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Such a great company with such a great purpose. Helping veterans is so admirable and this company strives to go above and beyond for each and every vet. A lot of people wrote poor reviews and I’m wondering if we are even reviewing the same company because in my experience it is nothing less than 5 stars. Of course they can’t help everyone and just because you are a vet doesn’t mean you are entitled to a loan. I’m glad you served but your credit score is 500 how do you honestly expect to get a loan? But I digress. All in all great company!
I was in the mortgage business for years so have experience with fees and charges. I didn't follow through with using this company because their fees were outrageous. They were charging a higher interest rate and fees in excess of 10,000 of who I ended up going through. This company is taking advantage of veterans and stay away from them.
NewDay USA is a scam to try hitting vets when they're down. Unfortunately, at the time I applied, I was not... Lewis ** on August 2 lied about my FICO Score being below 740 and said it was the only way. I have a 748 mid score. Tried to raise my 3.5% loan to a 3.75% with a buy down of $3k for a 1/2 point. WHAT??? They're a scam. I called Mr. ** on the line and he says, "they vary." I said, "Yes they do but mortgage companies use the mid score, otherwise my high is 772." They also pay the $400 for your appraisal, (but charge all closing costs. Amerisave gave me a no fee loan, just paid appraisal, way more money in my bank.)
Info: I owe $58k on a $349k house in California. Current payment $452 on a 3.5%. So definitely not desperate. Not dumb either, just purchased a car at 0% 2 months prior. I called Amerisave, same day. Ironically, even after re running my credit, my FICO goes up to 748 remarkably. I went to docs in 15 days, signed on 8/25, disbursed on 8/29, 15 yr 3.5%, no change, just paid all of my debt off. Actual New payment $972 @, 3.5%, paying off over 70k in high balance crap and my condo I own as well.
(NEWDAY PROPOSED $1298) 3.75%. The day of closing, NewDay sends me a list of 15 more things I needed to qualify for their ** loan? All Amerisave needed was basic stuff, not your entire life history. NewDay USA Supervisor called back and asked why I wasn't following through on 8/25, an hour before the notary showed up at my house to sign Amerisave Docs. I ripped him and he said he'll have his supervisor call me back. Well, no callback, of course. Silver spoon pricks who now run the Washington Mutual of 2017 with no recourse. Call Amerisave and you'll feel the speed, professionalism and relief. #NewdayUSA, #TRUMP, #MORTGAGE, #RIPOFF, #DACA.
I applied for a VA refinance and a representative named Joe called me, I asked about doing a refinance and he was talking about a cashout, I told him I wanted a refinance. He asked and received more than enough information to determine if I qualified. He said he had to run a credit report on me and then said while I was ok in that area but they could not do the mortgage because of my income. That made no sense to me as he had this information in advance and should not have had to run a credit report to determine that. This ended up with me taking a hit on my credit for no reason whatsoever. I do not want to take any action against them but my advice is to stay away from this company.
As a former USN of 13 years I got sucked into the advertisement about how they take care of their veterans. This has been a total disaster! Lies and misstatements from Alex **, our fine "agent." Calls to try to contact VP of Compliance as well as other "executives" is next to impossible. We tried to rectify these issues but only met BS and resistance. One of the worse experiences I have ever had. Please, take your business anywhere else. File complaints with BBB (they are not even recognized by), Consumer Affairs, Veteran Administration, Attorney General of your state, state and federal representatives. This company defrauds veterans and smiles all the way to the bank.
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I applied for a VA loan and was given a 4.7 interest rate and my FICO score is over 820. Ridiculous. I went with Wyndham Mortgage for 3.7 VA Loan. Looks good on TV but not so good when one applies for a VA loan with NewDay USA.
My wife and I are self-employed. We want to install a $60,000 pool and it can be hard to borrow from banks. I was turned into NewDay USA as a lender for veterans. I applied for $60k only to get an offer back that refi's my home from 3.75 to 4.75 PLUS a $21,000 closing cost (1% higher on my $250k mortgage). It would cost me almost $100,000 just to borrow the $60k, not including the interest or payments on the loan. It appears that they were trying to take ALL of the equity out of my house.
When my grandfather called them today, he got beat around the bush. We thought nothing of it because they sounded honest. Little did I know that "Being guaranteed" wasn't true. My grandfather had high hopes going in, but left angry. They asked a slaughter of personal questions that didn't get us anywhere. Plus things were "set up" so my grandfather wasn't eligible. It just makes me mad. Somebody should shut them down. Now! This is not fair or right to any veteran. I bet they just want to empty your wallet and your 401k leaving you with dashed hopes and dreams. I wish I could rate them a 0!
I recently closed a refi with New Day USA. Not only was I charged $7900 in fees, they gave me a 4.75 interest rate which when I had it looked over after the fact several people told me it was criminal and highway robbery and there's no way they should charge that amount of fee and if they did, the interest rate should've been much much lower. I feel compromised and I'm sad and I even called my mortgage contact and he said everything was above board and legal. That's all he had to say.
I called NewDay to get a home repair loan. I was approved for $12,500 but the catch was it would raise my mortgage by 280.00 a month for 30 years. That's 3,360 a year for 30 years of my mortgage that equals over one hundred thousand dollars for a 12 thousand dollar loan. Who is in charge of these vampires, don't they have any concise, moral, or feelings for American Veterans. The next time we go to combat for them we should charge them hundreds of thousands of dollars or just tell them to go kill the enemy themselves.
I applied on May 3, 2017 and was closed and received my cash-out electronic deposit by May 26, 2017... WOW!!! The customer service I received was above and beyond my expectations (Nathan ** was the best!). Just a little background of my credit: Bankruptcy (Discharged 2015), two tax liens (paid), slow credit. One note: You must have ALL your paperwork in order!!!
I called their phone number just to get some information on their NewDay 100 Home Loan advertised on TV. They called back... and said the call "might take a half an hour". I talked to a Bryce who asked me lots of questions about my home. I wanted to refinance because I had both a first loan and an expensive 2nd Line of credit loan, and hoped to reduce my interest rate. After about 35 minutes I told them my home was held in a family trust, and the loan agent said that since this was a VA related loan, they couldn't make the loan, and this was resulting in a DENIAL of my application. I hadn't even been told that I was making a formal loan application. So I said then I want to withdraw the application.
This they said they couldn't allow, since I had given them my social security number and allowed them to check my credit report. Apparently this constitutes (according to them) a formal loan application. But since VA loans cannot be made to properties in a trust, they would have to issue me a denial. I said but I have excellent credit, and an excellent FICO score, and this will be a big huge Ding on my credit report. They basically said, "Tough... you just applied for a loan, your property is in a trust, so we have to deny the loan." This was about the time they had just informed me that I had officially filled out a loan application over the phone!! I said, "But I never signed anything, so how could this be a formal loan application" and NewDay said simply it was a formal application.
That was 3 days ago, and today I received their official "denial" letter denying me a loan, AND... incorrectly stating that they had used information from my credit report to deny the loan. FALSE... They told me it was totally because the property was held in a family trust. I am going to pursue legal resolution if my credit scores take a hit. This outfit is doing a sham business in my view, since they NEVER once told me I was making an official and formal loan application until AFTER I had told them the property was held in a trust, and they informed me this resulted in denial. Angry, and willing to take action about this.
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.
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.
NewDay USA expert review by Michele Lerner
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.
Mortgage & 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 Company Information
- Company Name:
- NewDay USA
- Year Founded:
- 8160 Maple Lawn Blvd, Suite 300
- Postal Code:
- United States
- (877) 423-1400