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NewDay USA Employee Reviews about "base salary"
Updated Dec 1, 2023
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Found 1,110 of over 1K reviews
59% Recommend to a Friend
68% Approve of CEO
Found 76 of over 1K reviews
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Robert Posner
759 Ratings
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Cons
- "Long hours and you will be required to stay even longer than those hours if you want to succeed here." (in 150 reviews)
- "There are definitely way more cons than pros: 1) There's no work life balance here." (in 71 reviews)
- "If you’re “lucky” enough to become a manager you might as well kiss any after work activities goodbye because you will be forced to randomly stay.. oh yeah and NOT GET PAID FOR IT." (in 26 reviews)
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Reviews about "base salary"
Return to all Reviews- 5.0Jun 1, 2017Account ExecutiveCurrent Employee, more than 1 yearFulton, MD
Pros
-Generous Base Salary + Uncapped Commission -Fast-paced, competitive environment -Large percentage of employees under 30 years old -Plenty of opportunity for upward or lateral movement within the company -Company pays for training/licensing (training program is top in the country) -Quickly gained fluency/savvy in personal/consumer finance
Cons
-The expected hours exceed 40/week and include certain weekends. This role is not for someone who is not willing to put in the time
NewDay USA Response7yWe’re glad you’ve found NewDay USA to be a great place to learn the industry, make great money and build a career. You mention the work hours. We have listened to our staff and have just launched new career tracks for those who wish to work fewer hours per week and no weekends. Thank you for your review!
- 1.0Mar 21, 2021Account ExecutiveFormer Employee, more than 1 year
Pros
-Competitive salary, benefits, 401K plan -Paid training and licensure -If you were in a frat/played sports collegiately or professionally, this is the place for you -Ability to get promoted quickly
Cons
-Let's start with the obvious: NewDay is not a top 5 VA lender. Actually, it's not even top 10. A quick Google search and 5+ different websites can confirm that for you. -As a business that relies heavily on new acquisitions, their loans are extremely hard to sell. In some cases, I saw them originating loans at triple the amount as other lenders in terms of fees. That's not how you 'help' veterans. -You don't really make $60K as your base. If you calculate the normal hours worked in a week times your hourly rate, it's more like $40-45K. But instead you work 60-65 hours a week which is where that gap is filled. -You have to work the max amount of overtime to make a decent base salary. This wouldn't be a problem if mgmt didn't require you to work 80-85 hours a week and not pay you for it. -Don't believe anything your managers, or anyone on the path to becoming a manager, says. They lie profusely and enjoy making you uncomfortable all while having to stare in your face for 100-120 hours a week. The best thing to do in a boiler room environment like this is to stay out of the way and worry about yourself. -How do you have a full-blown recruiting department and HR department but leave headhunting to the AEs? Again, this would not be an issue if it was not REQUIRED of you. People actually get fired/pushed to quit because they 'aren't helping the company grow'. It's quite foolish and, in my opinion, very cult-like. -The commission structure is a joke. I wish I could blame COVID but I can't because it was laughable to begin with + they change it at least 3 times during the year. -It's very clear what the MO is: 'I'll pay you if I like you'. It's funny, I thought people got paid for the work they do and the time they spend doing it. Silly me. -You have no work-life balance. That's to be expected when you work 120-125 hours a week though.
7NewDay USA Response3yWe appreciate your input and we continuously strive to improve. NewDay provides mortgage solutions to veterans that meet their financial needs and always operate in our clients' best interest. The majority of leaders at our company have been promoted from within based on work ethic, leadership, and positive mental attitude. We are proud of them and the work they do each and every day. While we wish for all of our employees to be with us for the long run and build a career for years to come, we do realize that is not always an option. We wish you the best in your future endeavors.
- 5.0Dec 3, 2012Reverse Account ExecutiveCurrent Employee, more than 1 yearSchaumburg, IL
Pros
The leads are warm and consistant. NewDay makes sure that your phone rings everyday. The base salary is great and the commissions are very competitve. There is a lot of room for growth. NewDay is a company that is going places in the future and being a part of the team is very exciting.
Cons
There are not very many cons if any for the company. The work itself can be stressful at times, but it comes with the kind of work that we are doing.
- 1.0Jul 7, 2015Account ExecutiveFormer EmployeeFulton, MD
Pros
-Decent base salary, ability to make good commission if leads aren't stolen from you by middle management -State of the art facility
Cons
-Horrible hours that make the base salary almost worthless -Job titles that mean nothing 'Assistant VP, VP' -Middle management that is incompetent and arrogant and will blatantly steal sales leads from you -Complete lack of diversity -Promotions seem to be based upon relationships with management rather than performance -Management won't allow anyone to mark themselves down for more than a 49 hour work week despite many employees working 55-60 hours a week [FYI: This is illegal.] -Not a sales job but more of a sweatshop where people wear ties.
