NewDay USA Reviews | Glassdoor

NewDay USA Reviews

Updated May 17, 2018
234 reviews

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3.8
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NewDay USA CEO Robert Posner
Robert Posner
172 Ratings

234 Employee Reviews

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Pros
  • The company rewards hard work with great incentives (in 26 reviews)

  • Great base salary and commission potential (in 22 reviews)

Cons
  • I found it hard finding work/life balance in my first year (in 30 reviews)

  • Employees will work very hard, and often long hours, but these expectations are set from the beginning (in 41 reviews)

More Pros and Cons

  1. Featured Review

    Helpful (11)

    "Account Executive"

    StarStarStarStarStar
    • 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
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    - Great base salary and unlimited commission potential. Potential to make 100k in first 18 months.
    - The company is growing at a very fast pace and there are many opportunities for promotion.
    - Young fun work force.
    - A lot of the financial solutions that you provide veterans can be life changing.

    Cons

    The hours can be long and sometimes you have to work on Saturday. However, there is a new work life balance division with a great base salary and commission plan.

    NewDay USA Response

    Jun 16, 2017 – Senior Account Manager

    Thank you for taking the time to post your thoughts on NewDay!


  2. "Purchase Account Executive"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Purchase Account Executive
    Current Employee - Purchase Account Executive
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Working at NewDay USA has by far been the best employment experience I have ever had. Assisting service members and their families with the american dream of home ownership is the most purposeful career I can think of. This is a true meritocracy, and your opportunity is what you make of it.

    Cons

    I have no cons because this is the opportunity of a lifetime to make a difference in veteran's lives on a daily basis.

  3. "Not that bad"

    StarStarStarStarStar
    • 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
    Recommends
    Negative Outlook
    No opinion of CEO

    I worked at NewDay USA full-time (More than 5 years)

    Pros

    I worked at NewDay for 5 years and honestly enjoyed it for the most part. You can make a lot of money, have great and constant training, nice work environment when someone isn’t breathing down your neck. Fun events and it seems like they are trying to working on employee engagement although there is a lot of uncertainty in the mortgage industry right now.

    Cons

    Be more transparent and middle management loves to micromanage. It’s pretty inconsistent one day your manager is your best friend the next they are screaming at you to produce or for resumes because the CEO is in town and they just got out of a 5 hour meeting.

    Advice to Management

    Don’t be afraid of the CEO, be yourself and manage with consistency. We get your under a lot of pressure but you don’t get results through trying to motivate your people through fear just because you are afraid.


  4. "MLO"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at NewDay USA full-time

    Pros

    Good Starter place to get your licenses.

    Cons

    Work life balance needs help.


  5. "I’m proud to work here! Core values that fit mine and helping Vets purchase a new home is exciting to be a part of."

    StarStarStarStarStar
    • 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
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    Serve Veterans
    High transparency and accountability within the company
    Strong leadership development
    Managers are always available to newer employees to teach them and answer any questions.
    Strong Core Values

    Cons

    I'm not going to say these are cons because I do not personally see them as negatives, but for anybody wondering if you would be a fit here:
    We work 47+ hour weeks and we have to dress professional. This company values hard work and a professional attitude so we can help as many people as possible with the best service possible.

    Advice to Management

    Keep being outstanding! I am excited about the future of our company.


  6. "Great Opportunity and Company- Job of a LIFETIME"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Processinh in Fulton, MD
    Current Employee - Processinh in Fulton, MD
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    There are many reasons why I love the company I work for. There are endless amounts of opportunities within the company along with training to help with your growth. The company helps everyone understand the mortgage company as a whole and understanding the laws / guidelines that are within the industry. They do not hire outside the company, much is within the company. They do constant quarterly reviews to give you an understanding of where you stand within the expectations and standards, and tools and plan to utilize to grow and pursue any opportunity you feel you can obtain to obtain a promotion and better your career. They have amazing compensation and rewards for your hard work. Not many companies out there that compensate and reward you for your success and growth like this company does. Hard work and dedication you bring you a far way with this company as it is an open playing field and you control your own destiny. The company is very upfront about the hours and workload they expect and the standards they set, this helps set the tone and give you an opportunity to go as far as you want within the company. I must say, this is the first company where I do not feel micro-managed. The senior leadership and the management team is one of the best. They help train you for a career always and give you an opportunity if you want to step up. Management on the operations side by run by Nicole Novella is a big part of why the company is where they are now. She promotes within and strides to help her team in anyway she can. She motivates everyone daily and created such an amazing atmosphere which is the reason why I love coming into work everyday. The company is growing at a fast pace and creating many opportunities for others to step up as they start their own servicing company, grow the Purchase division / FHA program and still have one main goal, do anything we can to give the best customer service and help our veterans.

