Consumer Complaints and Reviews
My wife and I are both Navy vets. My wife is fully disabled. We have a home that has a ton of equity in it and we decided we wanted to get a cash-out loan to make some home improvements as well as afford my wife a service dog to help with her medical conditions. We decided to try NewDay USA after her father made a suggestion. What a total mistake.
We are the perfect examples of why this company is a joke. We have outstanding credit, great income, low debt, lots of equity in our home, and no late payments. But because I am an over-the-road trucker they denied us. On the grounds that I am not at home enough to be considered a permanent resident, they told us. Are these people serious? They strung us on for a month straight, making us everything fax under the sun including multiple electric/water bills proving we reside there, and at the last moment they pull the plug on us and basically give some bs excuse and leave us hanging.
But their small print and numbers tell us that we are the ones who are lucky. Their finance charges are astronomical, and we found a much better way to get the money we need without having to pay out 9k in "closing costs." Don't trust a company who fronts it with some unknown guy saying he's a Rear Admiral and how much they care for vets. If people actually DID as much as they say they care, the VA wouldn't suck and there wouldn't be a 22/day issue.
You can have a lot of money in the bank... You can own two homes free and clear... You can have the best credit... But if you don't make over $1725 a month you won't qualify. The other lenders have no such rigid standards to get a VA home loan as NewDay USA.
Today I spoke a loan representative name Cody. After taking all my credit information. He tells me I have to show that I have landlord experience on a W2 in order to get the loan amount requested. Where is that on the loan application? These people are not for service member unless it leads to a big commission for the loan officer and the lender.
Facts, they are not a mortgage lender, they are document processor, the charges for processing our loans are insane. The rates are worse. My score is 786. They hounded me for months about my income and bills. I had no bills, WHY? I cancelled the process. Navy federal credit union gave me lower rate, better online process, saved me thousands. Take note, my VA appraisal was 100% based on neighborhood comps. Bad idea, I complained to VA HQ. Lady said, "I don't care if you have totally remodelled your home, we go by neighborhood comps only." Local real estate folks and closer said appraisal was at least 50k below actual market value. So beware of what expect and what you get.
House loan. They said they don't go by credit score, well they LIED because they looked up score and said they couldn't help. But at first they said they could and didn't go by your score. Then THOMAS said VA couldn't help because we don't owe any money on the house and FHA wouldn't help because a couple late payments. So this company lied big time. So don't waste your time calling them unless you are rich... Then you don't need them.
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I did a primary application for NewDay USA, as I wanted to do a cash out refinance VA loan since I have a substantial amount of equity in my home. I read reviews online after I applied and decided that this company was not for me. I sent an email and told them "never mind" and to cancel. I received a call from Dan **, a loan specialist asking me why I wanted to cancel. To make a long story shorter, he convinced me to give them a try. I did, and it is just a little over 3 weeks since I applied and I close tomorrow with a loan that I am happy with.
After reading many negative reviews throughout the internet, I realized that many of these negative people did not qualify for the loan for which they applied and blame it on NewDay. Also, I saw comments to the effect of "I am on a fixed income and they would not work with me", or "Our VA appraiser came up with numerous repairs that needed to be done" and they slam NewDay. Well, this is not their fault obviously and I realized that the reviews are just people not doing their part or they weren't qualified for whatever reason in a lot of cases. I can tell you that when I was asked for something, I sent it. My loan officer, Dan **, is a straight shooter and the process was not complicated or drawn out. Yes, the fees are a little high, but I am happy with my loan and it was completed within 30 days. A word to the wise, take many of the negative reviews with a grain of salt.
As a Navy vet I saw the commercial and had a shadow of hope that there was someone out there who could help us get back on track and get ahead of our debt. I didn't even make it past the registration form as it was telling me I had an error to fix. The error was the spelling of my wife's name, she spells her name Hilary. I was not allowed to move past this form as it told me this was not legitimate spelling of a first name. Who has the right to tell another person how to spell their name?? Or for that matter refuse moving forward on a form because THEY don't recognize the spelling?? Would not have anything to do with this company or any other that acts in this manner.
We wanted to get a better rate and clean up some debt. I have had five previous mortgages at different addresses in the past. I am a small business owner who has had difficulties in the past with mortgage companies who would ask me to submit copy after copy of various documents. Some would ask for the same document two or three times.
So after months of watching the NewDay commercial I called the phone number. I was greeted with an introduction and a thank you for your service, I discussed my needs with a Kevin ** who was very professional and courteous. He asked me for the "various" documents and was never repetitious. Kevin expedited the process and we closed in thirty days and paid off our debt. This was the easiest mortgage or refi I have ever bought. I recommend NewDay and Kevin very highly. I will return to NewDay if I have any future mortgage needs. Call them!
