Consumer Complaints & Reviews
Applied for VA refinance loan. I am retired, have plenty in the bank to pay off my home or mortgage if I want to but for tax and liquidity reasons prefer to just refinance. Amy ** pulled my Transunion credit score which was over 800. She needed one more score but I had to remove the freeze on one of them (Experian or Equifax). Executed temporary unfreeze for 24 hours from 9-10 Aug, called her and let her know. On 11 Aug I get a voicemail from her stating that because she still can't pull a 2nd report, she will have to put my application on hold.
I called her back and asked her if she had attempted to contact me to let me know there was a problem so that I could call the credit bureau that I had paid a fee to unfreeze my report. She hesitated, then said she had (I later searched my phone and found no missed calls or voicemails from her). The subject of my lack of employment came up again in the conversation. I asked her if that was going to prevent approval even if the other report comes back with a credit score over 800 and she said yes. I told her that this would have been helpful to know before wasting my time (and the money I paid for the Experian fee). She stated that it made no difference how much money I have in reserve, as they would only consider actual "income". On a side note: in my research for another lender I learned that there is NO INCOME REQUIREMENT FOR IRRRL LOAN!!!
When I called and told them my credit score of 587 they said they could not assist me because it needed to be 620 or more and cut the conversation short. Hmm and your welcome. I served for my country.
I have been communicating with Andrew and he is giving me the impression that this is not a company that I want to deal with. He does not call or answer my email. His initial email asks over 25 questions including what I want to do with the money and other unwarranted questions. My wife and I would just like to learn about the program as advertised on TV by Col. Lynch all the time. One would think that a company that wants to deal with veterans and that spends millions for advertising would be a little more professional. What a waste.
My husband is a veteran and watching the television commercial it sounded like something we would be interested in. After 3 months into the application, the person supposedly helping with the loan continued to ask for ridiculous evidence of our qualifications for the refinance loan. With the last phone call from them, I recall that they were recanting on their offer that they originally made and were changing some of the important points, which they had used to convince us that it was a good deal. These people should not be allowed to continued to prey on VA families, as they disrespect veterans. This was very sad for us.
I am a Veteran of 10 years active duty service. Like millions of other middle-aged, middle-class men, I lost my job and was unemployed for 15 months before finally landing another job. We missed mortgage payments, but prior to missing any we notified our mortgage company (OCWEN) of our issues. They promised to "work with us" and that our credit would not be affected adversely as long as we communicated with them. This complaint is not about OCWEN - that will be a subsequent complaint. When things became desperate and in order to avoid being thrown out on the street including our 10-year-old daughter - we pulled all our pension money out and brought our mortgage current. We then sought out help from NewDay to refinance and hopefully reduce our interest rate and combine 1st and 2nd mortgages in order to hopefully reduce the monthly total as well, as the new job pays 1/3 what the old job paid.
NewDay said no problem, as long as our current mortgage company revised the status of our mortgage to current, which OCWEN did. I called the NewDay rep again. He pulled our credit report and said that the report does show current, but still shows the months that were not paid on time. Clearly, NewDay is ONLY interested in providing mortgages to those with PERFECT credit ratings and histories and has no interest in helping veterans and their families who fell on hard times and need the help that NewDay advertises they are all about. To say NEWDAY IS A SCAM IS AN UNDERSTATEMENT. Retired Rear Admiral Lynch should be ashamed of himself. The FTC should close down their ads as FALSE ADVERTISING. They should be blacklisted on the BBB, and frankly, as scam artists, they should go straight to jail.
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We contacted them in regards to getting a home loan. Following a short sale, our credit score are good. We have only had 2 late payments in our credit history which were to be able to file for short sale. They say they will do all they can to help but when I called them they stated no matter what credit score was and no matter we only had 2 late payments in over 20 years of credit history they would make us wait 5 years, yes 5 years! Normal banks only require 2 years and New Day had a much higher percentage rate. They are a scam. They don't want to help veterans. They only want perfect credit people to issue loans to. Very disappointed in a company that states they "are here to give a hand up to veterans". It really should be "we are here to try and take advantage of veterans".
