NewDay USA, a VA mortgage company, announced it is hiring more than 100 new employees in the Baltimore, Maryland, area to meet rising loan demand. The recruits will be trained at NewDay USA University, the company’s training facility, to become the next generation of mortgage bankers for the industry.
NewDay reported its VA loan originations during the three months ending on June 30 totaled nearly 2,500 loans with an aggregate principal balance of $576 million, a 32% increase from the prior quarter. The company has determined that a staff expansion of at least 100 new team members is necessary to support its growing volume and expects to welcome the new hires by the end of September.
“Rates are retreating to near historic lows, which is creating an incredible opportunity for military families to refinance and reduce their mortgage payments by an average of $2,000 a year,” said Retired Rear Admiral Thomas Lynch, Chairman of NewDay USA, said. “I am proud that we can help the families of veterans and active-duty service members save money through their VA loan benefits.”
Many of NewDay’s employees are recruited from local colleges after graduation. Through its recruiting efforts, NewDay is creating the next generation of mortgage bankers in an industry where the average age for a loan officer today is nearly 47 according to data from STRATMOR GROUP.
“Our staff is one of the best-educated workforces thanks to the major investments we have made in NewDay University,” NewDay USA Founder and CEO Rob Posner said. “It’s these high achievers who will be running the mortgage industry in the next decade, many of whom will remain in the area and continue contributing to Baltimore’s economy.”