NewDay USA (NMLS #1043) is an online mortgage lender that was created on November 3rd, 2011 by the limited liability corporation NewDay Financial.
NewDay USA Review
NewDay USA is an online mortgage lending platform that prioritizes their lending operation more specifically to US veterans or active military members.
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Consumers looking to acquire mortgage loans must specify to what ends their loan may be used for which can vary from cash out, consolidated debt, home update, lower interest rate, purchase a home or other.
Those looking to obtain a mortgage loan through newdayusa.com are able to start the application process online where they will then be assigned a dedicated loan officer.
Rear Admiral Thomas C. Lynch is disclosed as NewDay USA’s active Executive Chairman.
While the majority of online lenders will only enable an applicant to borrow up to 80% to 90% of their home value, those who have served in the military or are actively serving are able to take advantage of NewDay USA’s 100 VA Loan, which enables applicants to receive a loan up to 100% of the home’s value.
As disclosed in a WHOIS domain report, newdayusa.com was incepted on November 3rd, 2011 through the GoDaddy registry by NewDay Financial LLC.
According to the Better Business Bureau, NewDay Financial LLC has been a corporation since December 1st, 1997 and has a disclosed physical location of 8171 Maple Lawn Blvd, #300, Fulton, MD 20759.
Another correlated overseeing entity associated with newdayusa.com would be NewDay USA, which according to the BBB, was started on November 27th, 2002 and reflected a physical address of 8160 Maple Lawn Blvd, Fulton, MD 20759-2623.
Associated Contact Methods of NewDayUSA
- Telephone: (703) 480-3203
- Telephone: (877) 410-5285
- Telephone: (877) 423-1400
- Telephone: (844) 320-1550
- Telephone: (800) 405-4187
Community Insight Update (December 5th, 2018)
“The NewDay USA 100 loan”??? People, The VA loan program offers 100% loans to veterans regardless of the mortgage company or financial institution you use. This is only one of the many lies NewDay spews out in their ads. NewDay has no special relationship with the VA and are not responsible for obtaining any benefits for veterans. They can’t – and wouldn’t ever – offer a veteran anything more than any other mortgage company or financial institution offering mortgage loans to veterans. In fact numerous reviews indicate NewDay offers worse rates, higher fees, and takes longer to process a loan for veterans than most other companies. NewDay was fined $2 million in 2015 for being dishonest with veterans and for paying kickbacks. What more do you need to know?”
“We canceled our application with freedom mortgage because we didnt like the way we were being treated and we decided to go with new day. We signed for a 30 year mortgage and after a year and seven months of making our payments on time and never missing a payment , they drop us like a bad habit and send us back to freedom with no reasonable explanation.”
“They quoted me 5.25% for a VA loan. That is a full 1% higher than I was quoted from another lender for the same VA loan. That’s actually very disturbing given that they are here to “help” veterans.”
“I am selling a home left to me after my mother’s passing. The people who have been renting the home wish to buy and have been working with an agent named Aaron from New Day VA loans out of Maryland. I am stunned at what this agent has put these buyers through so far. He promised a free appraisal (as New Day advertises) and then charged them $650 stating that the free appraisal policy no longer exists. He promised closing costs would be around $1200 and now have soared to nearly $7000! This is on the sale of a $110,000 house! Insane! I have advised them to cancel any further negotiations with this group and file a formal complaint and seek legal help”
NewDay USA Scam
Despite NewDay USA appearing to operate with respectable poise, recent consumer feedback regarding their operation has brought attention to a different side of this mortgage lending platform.
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ConsumerAffairs, for example, reflects a relatively poor rating from consumers who have had a negative experience with NewDay USA. Among the most commonly reported complaints would be theft of funds, outrageously high loan terms along with the strong assertion that their platform is a scam.
According to their first BBB profile, newdayusa.com reflects an overall 60% negative customer rating and has accrued 42 complaints
Although NewDay USA may appear legitimate with their legal documentation and across some review sites, the negative consumer complaints filed against this online mortgage lender depict a much different story therefore we are not recommending NewDay USA.
For consumers looking for more legitimate and verified loan matching services, we recommend reading our 24/7 Dollar Loans review. For prospective applicants who possess below average credit types, we recommend learning about BadCreditLoans, which specializes as a credible loan matching network tailored towards consumers with poor credit history.
Stop writing me! I do not wish to deal with your company.
Like Gomer Pyle would say, Golly Sarg!! I was about to……..
The worst is the current commercial urging veterans to refi and hold the extra cash. Even in a reduced payment scenario, why would they pay interest and fees for cash drawing little or no interest? It has been twenty-five years since I was fired by a Cornell rocket scientist for trying to keep delinquent mortgagors in their homes and I, now a widower, am still trying to recover from that hate crime. Like Jimmy Dugan said: “It’s supposed to be hard. If it wasn’t hard, everyone would do it. The hard… is what makes it great.” – Still it doesn’t seem like losing my job, career and risking my freedom made any difference.
