Chrysalis Holdings LLC, parent company of NewDay USA, has announced it has acquired the intellectual assets of Abacus Mortgage Training and Education, a privately held company and provider of NMLS-approved loan officer training and education for mortgage originators. This timely acquisition supports and strengthens another of Chrysalis’ key holdings, NewDay USA, one of the nation’s leading mortgage companies serving the homeownership needs of veterans by providing VA, FHA, reverse and conventional loan products. NewDay USA also provides loan officer education and training through its NewDay USA University initiative. The acquisition enhances NewDay USA University’s capabilities and positions the company to achieve its objective of serving the veteran community.
“The NewDay USA University initiative is one of the cornerstones of our company’s success,” said Rob Posner, chief executive officer of NewDay USA. “At NewDay, we are committed to developing the industry’s next generation of mortgage bankers. The University’s programs, which focus intensely on originations, loan processing and underwriting, will deliver the training that puts our professionals on the path to a successful career.”
Abacus founder Paul Donohue will join the leadership team at NewDay USA and serve as Dean of NewDay USA University. In this capacity, he will manage and oversee the design of leading-edge curriculum devoted to housing finance sales, service and compliance issues. Donohue, whose mortgage and housing industry experience spans more than 30 years, is a nationally-renowned speaker and educator in the lending industry. He is the author of numerous training courses approved for federal and state mandated requirements.
Abacus team members Tom Estes Jr., and Joy Soler will also join NewDay USA. Estes, who served as compliance and curriculum developer for Abacus, is a nationally recognized regulatory compliance expert and author. He will be a member of the NewDay USA compliance committee and will serve as a liaison between compliance and curriculum development. Soler, who served as project manager at Abacus, has broad experience working with regulators to obtain curriculum approvals.
“We are extremely pleased to welcome Paul, Tom and Joy to the NewDay family. These three tremendous additions to our team will reinforce our University’s training programs,” said Posner. “The overarching goal at NewDay USA University is to ensure all of its graduates are knowledgeable, well-rounded mortgage banking professionals.”
Training and educational resources for current employees include continuing education courses that enhance professional development and keeps them current on regulatory and agency changes that impact the mortgage industry. The NewDay USA University training center also provides a formal setting for programs for new hires, who undergo a rigorous eight-week training program that includes best practices in the mortgage industry, and specific training in areas such as solution-based selling and extensive loan pre-qualification processes.
“Our goal is to build the best company in mortgage banking. The addition of Abacus and its superior educational curriculum to our holdings supports this goal. It also further advances our company’s commitment to the long-term success of our nation’s housing industry and homeownership,” said Joseph C. Murin, chairman of the board at Chrysalis Holdings.
