If you havent heard from them back out now. Shady business practices.

Wow, I am so glad I came on here & read what you guys had to say, I had gotten something in the mail & was like man this sounds like a great deal...but oh yeah figures right.... good to know before I even made the call to accept my pre-approved offer

Does anyone know if New Day Veterans is affiliated with New Day Financial ?

same company; same rip off

I recieved a flyer in the mail, contacted newday and was given a proposal to refinance. I sent in all the required documents and then waited, waited, waited, no response, no call back. After 6 weeks got a call saying loan was approved but rate would be 2% higher than was quoted because my credit score had dropped. I checked my score on my own and guess what...no change. Meanwhile I wasted almost 2 months. I reported newday to the local BBB and authorities.

For what it's worth,
I am glad I listened to the actual customers who got a Newday loan. I am a U.S. veteran - with an MBA in finance- and I just got a loan going up to 100% value for my home from Newday and this is a loan that nobody else was willing to do - I called other banks. I have a 599 credit score and other banks practically laughed me out of their office. The loan cost me a little money, but it was all financed into the loan and the loan saved me the equivalent of $540 a month. BTW - everything was explained thoroughly. I hope the families who read this post entirely give them the opportunity. They are a government approved lender, they are upfront, they are not the cheapest bank in town, but then again nobody else is willing to go out on the limb for their customers the way it seems Newday is. Aside from some disgruntled ex-employees (who almost seem to be in cahoots as a competitor to tarnish Newday???), it seems most feedback from actual customers is positive and that is also reflected on the A BBB rating. They are even an accredited company with BBB. I just reccomended my cousin (Also a VET) to Newday and he is also approved. Once he closes I will encourage him to share his experience as well. Crap, now it sounds like I am defending them to the death, not the case. Bottom line is I had a need and they had a fair solution. And for the other mortage professionals who actually have time to write or read this thread: a) I could care less about your expereince as an employee at Newday cause you couldn't manage the expectations b) If you can close a loan in a few weeks for 6% interest at 100% the value of a home in Iowa (617 credit score), please post your number so we can call. Because, as much as I appreciate Newday, I would directly tell them I am taking my business elsewhere if your banks loan is more helpful. Good luck to the homeowners in this email who are having financial difficulty. I will pray you find a solution.
Thanks NEWDAY!!!

Give me a break. Your post was the most transparently scripted response I've read here...You're obviously a New Day employee drinking the koolaid. New Day President Rob Posner or Poz as he is called..is a total snake. Never do business with them. You can get your loan done cheaper and easier elsewhere. They are an FHA lender just like everyone else. They're not doing anything special for their customers that can't be done elsewhere...they just do it 2x more expensively. Run far. Run fast. These animals are crooks. They all should be federal house guests with Bernie Madoff.

Going to 100% loan to value can be done somewhere else?? I would love to know who is doing that now for veterans who have lower than 600 fico scores. Please list names. Thank you.

Nonsense. There is no program that you could get a 100% LTV loan at 6%, even with a good credit score. The only way that's possible is if you paid such a high origination fee, say 5% (which would be $10,000 on a $200,000 loan), that it would be a total bonehead financial decision. Don't you think that $10,000 might be better used to pay off other debts? Or have a loan amount of $190,000 so your LTV is 95%, thus putting you in a lower risk category and expanding your options significantly?

As embarrassing as it is to have to explain this to a professional like yourself, apparently no one else has. Assuming you got a 6% with that credit score, it sounds like what you REALLY got was an FHA loan, which does NOT have a minimum credit score. I've seen a 535 score get a 6% cashout loan (that is, a loan where you take out equity). 95% is the max LTV for an FHA Cashout loan. So you didn't get a 100% loan--you got a 95% loan. Those loans are available all over the place...that is, from the other New Days of the nation. By the way, I see you posted a month ago. Who owns your loan now? The answer is: The REAL lender. Let me explain what I mean by the "real" lender.