Hello, I would like to comment on New Day. I started a Refi in May 2020 and in June 2020 I got word I did not qualify and I have two houses DUH!! They also held a 14 year Bankrupsy as the reason. I explained them the law but to no avail. They said: NO INCOME REQUIREMENT yes right Mr TIMi keep asking for it I said No way he said that He will write a letter for and I said that was illegal and I will not sign it he was mad because he knew he was wrong and losing a customer. Now I have study Law in the military and Retired US Army Sergeant Major I knew better Be Ware VETS !! It cost me $10,000 to save $ 2000. per year!!! great savings huh
Just received a letter from Julian stating I withdrew my application from NewDay USA. NOT true. He called me and stated I did not have the title in my name, because I had my loan through CalVet with the State of California. CalVet is a quasi-governmental organization established by the state legislature.
In his letter Julian stated he would “… make every effort to meet my specific needs”. All he had to do was to make a single phone call to CalVet Loans, State of California. They would have explained a simple process to acquire the loan. They assured me that they do it all the time.
Suggestion: Next time place a phone call.
Cheers
AMERISAVE MORTGAGE COMPANY WILL TELL YOU THEY CAN BEAT ALL OTHER MORTGAGE LINDERS. They will do most of the things they say, then 90 percent through the process, they will find things that the military veteran will have a hard time securing. Then the loan processor will stop talking to you. He will not call you back or answer the phone. My loan officer in Atlanta did this twice, then the appraiser they sent out to appraise my house came late and was pissed because the paperwork was not ready, then when he did come to do the appraisal, he acted as if he was a DEA officer looking for drugs…therefore, appraised my home low. He told me I had to move some classic vehicles that were on the property legally, tagged and in good shape. He did not measure the property correctly, missed the size by 8 tenths of an acre ($90,000) The appraiser, Mr. Heart, missed my appraisal by almost $100,000. The mortgage loan officer will act as he is your best friend, then when something comes up that happens when doing a REFI with cash out, then he will act as he just dropped off the face of the earth. NO MORE CONTACT BY ANY MEANS, THEN THE COMPANY, AMERISAVE,WILL CLOSE YOUR FILE FOR COMPLETINESS OR THEY HAVE DECIDED THEY CAN NOT DO THE REFINANCE LOAN. THEY THEN REMOVE ALL THE CONTENT. THIS HAPPENED TWO TIMES WITH AMERISAVE. They wasted six months of my time, cost me $500. and still no REFI. STAY AWAY FROM AMERISAVE!!!!!
Is there any chance NewDayUSA has ANY ties with the mortgage company New Century? Their speel sounds very similar and New Century trageted specifically veterans and disabled… They where shut down around 2007 I think. Their benefactors sued them over several fraudulant activities including lies to their share holders. Between 2004 and 2006 New Century originated thousands of illegal mortgages. Ours was done in August 2005.. Yes. We where victims and still are because we where among the number of victims the legal actions missed or forgot. All I can say is… Do your due dilligance. If it sounds too good to be true, with mortgage lending, it most definately is.
Well I am heart broken after reading all the negative comments. I am an 87 year old veteran and I just lost my wife in December. Thought I would refinance my home to help lower my $850 house paymentss. A gentleman by the Name of Jonathan Anthony Babula took all my information and I faxed in my DD214 and authorization forms. I locked in a 2.99 rate which was lower than my 3.5 with my present lender. Quoted me a payment of $529 which was very favorable to me. He mentioned he would be in touch daily with me, that was March 16, 2020. I have tried to call him daily since that time and left messages on his answering service with not a response. What do I do now. He mentioned my closing date as March 30, 2020 and they would even come to my residence to close. Sounded like a sweet deal, but after reading all these comments I think I got snookered. Am I right???
They are deceptive and quote you a rate that requires a very large buydown fee. They payment sell you.
Not clear and truthful at all.
Avoid
Thanks to everyone for the info. I was about to call them when I noticed the number of complaints. I was just quoted a 2.875% VA loan through Mr. Cooper, my current lender. Thats down from my current loan of 3.65% I think I will go through them again. Haven’t had any problems with them.
Who is Mr. Cooper? Could I have the lenders contact info?
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I would like to thank all of you for keeping me from making a mistake! Was just curious and wanted to compare to NFCU. I will not be going the “New Day” way.
