NewDay Financial has come out of nowhere, endorsing 394 HECM in its first 6 months in the business, becoming the 7th largest lender in FY 2010.
Based in Fulton, MD, the company is a Ginnie Mae seller/servicer with both forward and reverse mortgage loan officers who originate in 14 states said Bruce Giacoma, Chairman of NewDay Financial in an interview with RMD.
With a team of PHD’s studying market demographic data, NewDay exclusively uses direct mail to market its reverse mortgage business. Consumers receive a four page document detailing the product and includes a Q&A section. “Unlike traditional mortgage business, seniors will read every single word” said Giacoma. “Attention to detail has been very important”.
According to Giacoma, the company has approximately 30 reverse mortgage originators and recently opened a new office in the greater Chicago area.