NewDay USA is a huge scam and they are preying on Military Veterans and Disabled Military Veteran! Save yourselves your time and money and stay away. They don't care about Veterans, they just care about making money off Veterans. It's a major disrespect to us Veterans. STAY AWAY!!
I have read some of the reviews about NewDay USA since my refinancing and can honestly say I wish I had read them prior because I would have chosen a different financial institute to do business with. As a disabled veteran, I fell for them saying that they waived many of the fees for being disabled. My process began in Nov 2015 and I just finally closed on the deal Apr 2, 2016. We went back and forth numerous times over a five or six week period about a private road maintenance agreement and when I was told to get it signed because it was good the next day I received an email stating more changes had to be made. This was the kind of hoops I had to jump through and headaches I had to put up with. They drag their feet over this to where they wanted me to pay for another termite inspection which I refused to do so.
My agent then said they would try to waive it but were waiving more than usual for me to which I responded I was a disabled vet and you offered those waivers. Before closing day the dollar amount was given to me for a refund and at closing the amount was about 500 dollars less than quoted to me. Upon talking to the agent handling my paperwork he began to try to justify where the 500 dollars went and how I was going to be saving money in the long run. Never got a definite answer about the 500 dollars. My experience with this company was just about the worst experience I have ever dealt with in my life. Again I say I really wished I had done a little digging into the background of the company that is all for the veteran. VETERANS BEWARE!!! This company is truly not what you would think it is.
The ad on television is a farce. Tom Lynch is a sham! This company has no idea what a veteran goes through. In these tough economic times Vets have had financial issues like everyone else. I applied for a VA loan and this company wants you to be perfect. No credit blemishes even though I have a credit score of over 700. They would not give me a mortgage because I lost a home almost five years ago. Went to another company and was pre-approved in two days! New Day has also been under investigation. Fellow Veterans, stay as far away as you can!!!
I recently applied for a VA backed loan from New Day USA. I had seen the TV commercials featuring ADM Tom Lynch. His strong message to Veterans got me to call the 800 number. I was so glad I made the call. When the representative answered, he gave me his telephone number and said he would be with me through the entire loan application process. That impressed me greatly. We were in frequent contact by both email and telephone throughout the process. He worked extremely hard in gathering all the information and documents he needed from me to complete the process. As stated by ADM Lynch, I was able to refinance my home loan with a lower payment, pay off credit card debt, and have money in the bank. I was finally able to have my house painted with the money I received. This entire process was the most pleasant I have ever had. I highly recommend that any Veteran looking to refinance a home loan contact New Day USA.
It is amazing that this corporation is allow to remain in business. It is one of most high pressure sales organizations that I have ever run across and all they want to do is sell, sell and sell more. They want to get you the highest mortgage that you can legally afford so that the sales commissions of the mortgage specialists can make huge amounts of money. They really don't care about us as Veterans, they just want to make money off us. Shame on you Ross **, our mortgage officer and I am glad that I joined USAA who are the most professional group of people I have ever met. Down with NewDay, up with USAA!!
Almost every day I get an UNWANTED, UNSOLICITED, mailer from New Day USA, despite these facts: I'm not a veteran, nor am I closely related to any. Am not interested in borrowing, refinancing or anything else from this company. I am on the National do not mail list. I have called and requested to be removed from their mailing list many times and every time I was promised I would be removed. So they are liars, too!
I am an environmentalist that does everything I can to reduce my carbon footprint and am appalled and offended daily by their callous waste of paper sending millions of unwanted mail. Everything about this company offends me. I would NEVER do business with them! I would be willing to join any boycott, protest or overthrow of this company and would love to see their board publicly outed for the scum sucking lowlifes preying on veterans that they are!
Should have read comments from your readers... They are very accurate on fraudulent type activities carried on by NewDay. All negative comments they nitpicked about were answered in most positive responses. They stalled me for more than 4 months and still have not accepted or declined my application. Have gone through at least 3 POC's since application began. Am so ticked off... I penned up letters to the mighty Admiral and complained, but no response. Any former military officer should be very aware of the negative conduct his subordinates/associates.
