NewDay USA said it will surpass its 2020 estimates more than doubling its revenue to over $300 million this year, up from $152 million in 2019. It is on pace to serve over 20,000 veteran families in 2020 and expects to serve more than 40,000 in 2021, the company announced in a release.
“This has been a challenging time for most Americans, and homeownership has never been more important to the financial well-being of veterans and service members,” NewDay USA founder and CEO Rob Posner said in the release. “No matter what the challenge, NewDay has always stuck to its core principles: hiring teammates with integrity; investing in good times and bad; and fostering a culture of service.”
The company is projected to earn $500 million in revenue in 2021, generating more than $9 billion in loan volume, the release stated. NewDay has grown to 700 team members this year and is projected to grow to over 1,200 in 2021.
It continues to outperform the industry in credit risk with its information-based business model to serve veterans who are being left behind by traditional banks. As of October 1, 2020, the forbearances in NewDay USA's portfolio have been less than a quarter of the national average.
“As interest rates drop to the lowest in history, NewDay USA is quickly becoming the trusted mortgage company veterans turn to purchase a home,” Posner said. “Our team members are driven by the noble purpose of making every veteran realize the American dream of home ownership and providing them the opportunity to refinance to save money for their families. Our guiding principle is to ensure we put every veteran in a better place.”