There are newer employer reviews for NewDay USA

8 people found this helpful  

Review from a REAL employee

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Anonymous Employee
Former Employee - Anonymous Employee

I worked at NewDay USA full-time for less than a year

Pros

I think the team work and dedication of the AE's, processors, and underwriters is great.

Located in a great area with shops and restaurants for lunch (if you have time for a lunch break)

Cons

Absolutely NO work/life balance. They have these recent college grads thinking you have to work 80 hours a week just to make 50k. False! They can start as an Analyst at Freddie or Fannie making 60k and work a regular 40 hours a week.

The communication from the recruitment process really needs work. I was hired for one position but was placed in another once I started.

High turnover rate. Every week I felt like my loans were transferred to a new AE because the previous one left or was fired

Advice to ManagementAdvice

Recruitment - Please inform prospective candidates that the position they were hired to do may not be what they come in as.

Stop with the fake reviews

Doesn't Recommend
Neutral Outlook
Disapproves of CEO

68 Other Employee Reviews for NewDay USA (View Most Recent)

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  1. 18 people found this helpful  

    The best, most honest review you'll read.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Account Executive  in  Fulton, MD
    Former Employee - Account Executive in Fulton, MD

    I worked at NewDay USA full-time for less than a year

    Pros

    You start off with a 40k base salary, an iPad, and if you make if a few months, benefits. Rich Tibbetts and Colleen Kelly are phenomenal managers, and the company is very lucky to have them. In general, everyone is willing to help you learn and wants you to succeed. The building is brand new and they supply you with literally everything you'll need for the job.

    The company is investing heavily in a national television ad campaign in hopes that the ad campaign will grow the business. The TV ads are a big reason why they are always hiring. That, and the high turnover rate. If the ad campaign works, you're easily in a position to make a 6 figure income in year 2. You're also genuinely helping veterans.

    Finally, there is a strong potential to make 6 figures in your second year. The first year you can expect around 50k. You earn your stripes in the first year.

    The required hours are:
    Mon. 9:30-8pm
    Tues. 9:30-8:30pm
    Weds. 9:30-8:30pm
    Thurs. 9:30-6pm
    Friday 9:30-6pm and 9:30 to 1:30. (alternates every other week)
    If you work 9:30 to 1:30 on Friday, you work from 10-4pm on Saturday or 12-6pm on Saturday (your choice).

    These hours are the bare minimum. If you want to get ahead, or you're not producing, you can easily be there until 9:30 at night, and you definitely won't be the only one still there. There are a lot of people at NewDay with the drive to be successful... working late is what it takes, and it pays off. If you're not prepared to work hard, don't take the job. Negativity is contagious, and while sometimes it's impossible, try to keep negativity to yourself. Newday's not the place for someone who wants to leave right away when the day is over or mope around when things aren't going well.

    The entire day, minus lunch and a few breaks, is spent at your cube. You're either making or receiving phone calls, working on files, or reading the news. This can get pretty monotonous at times. It's great when you're busy, but can be pretty stressful when you're not. Like any sales job, there are a lot of emotional ups and downs.

    Management wants to see a good attitude, a strong work ethic, and production. (Understandable). A negative attitude is probably the biggest reason to be fired. That said, there is a constant fear of being fired: if you have no production that week, and especially two weeks or more, you're afraid for your job. A lot of production is completely out of your control: you can have a lot of bad leads (i.e. disconnected numbers, already refinanced, no longer live there), borrowers who are not interested, or borrowers who don't qualify. Interest rates can also rise, which makes it harder to sell. And if you're in a more senior division that receives only inbound calls, higher interest rates could mean you're not getting as many phone calls.

    Working harder and longer, and practicing your skills helps to offset the uncertainties of your success. The hardest workers are often the most successful.

    My training class of 11 people started in July 2013, by mid October 2013, 7 of us were left. 2 were fired within the first month out of training (serious wake-up call), and 2 quit. In addition, the original group of about 30 people who were in the GPS division when I arrived, 3 other people were fired and 2 others quit. So 21 of the original 30 were there after just 4 months... 5 fired, 4 quit. This turnover rate is common with new hires.

    GPS or Green Planet is the division all of the new guys (at least while I was there) started in if you were in Maryland. You're helping veterans get out of Adjustable Rate mortgages and into Fixed Rate mortgages for a company Newday is partnered with called Green Planet Servicing (GPS). You're PRIMARILY making outbound calls. It shouldn't be uncommon for you to make 100 calls a day. Definitely over 40 or 50 calls a day.

    Management knows how many calls you make, receive, and how long you're on the phone for, everyday. All of your production is analyzed and compared amongst your peers. You know where you stand, which is a pro. Unless they send out mail to prospective borrowers, you're likely not to receive a single inbound call a day from a new borrower.

    Cons

    You DO, however, receive new leads every week. Generally about 40 people a week (Old ones expire and disappear). When I left, you could expect an average 8 of those numbers to be disconnected, or already refinanced. I also never received a "fresh" lead my entire time there. Meaning, every lead they gave me to call, someone else in the GPS/Green Planet division had already had the lead prior to me. In other words, I was NEVER the first person from Newday to be calling that borrower. In addition, every person who you contact is in an adjustable rate LOWER than than the fixed rate NewDay offers. Generally the veteran is at 3%, (will likely adjust to a 2.5%), while we're offering 4.25% and adding on average $5,000 onto the loan balance. Not an easy sell, but it can be done. Some veterans are eager to do so.

    To be fair, just because someone had the lead prior to you, doesn't mean they got the borrower on the phone, or the borrower hasn't had a change of heart, or the rate we were offering before wasn't higher. In fact, you can easily expect to average over 1 person being interested enough to get all the paperwork back each week in GPS. If you don't get any people to send paperwork that week, you're freaking out in a bad way, if you get 3 or more people to send you paperwork, you feel like the man (or woman).

    GPS is where you earn your stripes. If you work your butt off, keep a positive attitude, and develop your skills, you WILL be rewarded. Everyone in the company knows who is doing really well. Top level talent in GPS is often in the division for less than a year before being promoted to a division where they have a chance to make a lot more money. So if you enjoy the work... keep your head down, stay positive, and good things will happen.

    When I left, there was a major push in the GPS division to get as many veterans to refinance into a fixed rate as possible. Newday made a commitment to Green Planet/GPS that they are having a hard to reaching. Maybe Newday reaches the commitment, maybe they don't. I don't know if GPS will be around longer after that deadline either way, which is sometime in November. If it's not around in a few months, maybe new hires DON'T make outbound calls. I'd use LinkedIn to find new Account Executives at NewDay, ask for their number in a message, and talk to them about the job. They'll be honest with you.

    New hires in sales/Account Executives, are at least 90% 22-28 year-old white males by the way. I'm not sure why that is.

    A large part of the mortgage industry is dependent on rates. Newday rode a huge wave of refinancing as rates fell. I believe they made a ton of money as a result. However, rates are projected to steadily rise over the next few years, and have already started to do so. Major mortgage lenders have already reduced/fired huge percentages of their mortgage originators (or account executives as Newday calls them) in the last 2 months. Newday has saved enough money to launch a national television ad campaign that they hope will generate enough new business to offset the business they've lost due to higher rates.

    A large part Newday isn't as susceptible to higher rates as the GPS division is. The reason they aren't quite as susceptible, is because a large part of what Newday does is help veterans in bad financial situations consolidate their credit card debt, or debt, into a single mortgage payment. You're also helping veterans to take equity out of their home (giving them cash back). There will always be a need for that sort of thing, and mortgage rates will almost always be lower than credit card rates, so there will always be a demand.

    If the TV ad campaign doesn't succeed, a large part of Newday will have to be let go. That's my opinion, but very likely it's a fact. But the campaign could go great, and that's what upper level management is betting on. I hope it goes great. Upper level management never really delved into the analytics as to the likelihood or variables that would determine the commercials' success.

    The commercials do look great though.

    Advice to ManagementAdvice

    The fake glassdoor reviews are ridiculous. You can't lie to prospective employees and expect your new hires not to be disappointed and angry when they start.

    People respect honesty and transparency. And honestly, people will still take the job even even when they know about the high turnover rate. In addition, new hires will EXPECT the high turnover rate when they start... so they won't come on glassdoor and bash the company as much.

    There are a LOT of people who make 6 figure incomes at Newday within 2 years. That is something to be proud of, and that alone will attract good prospective employees. Newday wouldn't be a 300 person company if you didn't know what you were doing, but the false advertising has to stop.

    And the commercials are great, and they could work! The company could grow dramatically in the next few years. So be upfront about the risks of starting out... the possible rewards are worth it to a lot of recent college grads.

    Also, this is just my opinion. The iPads are pretty unnecessary. You use them for a month of training... then they sit in your desk at work, or back home collecting dust. You don't take a job because it gives you an iPad. Also, the 25 big screen TV American flag in the lobby probably costs you as much in electricity as one person's base salary per month, could easily be seen as a metaphor for American excess, and a real American flag that size would probably look a lot better. Some people love it though, so maybe I'm just a hater.

    Finally, don't bash on other jobs as much and don't be so money obsessed. It's unbecoming. Even if all you love is money, its still unbecoming.

    Recommends
    Neutral Outlook
    No opinion of CEO
  2. 9 people found this helpful  

    Fake reviews maybe? Here's the truth

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee  in  Fulton, MD
    Former Employee - Anonymous Employee in Fulton, MD

    I worked at NewDay USA full-time for more than a year

    Pros

    You get licensed on the company dime.

    You will be taught the mortgage industry (from a NEW DAY point of view).

    Some loan officers make good money if you are willing to decieve clients.

    If you have no family great place to spend all your time.

    Cons

    No work life balance for loan officers. <-- read this twice.

    Very high cost loans compared to competition.

    Compliance and ethical morals do not exist. You would not want to work for them if they get investigated.

    You have a rate sheet that exists only for regulators, must sell higher cost loans. Verballized, never in writting.

    At any time you will be required to sign new pay structure and hourly structure.

    HR will say anything to mislead you about the work environment.

    Obvious kickbacks are being paid to "exclusive lender relationships" and "board of directors".

    Pre-Qualified leads are false advertising. How do you declined credit on qualifed leads?? I would file complaints about this. They mail people with forclosures and management wants you to produce loans that will not qualify.

    Management holds credit committee to appove or decline loans, the majority of declined loans are due to low profitablity. You could spend weeks working on a loan that gets denied because the profit margin is too low, this is verbalized never in writting.

    Reading a script that requires you to mislead clients. AKA US VETERANS

    HR will despute this because the truth behind this company will hurt the recruiting.

    Advice to ManagementAdvice

    Business ethics 101 should be revisted. Claims to restore the morals of the mortgage industry are clearly not how you conduct your actions. Really? You are taking advantage of VETS?

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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