9NewDay USA Response9yThank you for your comments. We take pride in the diversity of our office as we have people from all of the world that are proud to be a part of the NewDay USA team. I wish you had consulted HR or Senior management if you thought that there was a miscommunication, unfair or unethical practices occurring. We intentionally have the anonymous tip line set up for anyone who may no feel comfortable communicating directly to management about any issues or concerns that they may have as well. It sounds like an entrepreneurial environment may not be the best fit for you, so best of luck to you in finding something more suited to your needs.
- 5.0Oct 6, 2021Anonymous EmployeeCurrent Employee, more than 1 year
Pros
Great place to work for the candidates aspiring to learn the US Mortgage. Company has a sound learning platform and one of the fastest growing and also well paid for Operations and Senior Operations in the City. Timely Raises and Bonuses for the performers
Cons
Company should incorporate cash incentives apart from the Base Salary to motivate the employees you go beyond productivity. Company should also plan for CSR activities.
- 5.0Oct 8, 2021Anonymous EmployeeCurrent EmployeeHyderābād
Pros
Learning Opportunities Good Base Salary for New Joiners
Cons
Needs to be a bit more organized
- 2.0Jun 28, 2023Account ExecutiveCurrent Employee, more than 1 yearFulton, MD
Pros
Paid licensing and experience is a plus. You can then go elsewhere as a mortgage banker
Cons
work life balance is terrible. commission is terrible in comparison to simlar roles but they point to the base salary
- 3.0Aug 26, 2020Account ExecutiveFormer Employee, less than 1 yearColumbia, MO
Pros
Good base salary coming right out of college
Cons
you get paid so much but you work crazy long hours if your not looking to "grind" wouldnt recommend
2 - 5.0Jan 18, 2023SVP, Business Development & SalesCurrent Employee, more than 3 yearsWest Palm Beach, FL
Pros
I started at NewDay in 2019 after graduating the University of Maryland's Robert Smith School. I started as an Account Executive and since have ran numerous sales teams, divisions, and even recruitment operations. My most recent role being business development for our new startup. Through all these experiences I have had to the privilege to work leaders in every division at the firm including: C-Suite, secondary markets, business development, sales, recruitment, analytics, marketing and accounting. Through exposure to these various teams I have become well rounded through learning about how each of their roles affects the business. I do not know of another company where a 22-25 year old can develop such a strong business acumen, in such a short period of time post graduation. NewDay takes an individualized approach and invests the time necessary to develop their young leaders at rapid speeds. As a result of working with NewDay and my efforts here I have been able to purchase 10 rental properties and 1 primary residence in the last 3 years. I can attest that I likely would have not been able to do this anywhere else. NewDay lines the opportunity up for you, however you will need the drive to succeed and nothing will come without hard work. This is a company that values hard work over all else. We specifically hire people who possess a relentless drive for success. This is one of my favorite parts of working here. Being surrounded by a winning team of young motivated individuals pushes you to success, as you are ultimately a product of the environment you put yourself in. Lastly, I would like to touch on the most important part of it all, our social impact we are having on the world. It was extremely important for me to join a firm where there was a net positive on the world. We are helping hundreds of thousands of our nations heroes buy a home, afford the rising cost of living, and navigate their finances. As a person who has numerous veterans in their own family, I can affirm that we have improved the quality of life of so many of our service members through our efforts. It feels amazing when you change someones life and they are in tears thanking you up and down because they were turned down elsewhere. It is a privilege to give back to people who have given so much for us. I could not have landed at a more perfect role for my first job out of school.
Cons
You will be required to work long hours; this is made abundantly clear during the recruitment process. If you do not want performance oriented role, this is not for you. Your compensation above the base salary will be directly correlated to how much effort you are willing to put in.
NewDay USA Response11moOur employees are dedicated, committed professionals, and for those who seek to grow, there are countless opportunities to excel in your career here with us at NewDay USA. We are proud of our world-class award-winning training and the success we have had when it comes to grooming the future leaders of the mortgage industry. We wish you continued growth and success here at NewDay!
- 3.0Sep 13, 2021AVP-SalesCurrent Employee, more than 3 yearsColumbia, MD
Pros
-If you put in time and effort, you will see some success. -Training is second to none -Young energetic culture
Cons
-Some 'seniority' and favorite games to play into or overcome. -Micromanagement of time and effort. -extremely high turnover within first year -High base salary complementary to required pipeline and processing work. time/ effort spent to close loans must be compensated. making less time bring new business, therefore limiting commission without significant after hours investment. Creates conflict of interest. As time invested goes over and above what your peers will put in, earning potential matches what is marketed. can be a wonderful opportunity if you dive in and commit your life to the business.
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