NewDay Announces Enhancements to Its Free LO Training Programs
NewDay Financial, a national VA and reverse mortgage lender, has announced that it has enhanced its comprehensive training program for loan officers to better prepare them for the latest industry and regulatory changes. NewDay’s training program is a six-week regulatory training course that is completely free for loan officers. NewDay pays for required background checks, fingerprinting as well as the cost of all fees and applications. “NewDay is committed to updating our training program on a regular basis whether it be legislative changes or just evolution of the industry,” said 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 has a SAFE Act examination pass rate of 93 percent, compared 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 (QC) program that monitors inbound calls to ensure each originator complies with regulations and maintains a strong customer focus. NewDay management receives daily QC 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.