NewDay USA, one of the nation's largest VA mortgage lenders serving veterans and servicemembers, has been approved as a Ginnie Mae Servicer Seller for VA loan production. NewDay is currently approved to issue Ginnie Mae I and II securities for FHA multi-issuer securities.
Based on current origination volume, NewDay USA is projected to be a top-five VA lender in the U.S. in 2019. The company provides veterans and servicemembers and their families an opportunity to take advantage of their earned VA benefits to achieve the American dream of homeownership, as well as save money through refinancing.
"The Ginnie Mae program provides critical mortgage financing for our nation's veterans and active duty military, and the NewDay USA team values the ability to fully participate in its single-family programs," NewDay Founder and CEO Rob Posner said. "Our information-based strategy that focuses on analytics and credit risk is unique in the mortgage industry, and ensures we produce exemplary portfolio loan performance. Additionally, upon Ginnie Mae review, our prepayment activity has shown a significant reduction in prepayment speeds, and meets Ginnie Mae guidelines."
Military borrowers seeking to purchase a home through NewDay USA's Operation Home, as well as those who are seeking to refinance at today's near-record low interest rates, will benefit from NewDay's participation in the Ginnie Mae programs.
"With today's announcement, military families, who have sacrificed so much for our country, will have the best possible menu of home financing options at NewDay," NewDay Chairman Retired Rear Admiral Thomas Lynch said. "I am proud of our team and our culture of serving those who have so bravely served our country."