The military life can be hard on the families of active-duty servicemembers. One spouse is left to handle the work normally handled by two parents. In addition, frequent moves can take a toll on the children, who must make new friends with
each move. So, when it comes to getting a mortgage, the military lifestyle can leave a mark on these families' credit. Often those with battered credit scores are denied a VA home loan by automated underwriting systems.
But that doesn't have to be the end of the line for military homebuyers.
Fulton, Md.-based NewDay USA
claims that it can approve many of the servicemembers and veterans who are denied on AUS because it manually underwrites each loan that comes in the door.
NewDay USA Founder and CEO Rob Posner explains it like this:
"NewDay's fintech business model relies on analytics powered by an information-based decisioning capability that allows us to say 'yes' to veterans when other lenders say 'no.' We understand how to effectively evaluate the credit history and background of active-duty service men and women and veteran families."
According to NewDay, when another VA lender denies a veteran using AUS, it's in the best interest of the veteran for that lender to refer her or him to NewDay. Posner said NewDay has "500 employees who come to work every day with the sole mission of serving veterans.”
"NewDay is able to qualify more veterans for VA loans and achieve the American Dream," Posner said. "Serving servicemen and women and veterans is all we do."