Researched a legitimate bank for my mortgage and got positive response. I compared cost figures from NEWDAY and other bank and was astounded to see that NEWDAY costs were nearly double figures I received from competitor. The Admiral must be receiving one-hell-of-paycheck to put his name and his reputation on the line for a firm, in my opinion is conducting business in a most dubious/deceitful manner.
Had I known I was going to get a run around on where to send my payment, I would have gone with another loan company. You should have ONE place that payments go to!!!
I too believed the tv ads, and found nonsense and craziness beyond belief! Questions that were not only non-stop, but also unnecessary. (Some were downright intrusive.) I received more paperwork than on induction in the Navy & Army combined! The final straw came with a bill for $4455.02! I guess this was my "benefit" as a veteran! I wanted to vent with these folks when I trashed their paperwork, but they very nicely fail to provide an email address. They sure caused me lots of grief, and held up the process of getting my home. Thanks so much NewDay USA!
We applied for a first time VA Loan after seeing the convincing TV commercials. They quoted us a rate of over 1% higher and tens of thousands of dollars in fees higher than other VA Lenders. We have excellent credit. We took our business elsewhere and it makes me sick to my stomach every time I see their ads on TV fearing that some other veteran will be suckered in. In my opinion, They should start a New Day by having their license revoked.
This experience has been awful from the beginning. We went through three loan officers because the company kept losing their employees. Plus paperwork had to be signed numerous times and mailed at our expense. The "FREE " appraisal that is advertised is not free but added into loan charges. We were told after almost three months process that we should re-apply in May 2016 due to one late payment on a current second mortgage with a perfect first mortgage payment history. What a waste of money and time on our part. Veterans beware.
First of all the high review I read sounds fake. I am an Army Vet. NewDay scammed me all the way till credit score time. After the credit report that's when Kyiera tells me they don't accept anyone that's been late within the last FIVE years on home payment! Could have told me that information up front before pulling my credit and getting all my info that they are just gonna sell. They are not an up front company or a vet company. They are just a shady company wanting people with perfect credit regardless if you have very good credit. SO YOU BETTER HAVE PERFECT CREDIT. Called another in State company and got approved right off the bat for $400000 g's. Kiss my money bags, goodbye NewDay!!!
It appears New Day USA is only for veterans who own a home, but if you own a Mobile Home you don't qualify, and I was only asking a loan for $10,000.00, so I guess what I own for a home isn't good enough to even qualify. It disturbs me to know that just because I don't live in a $60,000.00 home or higher they won't even consider me so I can do some home repairs, I even own my mobile home now free and clear so it should have made the process easier.
This was the worst experience I have ever had dealing with a company. I tried to get a loan thru NewDay. I started the process may 4th 2015 after giving them all the info they requested and performing repairs to my house as per the FHA appraiser. They said on July 13, 2015 that the loan was declined due to condition of the house. They need the condition of the house in may 2015. So why it took an additional 45 days for them to come to that conclusion I have no idea. They contacted my employer without my knowledge. So who else knows what additional information they requested without my knowledge after they knew the condition of the house.
If they didn't want to do business with me then they should have been upfront. I had to go thru multiple managers to get answers. The loan officer that was assigned to me in my opinion was clueless. The only time I got answers to the status of my loan was when I became upset and demanded answers. At one point I received an email stating that they would not be working on my loan this week because they were going to concentrate on loans that were going to close in June. I would not recommend this company to my worst enemy. It was just an all around bad experience. I don't know how they are still in business.
False advertising. They do not service veterans... attempt to rip off instead.. We applied for a total of $161,000.00 and were approved on the spot. The total they finished with after their "fees" was $176,000.00. Certainly would not recommend them. Smooth talkers but a rip off. Past experiences of refinancing with other financial institutions have never exceeded $3000.00 including appraisals. The Admiral should check it out before he endorses this "company" that is stuffing their pockets from the "Veterans they seek to serve."
Had an appraisal done on house. Took 400.00 from me. Never heard anything from appraiser. NewDay can't get a hold of him. Can't get my own appraiser, has to be one approved by VA.
