NewDay USA 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 A. 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 Aug 9-10, called her and let her know. On Aug 11 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 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 VA IRRRL loan.

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

I am a Vet and I applied for to NewDay USA for refinancing. I didn't qualify because I live in a Condo and the VA is extremely strict on Condo refinancing. The requirements are way too strict for the amount of paperwork that's needed. The paperwork that's needed is far way more than needed for a home. Condo Association didn't have the time to gather all the requirements. My credit checked out and my income was fine. So, because of all these documents that the VA needed, I couldn't get approved. So because you are a VET and you are credit and income worthy, that apparently doesn't account for nothing.

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

I contacted NewDay USA on the 30th of August, 2016 online to gain some basic information about a mortgage refinance. Before my fingers left the keyboard I received a phone call from a very aggressive salesperson. He was relentless in his sales pitch and would talk over my questions.

I had difficulty in gaining his attention. I asked him repeatedly to discuss figures with me but he wouldn't. He kept insisting on discussing figures on the phone with me and my wife, which I declined not wanting to subject my wife to a refinancing negotiation (I let him know earlier that I was the only one requesting the refinance).

I asked that he send me numbers via email so I would have the chance to digest them; he was relentless in insisting that we discuss it over the phone with my wife included.

The salesperson sent me an email stating that his company could provide a good deal for me and wouldn't be wasting his time if he couldn't.

I could write much more about my experience. In short, it was condescending, patronizing, disrespectful, unsympathetic predatory. Not at all what I expected after watching their TV advertisement.

NewDay USA's obvious target market is enlisted military members and that concerns me. I would appreciate any info anyone has about this company

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

My husband and I have been trying ways of keeping our home. Wells Fargo wouldn't give us a modified mortgage because we DIDN'T miss any payments. So when we saw the commercial for NewDay USA, with my husband being a Navy vet, we thought that this would be an answer to our prayers. NOT! After loads of paperwork, and I do mean loads, our home had to come in a certain amount. We were not looking for getting any money out of it, just to lower our monthly payments. Well, our home didn't come at the value that was required to get the loan, though other homes in my area were at that range requirement. The percentage was higher than other lenders, but their sales pitch was to look out for our Vets. No way! Our loan would have been approved if we forked over $25K to bring our home up to the value requirement. Really? Look out for Vets...that is a total farce. So in the meanwhile, we're scraping by. Thank you NewDay USA for NOTHING.

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

NewDay talks a big game on TV, but in my experience, the organization is not for vets at all, at least, not all vets. As a Vietnam vet, retired, I approached NewDay about refinancing after seeing the TV ad. I was turned down given my retired status/fixed income. It is clear to me that while NewDay may help "select" vets, helping vets is not its primary concern. On the other hand, Veterans United did in fact, assist me in purchasing a home. To all those who have been shamed by NewDay, turn to Veterans United. They are indeed motivated to assist vets, not just the "select" few.

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

I am a Vietnam veteran. I turned to NewDay USA for help. What did I get? Rejection! So I had to turn to somebody else.

I had hoped to get with A veteran org but I guess I'm not Veteran enough. And having to watch NewDay USA's commercials now day after day makes me sick to my stomach. It seems to me that they're only there for certain Veterans, they should add that to their commercial.

They need t stop making us feel like they're there for all of us, when they're only there for a selected few. Thanks for nothing.

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

My husband is a Vietnam Vet and as such was suppose to be entitled to a "free" home inspection in the qualification process. NOT! NewDay USA charged us $400 to inspect our home. They lie in their advertising on Television about giving Vets "Free Home Inspections". That was one of the reasons we went with NewDay. They are "suppose" to be on Veteran's side in home loans. Not only did they charge us for our home inspection but after they had our loan for 6 or 7 months, they SOLD our loan to Freedom Mortgage. If we had wanted to go with a different mortgage lender we would have looked for somebody else in the first place. We feel betrayed and like suckers for believing NewDay's hype on Television. They're not veteran's friends. They're veteran users. Don't believe anything these people say. After we closed on our loan, we couldn't even get our loan officer to return a phone call. It was like we didn't even exist. NewDay USA turned out to be the worst company we could have picked.

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

I applied for a VA refinance with NewDay and several other lenders. NewDay's fee was $5000 more and interest rate a full percentage point higher than any others. Their ad implies that 100% financing is special, but that is standard for VA loans. They imply you may save $640/month on mortgage payments, but that assumes you will get cash out and pay off other loans and they include those reduced payments in the $640. They are not a friend of veterans.