Do yourself a favor and run as fast as you can away from NFCU. They screwed me good. They were my bank for a couple of years. I am a disabled Vietnam Vet. I had a credit card with them with a $9000.00 limit. When I was ready to buy, I naturally went with NFCU. I found the house I wanted and it was a sweet deal. Moving from Cal. to Nevada. About 60 miles from Vegas. Beautiful house for $187,000. You can’t buy a dog house in Cal. for that. 30 days into escrow on a VA loan at 4%. I’m wondering why we haven’t closed. I get a call from NFCU saying that the VA turned me down. I was shocked, didn’t know what to do. They said, we have this in house loan we can let you have at 6.8% interest. I didn’t want to loose the home, it was my dream home, so I took it. After we closed, I called the VA to find out why. They said, we didn’t turn you down, we see nothing wrong with your application. NFCU screwed me good and there was nothing I could do about it. I tried everybody. I figured they got me for about $8000.00 more than I would have paid with a VA loan. So I stopped paying on my credit card. I didn’t care about my credit. I got my money back.
Simply awful.
The interest rates were almost a point higher than I could get elsewhere. They seem to bungle everything and for that I owe them a debt of gratitude. You see if they hadn’t done things like miss my closing date by more than a month, have to redo paperwork, and fail to send me documents on many occasions I might have actually closed the loan. But because of all that and a little voice inside me saying all is not well, I started to investigate and search out the experiences others have had. I had no idea that NewDay is not a “real” VA affiliated company, but instead just a managed group of brokers and bankers held together within the fabric of this NewDay thing. Then a retired Admiral and a female Marine put you at ease when if you check out the real chain of command it is much more varied. This is just a company that uses our sense of duty and loyalty to get us to trust them while they hand out higher priced loans than any one of us could actually qualify for.
I may not be a retired flag officer, but I am a retired Army officer, and our motto was, I will not lie, cheat, nor steal, or tolerate those who do.
Advise to all! STAY AWAY FROM NEW DAY MORTGAGE!!! They are scam artist. I applied for refi loan and cancelled immediatly when i reviewed the loan disclosure. They will knock your head off!
I have been calling them a few times a day now. I have only been able to get a hold of a live person 1 time. Since then it is like Mike Day has been avoiding me. Should I stop trying to contact New Day or keep trying?
Quit trying they are liars beyond their control. The admiral is a fluke who couldn’t sell cow or horse manure where fertilizer is made. Charles Britt.
Try Navy Federal Credit Union.
you should get hat and run they are not good
I don’t know if this so called admiral is an admiral over a yacht club but any veteran who vouched for this New Day is screwing over many vets with unreliable info. The best way to get a va loan is to go to the va itself to find out the best way to get that benefit who they get the best bank used for helping vets. Don’t trust tv advertisements for lawyers, insurance, loans, anything. If they have to use tv advertisements to sell their product, that should be a red flag who not to use.
Please send me a list of honorable lenders for home refinance loans. My husband is a veteran and I am losing my job! We need to refinance our home ASAP! Any information would be appreciated. Thank you
Navy Federal Credit Union!!
call UNITED VETERANS Columbia missouri
Where can we find an honest loan institution that has low interest rates and long payback dates for veterans? My husband is disabled and now I am losing my job. Any information would be greatly appreciated!
Navy Federal Credit Union
“The NewDay USA 100 loan”??? People, The VA loan program offers 100% loans to veterans regardless of the mortgage company or financial institution you use. This is only one of the many lies NewDay spews out in their ads. NewDay has no special relationship with the VA and are not responsible for obtaining any benefits for veterans. They can’t – and wouldn’t ever – offer a veteran anything more than any other mortgage company or financial institution offering mortgage loans to veterans. In fact numerous reviews indicate NewDay offers worse rates, higher fees, and takes longer to process a loan for veterans than most other companies. NewDay was fined $2 million in 2015 for being dishonest with veterans and for paying kickbacks. What more do you need to know?
We canceled our application with freedom mortgage because we didnt like the way we were being treated and we decided to go with new day. We signed for a 30 year mortgage and after a year and seven months of making our payments on time and never missing a payment , they drop us like a bad habit and send us back to freedom with no reasonable explanation.
They quoted me 5.25% for a VA loan. That is a full 1% higher than I was quoted from another lender for the same VA loan. That’s actually very disturbing given that they are here to “help” veterans.
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I am sorry to see a Ret. U.S.Navy Admiral turn into a scum sucking high pressure salesman in the low life loan industry!
I am selling a home left to me after my mother’s passing. The people who have been renting the home wish to buy and have been working with an agent named Aaron from New Day VA loans out of Maryland. I am stunned at what this agent has put these buyers through so far. He promised a free appraisal (as New Day advertises) and then charged them $650 stating that the free appraisal policy no longer exists. He promised closing costs would be around $1200 and now have soared to nearly $7000! This is on the sale of a $110,000 house! Insane! I have advised them to cancel any further negotiations with this group and file a formal complaint and seek legal help.