New Day does not have their "own" loan programs. They are a retail lender of FHA, but that means there's a wholesaler behind them. New Day lends you their "own" money from a credit line. New Day's credit line allows them to directly finance their mortgage loans, making them "direct lenders", which is what the law REQUIRES for FHA lenders. That money is repaid to New Day once they turn around and sell your loan to the REAL lenders, the wholesalers, who were privy to the transaction as soon as you signed the original application. New Day then pays off their credit line immediately, thereby risking NONE of their own money. The people who have your mortgage now are the SAME people who offer the SAME loans to thousands of other homeowners via glorified brokers like New Day. Brokers who know you called a bunch of banks (points of retail) are were refused. New Day could quite possibly be the RETAIL broker for a bank that brushed you off! New Day's specialty is convincing you (and their own mostly neophyte loan officers) that they're your only option! Because if you would have done some more digging, you'd have found another New Day out there who'd do the same loan for $6,000 less! Assuming you're not a New Day employee (I apologize sincerely for the accusation if you're not), you got hosed.

If you have a job now and are thinking about leaving your company to go to Newday don't. They fire people like crazy there. If you don't have a job, I say take it until something better comes along. Turnover is so high, it makes your head spin. This is not the place to develop your career. I choose my family and friends over working 80 hours a week. If you are only about money and not a quality life then go to ND.....

We sent the company $450 for an appraisal and we never heard anything back until I started calling all day long. Then we got a letter saying that the loan fell through because of some crap that didnt make any sense at all. STAY AWAY FROM THESE PEOPLE THEY ARE CROOKS!!!!!!!!!!!!!!

If are unfortunate enough to start working for this company, they will ask you to refer friends and family memebers, to work for them. Once you have brought in a few people, they will pay you, for maybe one of them. They, then will fire you, and you will not get paid on the other referrals. They have you work 60 hours a week for a small salary and once you start building up your pipeline, they will fire you and keep all the deals for themselves. I'm not the only one. I am a good employee and always have been. They will ROB you and waste your time! Funny, the owner's name is ROB!

I was one of the lucky ones who left NewDay on my own terms, but I completely agree with the comments from the other people who used to work there. This is not a place for a young person to build a career and they will take advantage of you in every possible way. It is a lot of talk and very little bite. It is a revolving door for everyone who is not part of the senior leadership. If you do work there, be very careful, get everything in writing, don't drink the company kool-aid, and use the job as a stepping stone to another company. The fact that they are now preying on old people (Reverses) and veterans (VA loans) is just plain wrong.

New Day have stringing me and my wife alone for the longest, I think they want to get your credit info to ues for something else. So if you have given them any credit or your social security info you better check to see if they have been using it.

If you are considering working for NewDay STAY AWAY!!!!!!!!!!! it will be one of the worst career moves you ever make. For the sole reason that you CANNOT have a career there. There are maybe 3 people out of the entire salesforce that have been there for over 2 years!! You are simply a number with this company and you are disposable. You need to make 2 million a quarter to even stay!! and sometimes thats not good enough. This company shoots first and doesnt aim at all they will string you along while all the managers get rich and you starve on your 30k salary. and the money you make doesnt amount to much considering how much you work. The C.O.O had a meeting and said if you want to be successful here your first 3-6 months you need to work 75 hrs a week 7 days a week!!!! and then he wants every employee to work 12 hr days 7 days a week once per month the "kamikaze" week. Dont believe all the b.s the recruiters will tell you, how much money you ll make, how much they care about their employees. Its all a bunch of crap. They do not care about you or your family all they care about is their bottom line. One of the V.P's/ managers will not even let his people eat lunch at thier desks, no food, no breaks, on the phones all day long. And if you do try to leave he ll threaten to fire you!! If you do not keep your head down and your mouth shut at this company you will be fired before you can even build a pipeline. I know from experience!