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

I was attracted to NewDay 100 by the TV ad featuring Admiral Lynch. That guy is really good at what he does. I was convinced that if at all possible I would do business with NewDay because they truly want to help veterans. I'm not in a big rush to refinance because I have a good interest rate now and my only purpose in refinancing is the lower monthly payments so when I die (I'm almost 90) the house payments would be a little easier for my daughter. I have talked with a number of lenders and have gotten some reasonable offers.

The first time I tried NewDay 100 was about four or five months ago. At that time they were not licensed to do business in Nevada. Somewhere I heard that they were doing business in Nevada and I call them about a week ago and was able to reach a salesman who told me that now they are able to do business in Nevada. Since I have been shopping mortgages for some months now, I know exactly what I want and don't need to play with a lot of options. I currently have a 3.785% 30-year conventional loan. My credit is an average of about 760. Other lenders have quoted me anywhere between 3.00% and 3.25% with no points.

I gave that requirement to the NewDay agent on the phone. He wasted about an hour of my time going over each item on my credit report and having me set up an Excel spreadsheet which did nothing. He kept probing for other emergency funds and other accounts in which I had money. I have never had a mortgage lender ask questions in that area. I don't think they should because their collateral is the house. The only thing he would tell me is that they would pay for the appraisal which as I recall was going to be $500.

Anyhow, that call took place about 2 p.m., he asked me if I would be home at 8 p.m. that evening and he would call me back. I never received any call from him. But about two days later I got is the proposal which ended up in the trash about two minutes later.

I will never do business with these guys. I don't know if they are running a scam or not, but I know that there is something wrong with their operation. And that operation is not the veteran-friendly operation that Admiral Lynch fronts for. I fear for people with no experience in this area. One thing is to do comparison-shopping. It's easy to get them calling. Don't settle for the first one who calls you.

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

These people have one thing in mind and that is to charge you as much as they can. Their fees are so outrageous that I am quite certain the Government will step in. They are a sales organization and send your loan to a mortgage lender and that is why it takes so long to close.

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

If you are a business owner don't tell them about your business because they will factor in all your business losses and make it look like you make nothing when in fact you bring in close to $200K a year (separate from business) and are sitting on $160K in equity yet somehow the business loss from your Corporation, a separate entity, somehow means that you don't make enough to qualify for a loan that you can more than afford to repay.

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

We applied for a VA Refi trying to consolidate other bills. The rep was always there if we had any questions. My husband was a veteran as well as servicing the public up to his retirement as a Baltimore City Firefighter.

We had passed the credit check and had sent over some personal information that was requested. Like I said the representative was always there to answer any question. When we received the docs from them - disclosures along with the estimated closing sheet - that is where the problem became clear.

With the paying off of the mortgage also funding our escrow the numbers still seemed way too high. When we called the representative we wanted to know why we had to pay to bring down the rate. The rate we were quoted was 4.75%, that was higher than our credit union which offered 3.25%. But the real problem was the 1.5% to the tune of $4300 extra to buy down the rate so it was not 4.75 but 5.25%. Using Veterans is unforgivable.

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

I gave these people everything they needed to verify what they asked for. 60 days later they come back to me and say they make fact-based decisions. Well, I gave one year of cashed rent checks, one year of water bills, one year of another utility bill, and they deny my loan because they said that they can't prove my residence.

Do not waste your time with this company. They do not look out for vets; they look out for their bottom line. Do your research and find a real company. All lenders will do VA loans, and they are more of experts than these morons.

I went with another company and was able to get my VA loan hassle free. I wasted two months with these morons, and screwed my interest rate since rates have increased.

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

In December of 2016, I started a loan approval to purchase a house.

First, Sasha Malcolmson (the credit person assigned to me) was a complete "out-to-lunch" employee. I sent numerous copies of documents she requested and received no feedback and no phone calls. I left numerous messages to call me, with no return calls.

Then Teresa Ruck took over, and she was worse than Sasha. She promises that loan qualifications were on the way. On 4/7/2017 I informed Teresa that I put a contract on a house and needed loan commitment, and I have yet to hear from her. On February 5, 2017, I received a preliminary approval letter, which was three days AFTER IT EXPIRED.

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

You can have perfect credit, you can have a lot of assets like owning two homes free and clear, but if you make less than $1,725 a month, you won't qualify. Every other lender I talk to doesn't have these rigid income requirements.

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

I went to NewDay USA and applied for a loan, and when they called me, they said they do not finance manufactured homes. Their main page that you inquire on asks what type of residence and I checked manufactured home.

This is a complete lie, and nobody should use them.

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

As a Veteran, I applied for a loan to refinance my house. I filled out forms, sent them info and paid them a fee with one of my credit cards.

Once they collected the money, they vanished. Never returned phone calls or answered mails from me.

This is SCAM.

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

The person that handled my transaction made me feel like they were doing me a favor. The communication was lacking. I would ask for a call, and I would get an email. Every time I talked to their associate, the numbers would change. I asked him to break it down for me and he couldn't. I had to put the numbers into an Excel worksheet and break them down myself, so I could understand. I have gotten three couples that I know that are looking for a refinance to look elsewhere. I still have never received a call from a supervisor like I asked. I will continue to tell people my story on how poorly I was treated.

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

I was scheduled to close on my house on the 13th of April 2018 and didn't end up closing until the 23rd of April 2018. Loan originator (Sasha Malcolmson, Assistant Vice President-Loan Origination) was always asking for more paperwork that was provided previously. She was good at telling me I was on a recorded line. I would have to follow up with the title company to see if they received paperwork from NewDay USA. After initially getting set up on my loan, when I would call I would always get the answering machine after and not get a call back except to tell me they needed new documents. My realtor was also having the same issues with getting any kind of response.

I will never recommend anyone to go through NewDay USA unless they want to have a headache for weeks and test their stress level. If I was Thomas C. Lynch, RADM (retired) I would take my picture off any NewDay USA advertisements. Very unsatisfied customer!

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

I was contacted by this company and given the best salesman pitch ever. Once asking what are minimum credit required for a VA loan, I was told that they've been known to Veterans financed at 580 and 590 Fico scores. Now given the fact that I've been paying rent at $1150 a month for 12 months, paid off two big loans totaling around $7k to $8k. This left me with only a few items left on my report - a truck loan at $895 a month and a car loan at $556 a month.

I had planned on paying off my Capital One card as well as a loan that was $215 a month and was going to pay off all additional small things on my report. Again this would leave me with the car and truck totaling $1451.00 a month in bills. Yet with a $4600 a month income and VA loans allowing 41% debt to income ratio, with my income this allowed $1879.85. As you can see, I well under that, and I only received a VA qualification for a $105k. Very sad to say the least.

Don't waste your time. I recommend you contact Veterans First Mortgage; they do understand Veterans and will give you a fare more reasonable qualification.

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

Please stay away from this company. They have lied to us on more that one occasion and will promise you everything to get your business. Very deceitful agents working for NewDay USA. They all should be ashamed of themselves for their dishonesty.

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

It was the worst experience I've ever had when buying a house. I was lied to, tricked, and had to keep sending the documents over and over again. "Someone kept losing my paperwork," and no one knew who it was. I spent thousands of dollars paying for hotels and moving trucks. This veteran was homeless for two months due to their people dropping the ball. I feel they owe me some money for the way I was treated. This company is the worst. Needless to say, we are very dissatisfied with NewDay USA! I will be consulting an attorney to recover the money their company cost me. I have also started a social media campaign against this company. Get your stuff together!

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

We wasted a lot of valuable time jumping through hoops to get all the information asked for, and in the end, they did not help our situation. We discovered we should have talked to our original mortgage lender from the beginning.

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

I contacted William Boyd and everything ran perfectly.

That is until days just before closing. I received an email from you that the loan interest had dropped. I call William up to find out if my loan interest rate had dropped. I had also tried to contact Trevor, (William's relief for the holidays) but so far neither one of them has given me the courtesy of returning my phones and my emails.

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

NewDay sells your loans folks! Better read the fine print! They sold mine to a po-dunk outfit called Freedom Mortgage and they are a DISASTER! Just refinanced again in order not to deal with this incompetent mortgage company. Is NewDay a good refi for Vets? Heck NO! The current CEO is more about telling you how many years of service he has in his commercials rather than keep mortgages in-house for all vets. Keep in mind that they have been sued as well in the past by a veteran organization! It's a swindle. Warmest regards, Retired Commander.

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

The lender we dealt with was AWFUL! We are two weeks past a 40-day contract and he is still coming up with answers such as "I don't know." DO BETTER! Find the answers! My seller is beyond frustrated and has considered not signing an extension unless his buyers switch loan companies. He doesn't answer emails very quickly - as in days - not hours. And he is NEVER friendly. My seller, who is an investor who closes 15+ properties a year, will NEVER go under contract with a buyer with a preapproval letter from NewDay USA again.

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

Probably one of the worst experiences I’ve ever had.

I have less than perfect credit so my options were limited, I get that, but the amount of leg work and lack of communication is horrific! Title company couldn’t find a previous mortgage release I had to hunt it down. Went to that back four times to get the documents they wanted and each time it was "that’s not exactly what we need" but it was what they asked for...days for a callback, it’s my loan, keep me in the loop!

Got a call on Thursday afternoon, all good! We can close as soon as tomorrow night! Then no call until Sunday then it was oh, we need this...oh and I signed the closing discloser that Thursday.

A lot of mishandling and just bad business. Empty promises and dates they had no meaning of getting to.

Never felt like I was being taken care of.

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