NewDay USA Responds to Conclusion Of Extensive CFPB Investigation With No Consumer Harm

Industry Leader in Mortgage Lending Settles Extensive, Multi-year Inquiry Over Minor Reporting Errors

WEST PALM BEACH, FL (August 29, 2024) – NewDay USA, a leading mortgage lender dedicated to serving the Veteran community, today announced that after an extensive and costly multi-year investigation, a consent agreement has been reached with the Consumer Financial Protection Bureau (CFPB) over minor reporting errors that caused no financial harm to Veteran borrowers.

Below is a statement from NewDay USA CEO Rob Posner: “NewDay USA has been under CFPB scrutiny for nearly a decade, beginning with a 2015 inquiry, when the agency decided to create new law questioning our marketing partnership with the Veterans of Foreign Wars. It was unprecedented. Today, after yet another exhaustive, government-funded investigation, the CFPB has unearthed nothing more than clerical errors that caused no financial harm to Veteran borrowers.

“This outcome highlights an environment of regulatory overreach that further underscores why so many lenders have left the VA mortgage industry. While lenders like NewDay are working diligently to make it easier for Veterans and their families to manage their finances and achieve the American dream of homeownership, the CFPB is creating obstacles. Veteran families should expect more and deserve better.”

NewDay operates in 44 states and the District of Columbia. The CFPB claims involved only three of those states, and focused on a single type of disclosure that was accurately provided to these consumers on a half-dozen other federally mandated disclosures and closing documents.

About NewDay USA

A leader in Veteran mortgage lending for 25 years, NewDay USA has proudly served more than 100,000 Veteran families nationwide. From buying a new home to refinancing, NewDay’s goal is to ensure Veteran families improve their credit and get back on the road to savings to live the lives they always imagined and deserve. NewDay has an industry-leading GNMA record of loan performance with a delinquency rate that is two times lower than the industry average. Today, 95 percent of NewDay USA’s clients are enlisted Veterans.