NewDay USA Reviews

After two previous calls in the past, I was able to start the process for refinancing our mortgage. May 6, 2020, was the day the first online papers were signed, starting the refi process. Our first experience with NewDay was flawless, this time it was a horror show because of the virus. Joe did good while we where challenged with delay after delay, starting with paperwork signing, insurance, and taxes.

The one thing that had angered us a bit was I had asked early on in the process about an additional decrease in interest rates and would we be given the lower rate. Joe had said that we would qualify for that reduction in rate.

Before the final paper was processed I asked Joe if the rate had dropped, he said yes but we where not able to get it as we were locked into the loan. May 6 to July 31, that was not the two weeks getting a refi is done. We should have been given the rate reduction once the rate changed.

Length of Use: 3–6 months

Bottom Line: Yes, I would recommend this to a friend

Was just interested in getting a good faith estimate. Instead was sent a lengthy application full of unnecessary information and told that I needed to apply for a loan before they could give the GFE.

Shouldn't have wasted the little time I spent doing the inquiry. I would recommend you don't either unless you don't care about applying for a loan you might not even use.

Bottom Line: No, I would not recommend this to a friend

Total technology experience, no face to face (except appraiser and closing attorney), always dealing with computer, messages, and phone, however, this is 2018. The coordinator says one thing that will happen, however, in the end, two days before closing, it is a totally different story. Good news, the VA loan did close, however, for $30,000 less than we told we would receive for repairs. They way the funds were dispensed were totally unprofessional; if not dangerous in this third or fourth party system.

Bottom Line: No, I would not recommend this to a friend

The most drawn-out, hardest money I have ever obtained. Lord willing and the creek don't rise, I'll never have to borrow money from them ever again. I have said everything that needs to be said. Well, one thing, it sat in underwriting for two weeks with a complete package before them. My rep didn't understand why it was taking so long, either. Oh well.

Bottom Line: No, I would not recommend this to a friend

I guess the lady I was dealing with was new. First I was told that my wife could not be on the loan. When I refused to sign the form as a sole purchaser, I was informed that gee, your wife can be on the loan after all. I was told I could pick any closing date I wanted. Due to the logistics involved, I wanted June 1st.

Two weeks prior to closing, I was assured everything was good to go for June 1st; plane tickets were purchased, reservations made, etc. A week later I was told I HAD to close on May 31st. When I started to refuse I was told that the title company and realtor had already agreed to the change and everything was set. So jumping through the hoops, we made it and closed on May 31st.

I was not happy with the service I received and will be informing all the veteran groups in which I am a member to advise everyone to approach NewDay USA being willing to double check everything you are told.

Bottom Line: No, I would not recommend this to a friend

After closing, we were given a series of checks to pay off creditor balances that had already been paid off at least 30 days earlier. In fact, one requirement was that we send a copy of the payoff for our Tempurpedic mattress, which we did. Lo and behold, we received a check to pay off the mattress after we had already done so and provided proof. When we asked Jae White to reissue a check payable to us for accounts that were already paid in full, we were told that they could not do this and it was our responsibility to send the checks to creditors and wait for a refund. This is unacceptable, and I feel it is ridiculous that we have to deal with creditors to wait for refunds when we sent proof the balances were paid, and we were never advised that NewDayUSA were paying off balances that were no longer there at closing.

Bottom Line: No, I would not recommend this to a friend

Poor people skills. Rude and short. Process was broken and sloppy. Fired first rep. Second rep didn’t really understand why that was important. Finished because of all the emotional investment. Rates went lower, but we did not benefit. Vets are conned into believing that another greedy vet has their best interest.

Bottom Line: No, I would not recommend this to a friend

I am very happy with the terms of my new mortgage. My interaction with the person responsible for guiding me through the process was not very pleasant. The fact that I was applying for a VA loan should have made it obvious that I would not be familiar with the process since we only get to do it once. My contact person with NewDay USA was demeaning and arrogant. I was not given clear instructions until after I had completed a task in the way that it made sense to me, only to be told after that it was incorrect. Further, a sense of distrust was implied.

In my initial contact, I presented a list of debts that I wanted to consolidate. The largest one was not included in the process until I discovered it after the loan amount and payments were already quoted.

I also requested an additional $3000 to be disbursed to me at closing which was completely omitted. By the time I discovered it I was so frustrated that I just let it go.

After my closing, I had no idea what was next in the process so I asked. I was told my loan would now be funded. I still had no idea what that process entailed. No one had asked for my banking information to do a direct deposit and I assumed funds would go to my account so that I could pay my debts. So I had to ask again and it was explained that individual checks for each payoff would be overnighted to me and I would mail them. I waited 3 days for my overnight package to be delivered.

The point is, communication was very poor. It felt like my contact was too busy to spend to much time keeping me updated or answering my questions. Using email for this entire process is ludicrous. I could spend all day writing an email that would contain the same information that a 5-minute phone call could accomplish.

The young man that handled my process may be doing exactly what he was trained to do. If he was, you should rethink your training.

Bottom Line: Yes, I would recommend this to a friend

Always needed one more thing...process delayed and interest rate lock expired. Agent had to re-lock rate but would not get new rate even after Feds lowered interest rates another 1/4%, closed on Saturday, the 23rd of November, Agent stated loan will fund on Friday, the 29th of November and consolidation checks will be delivered Saturday, the 30th of November by overnight carrier. Monday, December 2nd has come and gone with no overnight delivery. Called agent and asked for the name of the carrier and tracking number but he was unable to provide and can not confirm if anything had even shipped out. So still waiting...without any information. And this was a VA Refinance with significant cost and funding fees. Big mistake!

Bottom Line: No, I would not recommend this to a friend

My loan officer Brandon was very helpful, I just feel my rate should have been lower. My appraisal was off by $50k. So I paid your high fees and got basically nothing out of it. Will not recommend to other Veterans. Comps were taken from Hamilton, not where I live, which is Hanover TWP. Huge difference in real estate values.

Bottom Line: No, I would not recommend this to a friend

I knew going into this that at 1% origination cost NewDay USA was significantly more expensive than other lenders. I expected that NewDay was experienced and the process would be as easy as my last refinance. What I did not realize was that while the nice, respectful agent who was willing to work with me after 5 pm when I got home from work had no experience and no oversight. My home has significantly increased in value, 50%, in six years. I have never missed a payment. I chose to refinance to pay off credit card debt. My agent Cody was right on it, calling me nightly making sure I got my appraisal. After that, he only called when he needed something ASAP. Documents he couldn't accept because they were encrypted, and needed me to re-send my PII unencrypted. Then he didn't even warn me, I just got a call from a random credit agency and I had to chase my agent down to tell me they needed to validate my most recent mortgage payments. (I was...just supposed to trust a random call from a credit agency?) But I did it. So imagine my surprise when I call him the night before my closing - agreed upon and still "cleared to close" on 1/17 on my dashboard - when he tells me no, the company can't close for a week after I electronically signed the electronic copy of the paperwork I had just received. When I follow-up again, he says I'm cleared to close, but he can't schedule the notary. And when I close with the notary on 1/24, I realize that my agent had lied to me (it is on your phone record) about being able to pay my mortgage 1/2 every two weeks when I get paid. Which is called "partial payments" and is not an allowed option on my new mortgage. So now I am sitting at home, filling out the paperwork to go with these stupid creditor checks that I have to mail myself just so you can keep the money for a few more days by not wiring it to me to pay online, and I am very, very angry.

Bottom Line: No, I would not recommend this to a friend

I'm already skeptical about giving my SSN over the phone. Once I gave the agent all the information I haven't been able to contact the agent since. This is making me feel like I've been scammed by this company. Please be prompt about your response. Thank you.

Bottom Line: No, I would not recommend this to a friend

This review is for a specific Account Executive who initiated a credit pull on me through Credit Plus without my consent. I only inquired what NewDay was offering since I already know what my current mortgage company is offering. I told this Account Executor who goes by the name Edmund that I will call him after a couple of days after I decided who to go with. But, I did not realize that Edmund already initiated a credit pull and sent all the paperwork in the mail and in email. When I told him after two days that I decided to go with my current mortgage company, he was very upset and even raised his voice on me letting me know how mad he was. I reminded him of our initial conversation over the phone but it did not matter. After that, NewDay USA keeps calling my home phone and keeps sending solicitation mails even though I told them to stop. I think they are only nice if you refinance with them. I found out about the credit pull when I did a credit report through my ID website.

Bottom Line: No, I would not recommend this to a friend

Bottom Line: With one phone call after talking with NewDay, we obtained a 2.75% 15 year mortgage for over $10,000 less.

I am a recently retired U.S. Army Officer. After moving into our retirement home, we decided to refinance in order to get our finances in order. We contacted NewDay and had we gone with them (we went with another lender) we would have an interest rate a full point higher, paid two points to pay down to that "lower" interest rate (what a joke), paid a one point for loan origination fee, and paid several hundred dollars more in fee’s (VA, title services, transfer/recording fee’s, etc.) based on the higher loan amount.

We couldn't be more disappointed in NewDay, and are disgusted at the way their company targets our nation’s veterans. Their commercials are a continual reminder that - “You've given 100% to your country, now let NewDay take 3% more (and at a higher interest rate)”

Bottom Line: No, I would not recommend this to a friend

I had not seen these reviews before using New Day and wish I had. My experience through the process was not horrible but they took a very long time to get the paperwork in order. It was basically two months. We did the closing, a lot of paperwork but relatively painless. The surprise came when we were supposed to received the funding. I work as a consultant and travel. The night before the funding was to be released they are asking for copies of void checks, copies of drivers licenses. The notary had to complete a form and sign it providing the information on the licenses and we completed closing documents (multiple different forms) with both the bank routing and account information as well as the drivers license information. Everything was 100% complied with, signed and attested by the notary in the closing documents.

The whole funding delay and last minute request to jump through hoops to provide information previously provided in a legal document within the closing package just does not pass the "smell" test. Still waiting for the funding release after complying with all the "new" duplicate information. They also tried to tack on a lot of fees, most of which I rejected. I refinanced an existing mortgage and rolled in some debt with the result I should pay less on the mortgage than I had been, kept the same payoff end date and not have the other bills so it should be a great deal for me. Their failure to perform has left a sour taste on the whole situation and I hope they actually complete the funding. If not done in a couple more days, I will start the process all over again with a Colorado based lender and file a law suite against New Day. Not a happy camper!

Bottom Line: No, I would not recommend this to a friend

I own ten acres of reasonably valuable property with a double wide trailer and addition outside of Denton, Texas that is completely paid for. I needed to take out a mortgage for cash to pay for a divorce that was not my idea.

After filling out the application, etc., I received an email from Timothy O'Boyle telling me that they are unable to loan money to people who have manufactured or mobile homes. He then stopped responding to any further attempts to contact him via email or phone.

I think these guys are just middlemen processing VA loan applications anyway, adding no value to anything but their own wallets.

I suggest you look elsewhere. These guys were very unhelpful to me and seem shady.

Bottom Line: No, I would not recommend this to a friend

I applied online and they never even contacted me. Perfect credit, more than 50% equity in my home. Either they have too much business or are running some sort of a scam.

Bottom Line: No, I would not recommend this to a friend

We applied for a loan. After a month or so of going back and forth with them asking for stuff numerous times and we provide everything they ask for, they approve the loan. Then we get another email saying they need something else... Numerous times. We have never been through a strenuous process like this over a loan. The process was much easier the first time we purchased our home and to me NewDay should be ashamed of themselves. After such a long drawn out process they denied us because we were 1-2 days late on our mortgage payment 3 times out of a year. I was angry because of all the work we put in to get them the information they needed and it was just a waste of time.

Bottom Line: No, I would not recommend this to a friend

They promised us so much as a Veteran, then they took a long time to allow the mortgage to go through and when it did, a short time later they sold it. They are not Veteran friendly at all, it is a lie. We sent all of our payments in on time yet they lost one in their system. Even though they found it and the mistake, they put a mark against our credit even though they lied to us and said they would not. It's sad that they promote how they care for the Veterans. It is a scam.

Bottom Line: Yes, I would recommend this to a friend

This company is the worst mortgage company I have ever dealt with.