First and foremost I will admit that my credit history is not the greatest, however I have greatly improved that over the last 5 years paying off all my bills and finally getting my financial house in order. After a long period of calls and paperwork I was denied because of 90 day late payments almost 5 years in the past! This company does not care about Veterans as they tout in their advertisements and one little issue will stop the process immediately! I would stay well away from this false and painful process if I were you.
I called to inquire about a stream line refinance of my VA loan. I am retired Navy so when I saw their commercial about treating Veterans more than just a number I thought maybe they would be different, boy was I wrong. I went through the whole application process and they even pulled my credit, which is 772 by the way. After about 45 minutes I was told that since I was involved in a short sale back in 2011 that they would not do anything for me for five years. It didn't matter that I was able to get a VA loan for my current home after only two years after the short sale. When I brought this up the guy said "our money our rules.” I feel they actual treat veterans worse than many other financial institutions that deal with VA loans. I will never have anything else to do with such an egotistical company ever again. Sad excuse for a company that says they treat veterans better than others.
Be very careful on loan fees, etc. They can be a lot. Shop around, the fees are much better elsewhere.
I contacted NewDay USA to find out what their loan rates were for a 15 year fixed rate mortgage. I did not want to give the guy my Social Security number to enable him to get a credit check because I already knew my FICO score which was almost 800. He insisted, and I caved. Too bad I didn't read the reviews before contacting them. The guy said he would pass my info along to someone who could help me within 24 hours. Haven't heard from them, and I'm sorry I was duped into believing their (false) advertising.
This company is a scam, they promised to refinance my home and added $10,000 in fees not including interest. They had me pay for an appraisal and then denied the refi because the home did not appraise high enough when the $10,000 was added. These people should be shut down and forced to stop preying on military people.
I was refused a loan with NewDay and their reason was is that I have not made a mortgage payment in many years. Even though I have credit ratings in the mid 700s with all three credit agencies. This outfit is a ripoff company and is not the least bit interested in the Veteran. All they want is your money. My best advice is stay away from NewDay. Their whole program is BS. The Admiral on TV should be ashamed of himself for trying to sucker in the Veteran who served his country. He should recant his statement. I wonder how much he was PAID to do this AD. You know I doubt if anybody at NewDay was ever in the service of his or her country.
They wouldn't consider me for a debt consolidation loan. I was told by a representative that I must have a mortgage in order to get equity from my house. After I filled out an online application, I was sent a disapproval with extreme disorders with my credit etc. The part about a veteran being more than a credit score is an insult to me, a veteran. A totally bad experience for me; it's as if I was pushed aside for being too small in my request for a small loan.
Had a very positive experience. Contacted New Day in late August 2014 and closed loan in 5 weeks at a lower interest rate that we had. We had allowed ourselves (wife and I) to take on too much debt while supporting our unemployed son who needed major surgery. Rep at New Day worked with us and we could not be happier. We paid off most of our debt while reducing our interest rate! Our FICO score this morning is 829!
Michele LernerMortgage & Real Estate Contributing Editor
Michele Lerner, author of “HOMEBUYING: Tough Times, First Time, Any Time”, has been writing about personal finance and real estate for more than two decades. Michele writes for regional, national and international publications in print and online for a variety of audiences including consumers, real estate investors, business owners and real estate professionals.
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NewDay USA is a mortgage team that is mostly comprised of veterans. It is dedicated to providing veterans with maximum benefits, including special mortgage or reverse mortgage terms.
- Offers VA benefits as well as reverse mortgages: Veterans may qualify for even more funds as a result of having served or continuing to serve with the U.S. military.
- Quick turnaround: NewDay USA processes reverse mortgages within 30 days of application, so consumers get access to money quickly.
- Online and phone customer support: Customers can get support online or over the phone 24 hours a day.
- Focus: Consumers may have a hard time finding information on reverse mortgage products because NewDay USA offers other types of loans as well.
- Information: NewDay USA doesn’t offer any information online about what reverse mortgages are or how they work.
- Best for Seniors on fixed income and seniors who want to enjoy their later years.
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NewDay USA Profile
- Company Name:
- NewDay USA
- 8160 Maple Lawn Blvd, Suite 300
Fulton, MD 20759
- Year Founded: