Top-15 reverse mortgage lender NewDay Financial announced today that its board of directors has approved a company name change to NewDay USA.
“At NewDay, we realized that the time had come to identify ourselves to our potential customers with a name that reflects both who we are and what we aspire to be,” said Robert Posner, CEO of NewDay USA. “Our strategic focus on serving the mortgage lending needs of veterans, military families and seniors has resulted in significant levels of growth.“
The Fulton, Maryland-based lender saw an 8% increase in its reverse mortgage business in 2011, according to data from Reverse Market Insight, and says the name change positions the company for more growth.
NewDay has formed an FHA Direct Division that has a specific focus on FHA and conventional purchase and refinance mortgages, and the division plans to open two call centers located in Maryland and Orange County, Calif. to support its originations platform. It plans to continue to grow its reverse mortgage in 2012.
“Our risk analytics and customer oriented approach positioned NewDay Reverse to grow in 2011,” a company spokesman told RMD. “The company ranked 12th in reverse mortgage originations in the country. We will continue to grow in 2012.”
NewDay says the market is ready for growth among all government loans.
“The industry is currently under-serving the government loan sector,” Posner said. “Given NewDay’s focus on information-driven marketing and risk analytics, we are able to offer home financing solutions to meet the needs of American families while ensuring superior loan performance. The name, NewDay USA, communicates that capability to prospective customers, and it underscores our commitment as a responsible, nationwide industry leader in VA, FHA and reverse mortgage loan originations.”
The company has rebranded its website under the new name.
NewDay closed 595 reverse mortgages in 2011, placing it in the No. 12 spot for industry rankings, according to RMI data.
Written by Elizabeth Ecker