After seeing its Department of Veterans Affairs mortgage originations jump by more than 30% in the second quarter due to three-year lows in interest rates, NewDay USA is planning to hire more than 100 new employees to deal with the rising demand.
The company announced recently that it is planning to hire more than 100 new employees in the Baltimore area.
According to the company, the move comes after the company originated approximately 2,500 VA loans with an aggregate principal balance of $576 million in the second quarter, a 32% jump over the prior quarter.
The company said it expects that increased demand for VA loans to continue, and views hiring the new team members as a necessity to deal with the company’s increasing mortgage production.
According to the company, many of its new employees are recruited from local colleges after graduation. Once they’re a part of the company, new recruits receive an “extensive mortgage education” at NewDay USA University, the company’s mortgage training program.
“Our staff is one of the best-educated workforces thanks to the major investments we have made in NewDay University,” NewDay USA Founder and CEO Rob Posner said. “It’s these high achievers who will be running the mortgage industry in the next decade, many of whom will remain in the area and continue contributing to Baltimore’s economy.”