My father used NewDay USA and referred me to them. I can't speak highly enough as to how smooth, transparent and positive my experience was. The whole process took three weeks. Veteran friends used other lending institutes and had horrible experiences and even some of the good ones took 4 months. Kevin was patient, informative, transparent and reviewed my numbers every time I asked. I got a solid deal and accomplished all the goals with this loan I needed to. I highly recommend NewDay USA 100 if this is the type of loan you are looking for.
I am a Navy Retired Veteran looking to finance my home. I have a contract for deed in Minnesota and saw the commercial on NewDay USA and thought it sounds good. Boy was I a fool. After spending lots of cash to fax papers to Teddy, I found out I was declined the loan because I could not prove my address. WTF. I lived here for 6 years. My property tax bill has my name, address, utilities in my name. The reason is bull. Never had I ever been so disappointed in the bull that this place hands out 2 customers out of many like this place. I hope that ** Admiral is reading this complaint.
Idiots. Turned down over the phone. I am a decorated Vietnam Vet with 70% disability. Credit score only 680. Never late on existing mortgage. Never asked me any pertinent questions. Got the initial hype that "they are here for all of us who served". Just awful people.
This needs to have a "zero stars" option. So the NewDay mortgage representative said "your application looks excellent, credit score is great, no income issues ..." (provided 2 years of tax returns, I'm self employed). This went on for a few months, more and more information etc. Then finally we get the appraisal done, exactly what I estimated ($185,000) to the penny (suspicious). But we're in the home stretch then, or so I thought, but 'voila', then he calls and says "I just looked at your numbers ..." (apparently, for the FIRST TIME) ... "and oops, you're not affluent enough (didn't have enough income)."
I had even changed my residency, to the state where my home was, one with high state income tax which I now have to pay for last year. (I had been a resident of a state with no income tax). So be advised, if you're not rich, don't bother. If you are rich, go to your local bank, you don't need these creeps anyway. They claimed the VA insisted in collecting $5700 closing costs, doesn't that sound even more scummy and scummy.
I'm a U.S Navy Veteran. After watching the TV commercials ad nauseam with the 32-year veteran, I decided to call and get a quote. Spoke with Peter (last name withheld) on a Wednesday. He said he could give me a quote after about 10 minutes of questions. 50 minutes later and I'm at Defcon 4 because of all the redundant irrelevant questions and the huge time overrun. I told him that I'm hanging up since he still couldn't give me a rate, all I was asking for was a 15 or 30 year fixed rate. Every other lender I spoke to gave me that information in 10 minutes or less. So, Peter tells me he will call the next day and he'll have my options to discuss. No call the next day (Thursday) from Peter. I call his office 3 times Friday, each time leaving a message to please call me. My 3rd message may have contained a few expletives as I couldn't believe how lame this company was at returning calls & treating their perspective clients respectfully.
At the most inopportune time on Saturday evening, Peter called me. I told him I am no longer interested and hung up. 4 days later I get a ton of papers from FedEx overnight delivery. It's a packet of all the paperwork for my mortgage. I only asked for a quote and Peter sent me this packet with about 50 papers to sign, all within a specific time period, etc.. Peter called me about a week later and asked why I hadn't signed and returned all the papers. I told him, first I only wanted a quote to think about and then make a decision.
Secondly, why would I refinance at 4.4% when my current mortgage is 4.3%? That makes absolutely no sense. Why didn't you notice how ridiculous that is when you sent me that packet that I never requested? He couldn't give me an answer. I really can't recall ever having dealt with such incompetence. A woman from NewDay called me about a month after I had received the papers and asked how my experience was with NewDay. I told her horrible and please don't ever bother me again.
I don't understand why NewDay USA wants to keep wasting paper by sending me mail every month. It's ridiculous! I followed the directions and call the number, put my address in to request my address be taken off the mailing list for all mail offers and still get junk mail. What does it take? NewDay is wasting their time, my time, paper and their money. IF NEWDAY IS READING THIS STOP THE MAIL ALREADY, YOU'RE NOT GETTING MY BUSINESS!!!
Wow, there needs to be a class action lawsuit against these people. I went seven months of BS before giving up on the process. All was good in qualifying, the appraisal, income, credit report and such. Was supposed to be closing several times with all the inspections passing and then nothing. Would not hear back from them. Then when I did, the water test timed out, then the WDI inspection timed out. Then was told I could not get any more extensions and the whole process timed out. Did not even know I was even in extension mode. Dan told me I had to start all over again but said it is a good thing because I qualified for a better rate and closing cost were less. So I proceeded, everything is good and should close in a week or two.
Then after all this time a new requirement was demanded that was to have my LP heaters inspected by a HVAC inspector, and verify that they are installed to local building codes, which there are no such codes, and that they are furnished with an oxygen depletion sensor. I had furnished info on these heaters, early on, pages of the manufacturer's manual clearly stating that they do. Many months ago at this time, faxed it again but was not accepted. OK. I go through the phonebook asking HVAC Companies about the inspection now required by NewDay and these people think I am out there somewhere as they never heard of such an inspection and I could not find anyone to do it. This was just a bogus requirement. And of course, good old Dan from NewDay said he was making calls to on my behalf but did not have any success either. He even told me he did not know why this was requested.