    Cons

    The only con I can think of is the negativity that gets portrayed toward the company, that in turn gives others a different opinion and thought on the company as a whole. the company is a great place with many opportunities. Understanding a good work life balance is important. This is not the place for someone who does not want to put their all and their heart into their work.

    Advice to Management

    Continuing to keep the culture and finding the best fit for each employee is key to the success with the company. Appreciate the opportunity that I have been given and the opportunity to let me control my own destiny.


  7. Helpful (1)

    "Account Executive"

    StarStarStarStarStar
    • 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
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    The company culture and character here are outstanding. The employees not only care for and respect the clients they serve as military veterans but we regard it as a higher calling or purpose. Serving those who fought for the rights we enjoy day to day is a rewarding line of work that I couldn't be more satisfied with. We are paid well while doing a great service, helping for the veteran community realize the american dream and enjoy financial freedom. The company also donates to multiple charitable causes for veterans, and that important to see as an employee, that its a top to bottom philosophy here to better the lives of the veterans in this country after all they have done for us.

    Cons

    We work a lot as a growing business, but I manage to still balance my schedule pretty well.

    Advice to Management

    Keep growing, and continue finding more ways to benefit the veteran community.

  8. Helpful (4)

    "Honest non-sales review"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Credit Analyst in Fulton, MD
    Former Employee - Credit Analyst in Fulton, MD
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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

    Pros

    Training, young and fun workforce - that's about it.

    Cons

    Where to begin:
    Pay is under $18 an hour( very low for the industry)
    Sales team gets all the recognition and credit for EVERYTHING!
    Long hours at end of the month, no sick or personal days off.
    Company is too concerned about profits, questionable practices on the sales side
    Promotions are only in title only, no actual raises given
    Company is always in the news for some shady dealings

    Advice to Management

    If you put 1/10th the effort you do during training, for retention; you'd be in a much better position.
    *Stop asking employees why they are leaving, you know the # 1 reason is pay.
    PAY PEOPLE WHAT THEY ARE WORTH!
    At least pretend to care about employee morale


  9. "I would not work anywhere else"

    StarStarStarStarStar
    • 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
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    This company checks every box any person could seek from an employer. They pay well, have the most extensive training program I have ever seen (I learned morein the NewDay University and my departmental training than I did in college) with honest passionate leadership and moral core.

    The greatest aspect of the company is the leadership. They cultivate leaders among the employees. This is not a place where you put your head down and just do your job. Leadership and opportunity will be placed on your shoulders if you seek it. The CEO and exectuvie suite and Sr. VPs down to the sales floor captains (especially in the purchasing department) are honorable, approachable, forward thinking and intelligent.

    NewDay is unlike any other mortgage company and breaksevery stereotype that exists. We are focused on the veteran community out of a passion for care not because they are a good market. This is the only banking company that I know which makes business decisions with a moral intention.

    Cons

    The hiring process is rigorous and not well communicated for me. They look for passion, intelligence, and a resolve. This means that the people that do work here are best colleagues you could ask for but it feels excessive as you going through it.

    The work hours and salesmanship are challenging if that's not who you are. Things are always changing and expectations are high. But if dedicate yourself, you'll be fine but some people can't handle that kind of dynamic environment, you may have to adapt.

    Advice to Management

    There are many great things at newDay, let show outwardly.


  10. Helpful (9)

    "Honest Review"

    StarStarStarStarStar
    • 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
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

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

    Pros

    If you're coming in as an Account Executive/Credit Analyst/Underwriter, the NewDay University is the best part about the job. Coming straight from college, it is a phenomenal intensive 3 week training program that goes over in depth into the mortgage industry. Upon completing the training, you will know more about the mortgage industry than 95% of people. The mortgage industry is very extensive so this can also lead you into other areas of employment (mortgage servicing, mortgage-backed securities, commercial real estate development, etc.)

    The CEO, Rob Posner, is a brilliant guy. He's guided the company since it was around 20 people, to now around 550. However, he's let a lot of unqualified people rise to the top only because they stayed loyal and found ways to meet performance goals (in not always the most ethical ways).

    Cons

    Unbiased conclusion: NewDay is extremely risky as your first job out of college.

    Factors which make the company risky for recent graduates: 1) No transparency 2) cyclical nature of the mortgage industry, 2) current interest rate uncertainty, 3) high levels of office politics/favoritism.

    Beware: Please read all the reviews before considering. Half of the reviews you will notice speak unbelievable high about the company. It is known that many current staff are incentivized/encouraged to post positive reviews about the company. The other half of reviews are a mix between people completely upset at NewDay for their own reasons, and then there are unbiased in depth reviews such as this one. So please read them all and decide for yourself.

    Why I conclude it is extremely risky for recent college graduates--During the interview process you will notice that the recruiters make no mention of students failing the industry licensing exam (SAFE exam). If you do not pass this exam, you will be fired. June 2017 had a class size of 60some, and half did not pass. They were let go the following day. Mind you, some students moved from other states and signed a lease. They were without a job. No transparency was given as to what would happen to them. Companies like Deloitte hire the right people from the get go, and if they fail the CPA/CFA, they can re-take it but have to pay the exam price out of pocket. NewDay decides to just fire you instead.

    Riskiness of the Industry--The mortgage industry ebbs and flows with the market. When the current AVPs/VPs were Account Executives back in 2012, they reaped the benefits of low interest rates, which came with high levels of demand for refinancing (Newday is primarily in the business of cash out refinance activity). Currently, we are in a rising interest rate environment which leads to a decrease in demand for refinancing. This is an extremely important factor and has led to entire departments within NewDay to be laid off. Significant numbers of Account Executives in departments such as Rate and Term, and Interest Rate Reduction Refinance (IRRRL Dept) had their belongings boxed up and were laid off over the course of a week. When you are laid off, you do not return to your desk. Your supervisor gathers your belongings, go through an exit interview, and are told to leave the building. In most other companies, those who are performers are at least reallocated into another department to try to salvage the investment the company made. In my opinion, NewDay is all about the numbers, and if they need cash, layoffs must be done to reallocate cash to other departments. The sad part is, from my discussions with upper management, they said that they would not prefer Cash out refinance Account executives to become Purchase Account executives because the purchase account executive role takes a "smarter" and "more organized" person. This is true, however I found that remark to be very distasteful. But indeed, the purchase account executives have many more requirements to jump through, whereas cash out refinance account executives do more "arm twisting" and "hard selling", and if you miss a deadline, its not the end of the world.

    Industry punishment--A quick search on google about Ginnie Mae NewDay USA will result in the most recent action taken by government sponsored enterprise Ginnie Mae (the buyer/investor of mortgage products). Ginnie Mae has banned/flagged NewDay USA from putting mortgages in the traditional Mortgage Pools to be traded on secondary capital markets. Why? Because NewDay and a few other lenders are causing what is called "churning" amongst VA loans. It goes like this: NewDay originates a 5% interest rate mortgage for a veteran with bad credit (because no other bank or lender would do it for him). Then, after 6 months, NewDay or Freedom Mortgage (a competitor), calls the veteran up and tells him he can refinance that 5% mortgage down to a 4.5%. They charge their refinance fee, and refinance the veteran. The investors who buy Ginnie Mae Mortgage Backed Securities, thinking a mortgage was at 5%, has now dropped down to 4.5%. These institutional investors then lose the return they thought they would get. Thus, to even the market, Ginnie Mae is taking action against Lenders like NewDay and forcing them to issue the mortgages in custom pools. They will get the worst pricing and many investors are not interested in buying custom pools. This recent action has led to some of the all-star Account Executives to leave the company. Inbounds leads are nice, sure, but when you have a government agency breathing down your company, it does not sit very well on your resume.

    Lastly, another department which has potential but has been struggling is the Purchase Department. There is a big push to quickly improve the Purchase Department, but so far it does not look like much progress is happening. Many new people who have just started in the Purchase department are cold calling. They dial around 100-150 calls a day, often the same numbers as before, which borders on harassment. If you're fine with that, then this department will be the one that pays off. From an observation, the push to get into Purchase is upper management knowing that will drive revenue for the coming years. With pressure from government regulators, the refinance dept is looking thin.

    Advice to Management

    Please increase transparency. Massive layoffs are not great for employee moral and none of the managers seem to talk about or address it at all. When your top account executives who were in the President's Club for years leave, that's a sign that there is massive amounts of uncertainty among the employees. There needs to be some change to get back on the right track.


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