VA lender renews $100m warehouse facility

by Ryan Smith07 May 2019

NewDay USA, the nation’s eighth-largest VA mortgage lender, has announced that it has renewed its warehouse facility with BankUnited for $100 million. The company now has a total of $400 million in warehouse commitments.

NewDay USA said that the warehouse facilities will enable it to achieve a projected 150% increase in the number of VA home loans it can give to veteran families and military members. Founder and CEO Rob Posner said that the company was well on its way toward its goal of being the top VA lender in the US. NewDay USA is projected to serve 11,000 veteran families in 2019.

“Through a fintech business model, NewDay relies on proprietary information-based decisioning that focuses on making sure that every veteran may have the opportunity to take advantage of their VA home loan benefit,” Posner said. “NewDay is able to qualify more veterans for VA loans and achieve the American Dream. Serving servicemen and women and veterans is all we do.”