has announced that it received approval to become a Ginnie Mae Servicer Seller for VA loan production.
NewDay was previously approved to issue Ginnie Mae I and II securities for FHA multi-issuer securities. The Fulton, Md.-based company stated military borrowers seeking purchase loans or refinancing will benefit from its increased participation in the Ginnie Mae programs.
“Our information-based strategy that focuses on analytics and credit risk is unique in the mortgage industry, and ensures we produce exemplary portfolio loan performance,” said NewDay Founder and CEO Rob Posner. Additionally, upon Ginnie Mae review, our prepayment activity has shown a significant reduction in prepayment speeds, and meets Ginnie Mae guidelines."