I applied for a VA loan in August of 2015 and all the paperwork was in within 5 days on my end. All I got from them was more and more paperwork containing updated material such as bank receipts, VA pension documents, etc. over and over again. Every time I tried to get in touch via email or phone, they never got back to me. Here it is, February of 2016 and they are asking for more updates of the paperwork I submitted multiple times. And they're still asking more of the same documents. I finally had to cancel the loan because six months to get a mortgage, seeing I'm a VA home owner already, is ridiculous. Any veteran that uses this company beware, you will have nothing but the run around as I can attest to a Vietnam veteran.

Bottom Line: No, I would not recommend this to a friend

I am a retired veteran with a credit score over 760. My 'loan officer' Andrew Engel (more like snake oil salesmen) tried to sell me a loan at 4% interest with 1.5 points applied (over 3.5k), and an origination fee, after I responded to an offer in the mail offering a free appraisal.

A simple mortgage rate search put me in contact with a more reputable lending brokerage that provided me an interest rate of 3.25% with NO points applied.

The worst part, the 4% rate put me above the debt to income threshold and was going to be a headache of a process. At 3.25% I was under the threshold and it's easy as pie.

Do not allow this company to get one over on you! What they are doing may be 'legal' but it sure isn't ethical.

Bottom Line: No, I would not recommend this to a friend

I recently started a cash out VA loan process with NewDay USA. While they tell you all the things you DO NOT have to pay for (most you won't pay with any lender), they were charging me two points, and an origination fee. Total closing was $15k. $6,000 of which was based on appraisal and a 4.75% interest!

I called a broker we used before and locked in 3.5% with no points and no origination fee. $13k back at closing, payment over $200 less per month.

Run from NewDay USA! That is what my broker said.

Bottom Line: No, I would not recommend this to a friend

They claim they are all for the veteran. Such BS. They charge more than your local bank would, their paperwork is unbelievably anal, they make you do most of the work, and you end up with a bad loan. I'm now stuck with a check for $1500.00 payable to someone I owe no money to and with no way to use the check. I was immediately contacted by no less than six lenders who pointed out that they could lower my interest rate using the same appraisal and verifications. I know have a much better loan but am still setting here with the useless $1500.00 check.

They should be investigated for elder abuse.

Bottom Line: No, I would not recommend this to a friend

Newday USA's prices are predatory and clients need to know what isn't stated. I was told that for over $4,000 I could reduce my interest from 4.75 to a 4.25. Or I could keep the money and get a 4.75. I was baffled so I called a local mortgager whom I should have gone to first and I was locked in a 100% VA loan at 3.5% immediately. Newday USA is charging a fee to reduce the interest, then a fee to service the loan, and their interest rates are inflated to line their pockets. Normally, a mortgager doesn't amp up the interest you qualify for based on credit and normally makes their up front profits off of the lending fees. Newday USA is predatory and greedy. Go to your local mortgager.

Bottom Line: No, I would not recommend this to a friend

NewDay USA are sponsors of Fox. This is a total scam against our veterans to get your money from the low informed people who don't understand what's going on because they listen to the media instead of researching themselves to find the real truth. Do not believe that NewDay USA is going to do anything special for you.

Bottom Line: No, I would not recommend this to a friend

The absolute worst company ever! My refinance took almost 6 months due to repairs they claimed the appraiser deemed necessary. After spending thousands of dollars to repair my AC unit outside, some TILE I had put down after I purchased the house, ceiling tiles, and several minor issues, I was told by the appraiser that he never said ANY of that needed to be repaired. And as a matter of fact, the VA didn't even require a house to have AC, just heat! They claimed to be saving me money but in reality my interest rate went up and so did my monthly payment. I'd NEVER recommend these crooks to anyone.

Bottom Line: No, I would not recommend this to a friend

I do not recommend this company. I am a retired officer and 25-year veteran of the United States Air Force. I tried refinancing my house through NewDay USA in June of 2016. I was denied outright. Not even a, "Let's see what we can do."

On July 20, 2016 I was approved through another mortgage company.

New Day USA states in its commercials it will give a "Veteran a hand up." Do not believe this. Zero star rating.

Bottom Line: Yes, I would recommend this to a friend