus on serving the mortgage needs of our nation’s Veterans and their families. This move is in line with the Company’s history of supporting Veterans to meet their objectives of home ownership and financial independence.
“NewDay USA is focusing its efforts on continuing to build one of America’s foremost VA mortgage companies, attending to the special needs of Veterans and their families,” said Rear Admiral Tom Lynch (USN, Ret.), Chairman of NewDay USA. “The men and women who have served our nation in our armed forces deserve the very best support we can provide to them. Concentrating our efforts on the VA loan programs will provide them with that support.”
NewDay USA’s robust growth in VA lending can also be attributed to overall VA loan volume soaring over the past three years. From 2011 to 2012, the Department of Veterans Affairs reported that VA loans increased by over fifty-one percent, reaching an 18-year high.
With primary emphasis now placed on serving Veterans, NewDay USA has chosen to exit the Reverse Mortgage industry in an orderly and customer-centric manner. “As we transition out of the reverse mortgage marketplace, we want to assure our existing senior customers that NewDay USA will continue to serve their needs in the same helpful and professional manner that they have become accustomed to from us,” said Joe Murin, President of NewDay USA.
With the exit of Wells Fargo, Bank of America, and MetLife from the Reverse Mortgage industry, secondary market risk has increased significantly. These developments, combined with changes in the regulatory environment are expected to cause industry-wide HECM loan volumes to contract by 30-50 percent. Indicative of this, in August, the number of HECM loans endorsed by the FHA in August was already 7 percent lower than in July. This trend is anticipated to continue.
In commenting on the recent NewDay USA transition, Rear Admiral Tom Lynch (USN, Ret.) said, “NewDay USA is proud to serve Veterans and their families, not only through its VA home mortgage programs,” said Rear Admiral Tom Lynch (USN, Ret.). “but by leading by example and taking pride in serving those who have served our country.”
NewDay USA is a nationwide VA and FHA mortgage lender. Based in Fulton, MD, the company focuses on helping active duty military personnel, veterans and their families to achieve their financial and housing goals. NewDay USA is the exclusive provider of mortgage lending for Veterans of Foreign Wars (VFW) members, and is among the top providers of VA loans in the U.S. NewDay USA is the DBA of NewDay Financial, LLC, which is a key holding of Chrysalis Holdings, LLC, a premiere private investment company focused on the financial services industry. For more information about NewDay USA, visit http://www.newdayusa.com.
- Department of Veterans Affairs