So, then while this was happening, all of a sudden the original appraisal had timed out and that another one had to be done. I could not believe my ears. Are you kidding me? I finally said "Forget it. I do not want your loan." It was during the last couple of months in my 7 months of faxing this and that, arranging inspections, spending over 2,000.00 I really started looking into them and wished I did before I ever made that call long ago.
When you see a commercial such as theirs several times a day, (FOR AND ON BEHALF OF VETERANS), you think you would be treated fairly and apply for a benefit (THAT YOU DID IN FACT EARN). I realize that some of us qualify for what we are looking for and some of us do not, but surely, if you do not, you would think you would be told from the start and not drag someone through the coals for 7 months. I think a lot of what goes on with them and their methods has nothing to do with the VA at all.
This is a bogus company which seems to be very arbitrary and unethical. I have saved every email and every document, that state the apparent false status through my process and the time lapses that were intentionally executed to time out my process. (2 times.) I do not intend to let this go and that is why you are reading this. Please save yourself your dignity and do not waste your time. The Admiral in the commercial should be ashamed of himself and NewDay should be shut DOWN.
Waste of time. Spent close to an hour chatting with Acct. Exec. Although I have three other Lenders waiting for me to call and close with them, New Day decided I wasn't a candidate for refi. I believe New Day is highly scrutinizing Veterans and only financing those well positioned. If you got a 600 something score (mine was 680) they do not seem interested and will WASTE YOUR TIME FILTERING FOR HIGH CREDIT SCORES!
The commercials by this company look great, but the retired admiral representing NewDay should be ashamed of himself. After viewing this commercial several times I decided to call. After reviewing my situation they said "sorry, we can't help." I had a credit score over 800, and am a vet. My current mortgagor, Green Tree said yes, they could refinance me, Quicken Loans said yes, MiLEND said yes, and Loan Depot said yes. We ended up going with MiLEND, and were very satisfied with the results. I WOULD NEVER CONTACT NEWDAY loans, and I resent their implied support of veterans. I think it is a scam, and gave them one star only because I couldn't give give them zero.
I am a 77 yr old disabled vet. I receive $1500 per month income. I haver no active loans. My "scores" are at 644. I am qualified for the VA loan. I earned serving approx 4 yrs (1958-1960). NewDay seemed to be interested in making a loan on a $56,000. Cond in Banner Elk NC 28204. My only liabilities I am aware of at $550 monthly lease option rent for a full year. Prior to that I paid $550 per month on a rental that burned down because of a Lexmark printer explosion according to the fire marshal. In all cases I paid my monthly rent of $550 per month on the 5th of each month by automatic bank draft. I have paid my monthly living expenses each and every month.
NewDay disqualified me because "income insufficient for amount of credit required" ($56K. Being a low-income Vet with disabilities). I find NewDay's "reason" for denial extremely offensive and highly discriminatory. Do the math. PITI on a $56K home loan (VA) would, in fact LOWER my monthly housing expense from $550 to under $400 per mo (approx) effective giving me a "raise" in my income by around $$150 per month. I held no secrets from NewDay when I was solicited for a loan.
I harbor no illusion that this "complaint" will result in anything but "Trump" like excuses. I would RECOMMEND that any Vets low income seeking for secure a home with VA benefits they earned serving their county to AVOID the humiliation set forth by New Day. I also suggest "New Day" to change its name to BAD DAY. Thank you for this forum for whatever good my experience may do to assist other low income disabled vets.
I'm not quite sure why there are too many negative comments about this company. My husband and I refinanced and took cash out to pay off some debts in mid-July 2016. The process took about 45 days. We have substantial amount of debts but our income combined is pretty good. Credit score is about 680+. We closed last Friday and received all the checks yesterday to pay off our creditors. We are very happy about that. Yes there's tons of fees that they charge but they were able to waived about 10k so they can approved the loan. We didn't have any issue with the fees because we are paying off at least 70% of our debts. Ben ** had helped and guided us through the process. I would say the process is a little tedious but I can understand why. We had refinance before but we had never taken cash out of our equity. We didn't pay anything for appraisal nor termite inspection.
I think people maybe having issues is because they are not meeting all the requirements that company are requesting. We were on top of everything. Every documents they requested we ensure they are available within hours max 24 hrs from the time they requested it. We comply in everything they needed us to do. We are very happy!!! Thank you NewDay USA!!!
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.
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!!
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.
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 Company Profile
- Company Name:
- NewDay USA
- Year Founded:
- 8160 Maple Lawn Blvd, Suite 300
- Postal Code:
- United States