July 30, 2021

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NewDay USA: Coming home | BOSS Magazine

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NewDay USA has one goal: to serve those who have served our country. Veterans Affairs (VA) mortgage lender helps veterans achieve their dream of financial security and has helped more than 75,000 military families secure $ 21 billion nationwide over its 20-year history.

Based in Fulton, Md., The company helps veterans secure disbursement loans, buy real estate, and reduce existing mortgage payments.

For COO Michael Oursler, NewDay USA differs from the competition through its commitment to American service members.

“For us, it’s not just about business, profitability and numbers. We focus on each and every veteran family we serve, ”Oursler said. “I think it helps support what we’re trying to do. We try to make every veteran family’s life better. “

Master of his craft

NewDay USA differs through a laser focus on the VA loan business. While many home loan lenders focus primarily on the Federal Housing Administration (FHA) and conventional loans, NewDay USA secures roughly 99% of its business securing VA loans for its customers.

“Being able to own and control a product gives you a leg up,” said Oursler. “We understand each of the complexities of VA home loan benefits so we can provide better service.”

A VA loan is similar to a traditional loan or FHA loan, except that VA loans do not require the borrower to make a down payment on their purchase.

“The VA mortgage product is a unique product and a side project for many companies because they have so much conventional and FHA business,” said Oursler. “The VA product ultimately becomes an afterthought in the pipeline. And that’s not the level of service we think our service members deserve. So we are specialized. “

Benefit forever

This focus on a previously overlooked market has not only expanded the options for veterans, but is also good for growth. NewDay USA more than doubled its sales from 2019 to $ 315 million in 2020 and is expected to reach $ 500 million in sales this year while helping to feed an estimated 40,000 veteran families.

NewDay USA is aware of the unique difficulties many veterans face and is committed to sharing its success with the veteran community. The company donates a portion of its net income to the NewDay USA Foundation, which gives back to military families through volunteering and grants.

“(Helping veterans is important) because they deserve it,” Oursler said. “Our service members risk their lives to defend our freedoms. We believe we must do everything in our power to enable them and their families to realize the American dream of owning a home. “

Strength in numbers

The company’s growth and veteran mission have also made it an attractive place to work for a team of more than 700 people. The number is expected to rise to over 1,200 by the end of the year.

A key differentiator for NewDay USA is the company’s focus on training. Underwriters follow a 24-month curriculum at NewDay USA University that trains prospective agents right out of college.

Oursler, a product of the program itself, said the university is providing new employees with all the tools they need to be successful in the mortgage industry.

“It’s beyond the minimum license requirements, and we’re seeing significantly better success with students from this investment,” he said. “They drive up and find their own success very early in their careers because we invest in them.”

The company is also looking to grow by expanding an office in Palm Beach, Florida, which is expected to create around 600 high-paying jobs in the area.

Help veterans stand out

The situation in the real estate market has made buying a home a struggle for potential new buyers. This can be even more difficult if your offer is tied to a VA loan, as Oursler calls this a misguided stigma of the program. “There is a false belief that VA loans are less creditworthy and more likely not to close … and we are actually seeing the exact opposite,” he said. “When you work with a good lender who understands the VA program, it’s an excellent product.”

NewDay USA is helping veteran families overcome this misunderstanding by offering full insurance and fully credit and income approved prior to housing, so the seller can be sure they have a good buyer offer that will close on time.

“If you’re a mortgage company where 90% of your business is non-VA and you’re working on a VA loan, you’re a little less efficient because you just don’t take it for granted,” he said. “With NewDay, our VA loans close on time and on time.”