NewDay USA, the country’s eighth largest lender of mortgages backed by the Department of Veteran Affairs (VA), recently renewed its warehouse facility with BankUnited for $100 million.
With the renewal, the company has $400 million in warehouse commitments, including Texas Capital Bank and People's United Bank, according to a press release.
The company expects to be able to increase the number of veteran families and military service members it can help obtain VA Home Loan mortgages by 150 percent with the additional warehouse facilities. The company’s goal is to become the No. 1 VA mortgage lender in the U.S. for veterans and servicemembers.
“Through a fintech business model, NewDay relies on proprietary information-based decisioning that focuses on making sure that every veteran may have the opportunity to take advantage of their VA home loan benefit,” NewDay USA found and CEO Rob Posner said in a press release. “NewDay is able to qualify more veterans for VA loans and achieve the American Dream. Serving servicemen and women and veterans is all we do.”
Posner noted that the company is projected to serve 11,000 veteran families in 2019.
Through its own training facility, dubbed NewDay University, NewDay USA works to continuously grow its team of professionals trained specifically to help military service members and veterans, the release states.
Posner attributes the company’s Accelerated Underwriting Program and a greater understanding of the background of service members and veterans to the success of its Operation Home initiative.