FULTON, Md., May 30, 2012 (BUSINESS WIRE) -- NewDay USA, LLC, a nationwide VA, FHA and reverse mortgage lender, today announced the launch of its Correspondent Builder Division, which will operate as a conduit-buyer for government loans originated by builder-owned mortgage companies. Mortgage industry veteran Ken Harthausen has been named president of the newly formed business unit.
"We are very pleased that Ken will take on the leadership role of our newly formed Correspondent Builder Division. His experience and skills make him the ideal candidate for this position," said Rob Posner, chief executive officer of NewDay USA. "Adding builder-owned mortgage companies to our roster of correspondent sellers is a natural, next step in NewDay USA's strategy to grow the company through government mortgage loan originations.
"Our decision to enter this new area of business is about more than our own growth strategies. It's also about our company's core values. At NewDay, we believe that the nation's economic recovery will not be fully achieved until the housing market is restored to health. By supporting homebuilders and their homebuyers we are playing our part in helping to bring back the housing market."
The loan product menu available through the NewDay USA Correspondent Builder Division gives builders with in-house financing operations the ability to sell more homes to a larger number of prospective homebuyers.
-- The division is able to safely buy FHA loans in a broader credit quality range than most other correspondent lenders due to the information-driven technology and superior analytics that NewDay USA employs.
-- For builders of senior communities, NewDay USA serves as a conduit for the increasingly popular purchase reverse mortgage product.
-- The company has best-in-class VA lending capabilities, with program guidelines that include loan-to-value ratios of one hundred percent.
"Over the last several years, as money center banks and others have either abandoned or significantly scaled back their correspondent lending activities, builders with their own mortgage companies have had difficulty finding a partner that supports their needs," said Harthausen. "With our common-sense approach to underwriting, deep product menu, and ability to purchase closed loans, NewDay USA is giving builders a new way to say, 'Yes' to their prospective homebuyers. I am looking forward to helping the nation's top homebuilders sell more homes, which not only helps them grow their business, but also supports the recovery of local housing markets."
Harthausen, a seasoned mortgage executive with nearly 30 years in the business, has held senior management positions at mortgage lending organizations, as well as third-party service providers. He has played a leadership role at Countrywide Bank, Cross Country Home Services, PHH Mortgage (now Cartus Mortgage), GE Mortgage Insurance and GE Capital. He is a frequent speaker and presenter at industry conferences and events.
About NewDay USA, LLC
NewDay USA, LLC is a nationwide VA, FHA and reverse mortgage lender offering a wide range of mortgage-based products to homeowners with a variety of needs and goals. The company is the exclusive provider of mortgage lending for Veterans of Foreign Wars (VFW) members. The company is also a HUD-approved reverse mortgage lender, and in 2010, was among the top 10 providers of reverse mortgages in the U.S. Retail branch offices serve customers in select markets, including the Chicago, Philadelphia, Baltimore and Washington D.C. metropolitan areas. For more information visit www.newdayusa.com .
SOURCE: NewDay USA, LLC
For NewDay USA Sheryl Gudelsky, 678-781-7229
Copyright Business Wire 2012
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