FULTON, Md.--(NewDay Financial, a national VA and reverse mortgage lender, announced today it has enhanced its comprehensive training program for loan officers to better prepare them for the latest industry and regulatory changes.)--
“NewDay University specifically focuses on ensuring loan officers truly comprehend the regulations and are able to provide the best quality service to our clients while consistently adhering to compliance requirements.”
“NewDay is committed to updating our training program on a regular basis whether it be legislative changes or just evolution of the industry,” explained Chris Andrews, vice president of Training for NewDay Financial. “We believe strongly in investing in our employees, which is why we cover the costs associated with all training and licensing. New mortgage industry professionals who come to work at NewDay say that the unparalleled educational and training program offered by NewDay University gives them confidence in their abilities and deep industry knowledge.”
NewDay’s training program is unlike any other in the industry mainly due to the fact that the approximately six-week regulatory training course is completely free for loan officers. SAFE Act training alone typically costs an individual around $700. Additionally, NewDay pays for required background checks, fingerprinting as well as the cost of all fees and applications.
Today, NewDay has a SAFE Act examination pass rate of 93 percent, compared to the national average of 61 percent. For state examinations, the pass rate of NewDay trained loan officers is 96 percent, while the national average is about 74 percent, according to the company’s research. NewDay licenses loan officers in 15 to 25 states.
“In the industry’s current and ever-changing environment, compliance is paramount,” said Paul Alger, president of NewDay Financial. “NewDay University specifically focuses on ensuring loan officers truly comprehend the regulations and are able to provide the best quality service to our clients while consistently adhering to compliance requirements.”
NewDay recently implemented a quality control program that monitors inbound calls to ensure each originator complies with regulations and maintains a strong customer focus. NewDay management receives daily quality control reports that are designed to improve the company’s coaching methods. The company has also added training sessions to give loan officers a stronger understanding of the Dodd-Frank Wall Street Reform and Consumer Protection Act as well as its affect on origination processes.
About NewDay Financial, LLC
NewDay Financial, 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.newdayveterans.com or www.newdaycareers.com.