WASHINGTON, Oct. 20, 2020 /PRNewswire/ -- NewDay USA, one of the nation's leading veteran mortgage lenders, today announced that it will surpass its 2020 estimates, more than doubling its revenue to $315 million this year, up from $152 million in 2019. It is on pace to serve over 20,000 veteran families in 2020 and expects to serve more than 40,000 in 2021.
"This has been a challenging time for most Americans, and homeownership has never been more important to the financial well-being of veterans and service members," said Rob Posner, Founder and CEO of NewDay USA. "No matter what the challenge, NewDay has always stuck to its core principles: hiring teammates with integrity, investing in good times and bad, and fostering a culture of service."
The company is projected to earn $500M in revenue in 2021, generating more than $9B in loan volume.
NewDay has grown to over 700 team members this year and is projected to grow to over 1,200 in 2021. NewDay continues to outperform the industry in credit risk with its information-based business model to serve veterans who are being left behind by traditional banks. As of October 1, 2020, the forbearances in NewDay USA's portfolio have been less than a quarter of the national average.
"As interest rates drop to the lowest in history, NewDay USA is quickly becoming the trusted mortgage company veterans turn to purchase a home," Posner said. "Our team members are driven by the noble purpose of making every veteran realize the American dream of homeownership and providing them the opportunity to refinance to save money for their families. Our guiding principle is to ensure we put every veteran in a better place."
Giving back to the veteran community is one of NewDay's core values. Five percent of NewDay USA net income is donated to these causes through the NewDay USA Foundation. The Foundation's purpose is to make a difference for the families of our military veterans. Community service and giving back in the form of volunteerism also play a significant role among the NewDay USA workforce. The company organizes service events such as veterans' memorials cleaning and Arlington National Cemetery wreath pick-ups. The NewDay USA Foundation provides four-year scholarships to the children of fallen (Gold Star Families) and severely disabled military veterans to attend Junior Reserve Officer Training (JROTC) high schools across the nation, tuition-free. Since 2013, the NewDay USA Foundation has committed more than $5 million by awarding four-year scholarships to the children of fallen and disabled veterans.
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, which was named a Best Military Lender by National Mortgage Professional, 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 play a significant role among the NewDay USA workforce. NewDay USA is a registered trade name of New Day Financial, LLC (NMLS # 1043), 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.