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Updated by user Feb 01, 2020

NewDay has not responded. It seems as though they took friday and the weekend off

Original review posted by user Jan 31, 2020

I have the misfortune of being a NewDay USA customer. Being a retired service member, I wanted to refinance my home into a VA loan, and with all the NewDay adds flying around on the television, I chose them.

They are very cordial but do not offer anything extra beyond any other mortgage company. They do, however offer the veteran higher interest rates and problems with the loan during and after the closing.

I was supposed to close in mid december, but the calculus changed and somehow the entire thing was moved to the end of December. The next week, in January of 2020, they somehow needed all manner of additional paperwork, and most of it was petty, like a better photograph or a better copy of the termite inspection. This kept going on and on...for weeks!

Since they had gotten the payoff to my mortgage, I did not make the normal payment on time, hoping to enjoy the extra bonus cash following the Christmas expense.

NewDay kept having issues with someone in some back office waiting on this or that from a title company and all the while string me along. My instinct was to abort the process, but I persevered just like that trophy bass going after the shiny spinner bait.

This process of bungling clerical problems persisted all the way until the end of January when they finally sent someone to close the loan with me. Unhappy over what I had been dragged through, I was happy to put all that into the rear view mirror. But as with all things NewDay, the nightmare was/is not over.

After all of that, NewDay did not fund the loan on the day they promised, and I now have a ding on my credit for a late payment to my primary mortgage holder.

I am wondering just how much damage this company can do before this is over. Veterans far and wide, hear me, DO NOT FINANCE WITH NEWDAY

RUN!

Reason of review: Poor customer service.

Monetary Loss: $540000.

Preferred solution: Let the company propose a solution.

NewDay USA Cons: Poor servicing, Higher interest rates, Does not meet promised dates, Inefficient.

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Guest

Good information... I have always been suspicious of their TV spokeman's emotional & fake "pitch"!

Guest

Nothing but promises, lots of talk with no action. Attention Veterans DO YOUR HOMEWORK before proceeding with this company.

Guest

I went with Veterans United smooth as butter great and very personal customer services, just FYI. I wish I would stop getting mail from these jokers.

Guest

Was thinking about Refinancing with them, but thanks to tis review I'm going to do like the person said...."Run."!!

Guest

We think we'll skip on this mortage company. don't think we want to be led by a ring in our noses.

Guest

Everyone needs to be wary of a company suggesting borrowers pay interest to borrow equity and hold it in a 'zero interest' bank account.

Guest

Retired Colonel, USMC. Trust me do NOT use New Day. Use time-proven Navy Fed or USAA.

Season Bor
reply icon Replying to comment of Guest-2014517

Outrageous closing cost & go back 5 years on your credit history for any lates ! yep that is helping veterans

Guest

How does the USMC feel about an active-duty service member (Tatiana) endorse this product?

Guest

NewdayUSA Sucks, I'm glad I found Pacific mortgage, They were able to get me financed. I had initially talked to Newday USA about a VA loan, but got told that unless you have ALMOST a perfect credit, Newdayusa would not okay the loan, but yet I keep getting their propaganda mail. My opinion, stay away from these idiots, they can't do what they say, must be ran by a bunch of democrats...

Guest
reply icon Replying to comment of Guest-1975141

RUN BY REPUBLICANS FOR SURE!! THEY ALWAYS WANT TO RUN THINGS BUT SCREW IT UP CONSTANTLY!! SERIOUS BUNCH OF IDIOTS "STUCK ON STUPID".

Guest

I applied to NewDayUSA a few years ago to buy a home on a VA loan. I was Pre approved and had my VA approval letter and they turned me down because they said my Credit Score wasn't good enough for for their company. I applied to another company and was approved on the spot with a better rating and was told that because it was a VA loan and was pre approved with a VA guarantee it didn't matter what my Credit Score was and NewDayUSA was was not a good company to deal with.

Johnpaul Oun

Going thru problems with them now, just refinanced with them 6 months ago, they failed to pay my school property taxes from escrow, talked to escalation manager in Oct, he was looking into it, never heard back after several attempts to follow up, was just notified by school district Dec., my taxes are delinquent and a fine has been added to my taxes. Again emailed them and have not heard back. Terrible customer service.

Krisa Tzq

Thank you so much. I had just begun to start the process and came across your rating.

Going back to my regular lender and refinance there. Sorry you went through this.

Guest

I have the same problems with veterans first pay upfront for tests and inspections and got boned when the interest rate changed right before closing *** poor service no value

Guest

Quicken isn't much better.

Guest

Had a conversation with Benjamin a month ago. My mortgage company sold the loan and I didn't have a 6 month record with the new one.

He said to contact him in January. Asked for our socials and said he was going to do a soft inquiry.

He did a hard inquiry and with out any explanation sent me a denial letter with excellent credit scores. They're not doing veterans any favors!

Guest
reply icon Replying to comment of Guest-1933686

If you did not give them a wet signature for the hard inquiry the credit bureau is obligated to remove it from your record

Guest

Thank you for the info. I have Quicken Loans, which sounds just like this!!

I wanted to refi my current loan so, I'll look for a more reputable finance. company.

Keefe Nup
reply icon Replying to comment of Guest-1918297

i recently did it with Rocket Mortgage - did a VA IRRRL, it was great. Reduced loan from 3.5% to 2.49% and since a service member referred referred me (and another service member referred him), they did not charge me the points!

I stayed on top of things, so it closed in under 30 days.

and it went as they promised. Signed the docs - had to wait 3 days (in just case you want to cancel), then they fund it the next day - informed me it'll take 5 days to get processed with my current bank - everything worked as the time line the provided!

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