NewDay USA LLC, a nationwide U.S. Department of Veterans Affairs (VA), Federal Housing Administration (FHA) and reverse mortgage lender, has announced the launch of its Correspondent Builder Division that 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.
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 Correspondent Builder 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.
"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.
