NewDay USA Reviews

Updated June 26, 2015
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3.2
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NewDay USA CEO Robert Posner
Robert Posner
68 Ratings

Pros
  • Hard work truly does pay off here at Newday (in 11 reviews)

  • For those on here who bash NewDay, they are weak individuals who don't deserve the opportunity to make six-figures in the first two years (in 5 reviews)

Cons
  • The hours are long but you are compensated for it (in 8 reviews)

  • Obviously the work life balance is a no brainer (in 6 reviews)

More Pros and Cons

95 Employee Reviews

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  1. Helpful (2)

    Great Career

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

    I have been working at NewDay USA

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Continuous learning, paid training, paid licensing - great room for growth at NewDay.

    Cons

    The only thing a person could complain about is long hours, but they aren't bad at all - especially when comparing them to other financial institutions.

    NewDay USA Response

    Jun 9, 2015

    Thank you for your comments!


  2. Helpful (7)

    Worst.Company.Ever

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

    I worked at NewDay USA full-time (More than 3 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Under no circumstance work for this company. The owners and upper management care only about themselves and you are replaceable and worked like a dog.

    Cons

    There is no trust when working for such a shady and dishonest company. This company should be shut down for how they treat their employees and customers.

    Advice to Management

    STOP worrying only about yourselves and negativity effecting your employees and customers lives!


  3. Helpful (6)

    it sucked

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

    I worked at NewDay USA full-time (More than 3 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    paid training is about it. They help you get your state lisc and teach you about the industry

    Cons

    I could write in this column until the cows come home. Everything you see in every other negative review is true.

    Advice to Management

    Come clean. Stop ripping off vets with your loans and college kids with your oppurtunity.

    NewDay USA Response

    Jun 26, 2015

    Thank you for your comments. We do take pride in our training program here at NewDay, and we are glad you saw a benefit in that opportunity. We also take our commitment to veterans very seriously ... More


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  5. Helpful (6)

    Unprofessional and Shady

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

    I worked at NewDay USA full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    Let's start with this: To those folks who claim every good review is from employees who are forced to write it or from recruiters--come on... I am not some kool-aid drinker and I have plenty to write on the negative side as you will see, but I was there almost a year and never once was told, hinted, or heard any one say a word about posting positive reviews on Glassdoor. Those people are folks who are just bitter or got fired. Anyway...

    While this review is going to be generally negative, there are some positives for Newday.

    1. They do pay for every cent of your testing and state licensing. This is a nice benefit if you desire to get into Mortgage Banking because it can add up to multiple hundreds of dollars when it is all said and done.
    2. The place is well known for rapidly promoting employees that work hard and show promise. I was there for about 11 months and was promoted 3 times. More on this later though..
    3. Office is an awesome space. Beautiful, great location, comfortable set-up for employees.

    Cons

    So here we go:

    Turnover of employees should really tell you everything you need to know. I will use the numbers from my class. This is pretty typical of all classes. We started our class with 19 people. 2 couldn't get through the first few weeks of training/studying/testing. Then within our first 6 weeks on the floor, 2 quit due to the hours and 2 more got fired for being really terrible at their job. Then over the course of the next 6 months, 6 more were let go and 1 more left on their own. So for those counting at home--that's about 8 months in and a class of 19 was down to 6. I was the next to leave a few months later and know of 2 buddies in my class who were fired or left on their own after I did. So about a year into our class of 19 was left with 3. This is Newday for you.

    So what are some reasons for this?

    1. They pitch you early on in recruiting about how much money you can make. They tell stories of folks 18 months out of college making a quarter million. This was true, but the comp plan has changed significantly since those days in 2009-2012. What they have essentially done is increased your floor from 40k base to a 50k base and then made those higher numbers 80k+ MUCH harder to achieve. Only those seasoned vets with loaded pipelines, years of experience, working 6 days a week (about 55 hours) are going to be consistently bringing in five figures a month.

    2. The hours are tough. When I was there it was standard to work about 48 a week minimum and usually if you wanted to impress (you always want to impress when you see people fired almost daily) you tended to settle in around 55/week. This is a lot when you are in your first 12 or so months working up a pipeline and not seeing much above you base salary.

    3. You have some gems in management, but you also have some slimy human beings. I genuinely think the CEO is a low grade sociopath. We would have almost weekly company meetings where almost nothing was accomplished other than for him to insult some people and preach about recruiting friends to the company. There have been multiple sandals throughout the last few years well documented online if you search. More than one fine over $2 million in the last 6 months alone. People were always cutting corners in some way or another. Forging signatures, cheating on continuing education, etc.

    4. There is a major glass ceiling at the company if you don't recruit people. The reason is obvious. They have such high turnover that they need to keep a steady inflow of bodies to man the phones. They know their best tool to get folks in the door is a good word from an employee because of how negative the reviews online are. What they don't tell you when someone recruits you is that the person who brought you in likely doesn't love their job--they just want to get promoted and receive the cash bonus you get for bringing in a recruit. EVERYTHING at Newday revolved around this program. They call it SOI (Sphere of Influence).

    5. And this is the one that should really matter the most. Their loan officers are taught to do multiple things that are not in the best interest of the customer on the phone. Sure there are plenty of customers who had a good experience, but the customers who know the way the industry works--always hung up when they heard the offers. Management preaches to pull every credit report you possibly can. Newday never did purchase loans when I was there. However, we literally would be told point blank--do not tell them we only do refinances until you pull credit. We'd rush through the application that we knew was a dud just to get to the credit pull--we'd put them on a quick hold--pull credit and then let them know that while we'd love to help, we only do refinances at this time. This is just one example of how there were so many shady practices.

    Anyway, the place has some good folk. Nice people. Friendly. But the company as a whole with the leadership and virtues in place is a sad place. Genuinely had hope for the company for a time. Think it could have been an awesome work place and service to our veterans with some different choices from leadership but overall it is not a place that values character. They may say they do, but their actions speak much louder than their words.

    Advice to Management

    Good luck.

    NewDay USA Response

    Jun 9, 2015

    Thank you for your comments. Let me first start by stating that under NO circumstances do we tolerate cheating, misleading or any deceptive activities. We do believe that it’s important for all of ... More


  6. Helpful (7)

    Let's Get Real

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

    I have been working at NewDay USA full-time (More than a year)

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    Pros

    This review is going to get a little too "real" below, so I want to start by prefacing my comments with this: I enjoy parts of NewDay. I really liked the vision that the company had when I signed on to work here. I just don't like the vision it has now. I'm going to be completely open and honest here, just so anyone reading can make an informed decision. I hope I don't deter anyone from joining this company, as NewDay has put food on my table. I also really hope my comments can reach senior management so that they can finally ask us actual AEs (not AVPs) how we feel about where we're headed.

    $50,000 base salary
    Great benefits in terms of Health, Life, 401k, etc...
    You'll meet some new best friends
    The occasional free pizza lunch
    Getting to know Admiral Lynch
    Paid, comprehensive training
    Licensing team to manage your licenses
    Some good "lower level" managers willingly to help you

    And a side note... The hours are THAT bad. We signed up to work 49 hours, so stop complaining.

    Cons

    Recruiters "over selling" the opportunity
    3-6 months of training before touching the phones
    Processors that don't process anything
    Unqualified leads
    Poor lead generation ("carpet bombing" Fox News)
    Focus on dumb metrics
    Nonsensical meetings where Rob talks about his feet
    Completely detached senior management
    High turnover of GOOD AEs. Not first year AEs

    Advice to Management

    Stop focusing on getting new people in the doors. We can already answer all of the unqualified leads by ourselves just fine. Instead, focus on helping the AEs in the trenches everyday close down their loans instead of trying to deny them for reasons that aren't even VA guidelines. Also, taking away rate and term leads and giving them to the newest kids out of class pissed A LOT of people off, as you can tell by the recent mass exodus of veterans (I use "veteran" loosely here as anyone at the company longer than 1 year could be considered a senior citizen). Instead of changing the guidelines every other month, how about we look to change our rates instead to at least become a little bit competitive? The amount of times I get laughed at when I say our rate is unbelievable. Finally, let's stop using the words "growing pains". We're not growing like you would like us to believe we are. All you have to do is look at the amount of loans being closed each month (it's declining or stagnant, trust me I've done the regression line analysis).

    NewDay USA Response

    Jun 9, 2015

    I'm glad to see that there are many positive attributes to your experience here at NewDay. We will review your advice to see where we can improve our processes better. Our current University class ... More


  7. Helpful (1)

    This isn

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Account Executive
    Current Employee - Account Executive

    I have been working at NewDay USA

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    The opportunity here is amazing. Where else can a young 22-23 year old graduate college, and obtain a career within the financial services industry with paid for licensing and a $50,000 base salary.
    You will learn so much while at NewDay and all of the knowledge is transferable to other aspects of your life.
    You will become financially literate and responsible. You will obtain skills that will stay with you for the rest of your working life.
    An effort is made to compensate you well..better then most.
    The company is full of young men and women, which makes the working atmosphere easy going.

    Cons

    Yes the hours are demanding. You have a 49 hour work week, but in order to do the job exceptionally well you may spend more time then that... Regardless its up to you.
    The company is growing extremely fast and, there is some inconsistency.. That should be expected with a growing company. One thing that is very consistent would be the opportunity within the company and your compensation.

    NewDay USA Response

    Jun 9, 2015

    I'm glad that you are seeing the opportunities that are presented here at NewDay. Thank you for your review!


  8. Helpful (1)

    An experience of a lifetime.

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

    I have been working at NewDay USA full-time (More than 3 years)

    Recommends
    Positive Outlook
    Approves of CEO
    Recommends
    Positive Outlook
    Approves of CEO

    Pros

    Im 25 years old. I own a home and make more money than my parents ever have. This company is not for everyone, but for those willing to work hard and truly want a place to learn and grow, this is a place that can really provide that. NewDay has change my life.

    Cons

    It's hard work. As I mentioned not everyone is cut out for it. Long hours, stressful deadlines , and things are constantly changing. But that's real business.

    Advice to Management

    Keep working hard. Rob is always in our best interest.

    NewDay USA Response

    Apr 30, 2015

    We are glad to see that this is a positive experience for you. Thank you for your comments!


  9. Helpful (1)

    A lot of opportunity, no predictability.

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

    I have been working at NewDay USA full-time (More than a year)

    Recommends
    Negative Outlook
    Approves of CEO
    Recommends
    Negative Outlook
    Approves of CEO

    Pros

    This is a solid place to start. There is plenty of money to be earned and there is room to grow. Here are he highlights...
    Good salary (50k)
    Good people to work with
    Lots of chances for bonuses and commission
    Consistent lead source
    Predictable advancement metrics
    Enjoyable work events
    Excellent training
    Not a hassle to get time off, sick leave, etc

    Cons

    If you decide to work here be prepared for a few things...
    Constant schedule changes. Every 3 to 4 weeks your hours will change.
    49 hours/week on paper, 60 hours/week is more the reality
    Mandatory Saturdays without any word before hand are frequent. Be prepared to work essentially 6 days a week.
    The process for closing a loan can be ridiculous
    Micro management from some senior management
    There will be 1 to 3 hour company meetings for upper management to hear themselves speak.

    Not to do with NewDay but you will have to turn people down who really need help. That's tough.

    Advice to Management

    Let the MLOs work with out the constant interference.
    You would have a lot more production from everyone if processing/underwriting held consistent standards.
    SET A CONSISTENT SCHEDULE AND STICK TO IT.

    NewDay USA Response

    Apr 30, 2015

    Thanks for your review! We are glad that you see value in your experience here at NewDay. We're always working to become better and hope that your journey with us will remain a positive one.


  10. Helpful (5)

    Boiler Room and Morale is horrible

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

    I worked at NewDay USA full-time (More than 3 years)

    Doesn't Recommend
    Negative Outlook
    Doesn't Recommend
    Negative Outlook

    Pros

    If you are an Account Executive, they pay for your licenses, if you want to work 100 hours a week, you can make a decent income. Oh wait, you can only account for 49 hours, even though you work LOTS more. For the staff, there are no pros, just more and more work all while working a LOT of hours too. Oh, they will feed you lunch to keep you from leaving the office for a lunch break.

    Cons

    Hours are long and don't get reported. AE's are told to only account for 49 hours per week, but it's mandatory to work weekends all while told to shut up and quit whining. Staff gets no recognition, always more work and then a cut in pay. Very sad for management to tell their employees they are getting a raise when in reality, they sliced and diced their rate. Told the staff to work more hours and it's a raise. WTF. MORALE is horrible and employees leaving all the time.

    Advice to Management

    NewDay senior management is a disappointment right from the top. Some managers try to make a difference, but give up as they can never win, so they just go with the daily crap.

    NewDay USA Response

    Jun 9, 2015

    Thank you for your comments. In your orientation, HR explains that you are to put the number of hours that you work on your time sheet, so I respectfully I disagree with your comments and ... More


  11. Helpful (2)

    Work Hard - Pay NONE!!

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

    I worked at NewDay USA full-time (More than 3 years)

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    The Kool-Aid drinkers think there are many, but they are brain washed. IE: The Kool-Aid.

    Cons

    Lots of long hours per day and weekends for little too no pay. Cut AE comp every time they can and have you sign your life away. Must bring in SOI's (refer other people) in order to get any type of raise. This is a joke, Cut the staff's pay too and had the nerve to tell them it was a raise if they worked more hours. Another JOKE. Lots of unhappy people still there, but many leaving and on their way out. It's sad that management doesn't understand Respect, Loyalty, and Integrity. They DEMAND it, but don't give it in return. Harassment, Belittlement and a Hostile place to work. Would NEVER recommend anyone and got out myself.

    Advice to Management

    They don't take any advice because they KNOW it all. COCKY and self-serving.

    NewDay USA Response

    Jun 9, 2015

    Thank you for your comments. NewDay USA is a place where people come to make their dreams come true, to be inspired, to continuously learn, and constantly challenge themselves to reach their pure ... More



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