Ginnie Mae review finds significant reduction in prepayment speeds
FULTON, Md., Sept. 17, 2019 /PRNewswire/ -- 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. Currently, NewDay is 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 Chief Executive Officer 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."
About NewDay USA
NewDay USA is a nationwide VA mortgage lender focused on helping active military personnel, veterans, and their families achieve their financial and housing goals. NewDay USA is also a Ginnie Mae (GNMA) approved issuer/servicer. The company employs best practices in mortgage lending and career growth for mortgage professionals. Consistent with its mission, NewDay is a philanthropic partner of numerous organizations focused on assisting military veterans and their families in need. The NewDay USA Foundation provides four-year scholarships to the children of fallen and severely disabled military veterans to attend JROTC military high schools across the nation. The company is also a major philanthropic partner of the Medal of Honor Foundation, the USO, Boulder Crest Retreat for Military and Veteran Wellness, and is a major sponsor of the Military Bowl. Community service and giving back in the form of volunteerism also plays a significant role among the NewDay USA workforce. NewDay USA is a registered trade name of New Day Financial, LLC, which is a key holding of Chrysalis Holdings, LLC, a premier private investment company focused on the financial services industry. For more information about NewDay USA, visit www.newdayusa.com.
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