[Correction: The headline and text have been changed to reflect the accurate number of new hires at NewDay.]
NewDay USA has announced plans to hire 500 new employees before the end of the year to help facilitate the projected growth in its VA mortgage volume.
The company is forecasting $1.5 billion in loan volume for the second quarter of the year and $6 billion for the entire year. According to founder and CEO Rob Posner, NewDay will be working with approximately 7,000 households during the second quarter and 30,000 households for the entire year, with loan amounts averaging $250,000.
As for NewDay USA’s next wave of employees, Posner stated they will occupy a full range of duties, with 95% of this workforce based at the company’s headquarters in Fulton, Maryland, located between Baltimore and Washington, D.C.
“We have a university here where we have a two-year management leadership program,” Posner said. “And we have a two-year program where we train underwriters. We started this about six years ago and we’re approaching 100 underwriters that have graduated from the program, which is very exciting.”
Posner credited the projected growth in workforce and volume to a planning strategy enacted at the start of this year.
“We put a business continuity plan together in late January and the beginning of February,” he said. “We made a significant investment that the company has 500 men and women that come to work every day to serve veterans. And we made a big investment in our infrastructure to make sure that everybody was able to work from home.”
Posner also noted NewDay USA’s sole focus on the veterans and servicemembers helped give it a secure niche, which it enhanced through television advertising on Fox, CNN and the History Channel.
“I believe that our culture of service towards the veteran community, as well as our brand, really resonates,” he continued. “And we’re in a pretty significant refi wave, and veterans are able to take advantage of their VA home loan benefit and these record low interest rates to buy a home and to refinance. As a matter of fact, just in the month of March the company received 50,000 telephone calls from veterans that are looking to use their VA benefit to either buy a home or refinance.”