NewDay USA, one of the nation's largest VA mortgage lenders serving veterans and servicemembers, has been approved as a Ginnie Mae Servicer Seller for VA loan production.
NewDay is currently approved to issue Ginnie Mae I and II securities for FHA multi-issuer securities.
Based on current origination volume, NewDay USA is projected to be a top-five VA lender in the U.S. in 2019. The company provides veterans and servicemembers and their families an opportunity to take advantage of their earned VA benefits to achieve the American dream of homeownership, as well as save money through refinancing.
"The Ginnie Mae program provides critical mortgage financing for our nation's veterans and active duty military, and the NewDay USA team values the ability to fully participate in its single-family programs," NewDay Founder and CEO Rob Posner said. "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. Additionally, upon Ginnie Mae review, our prepayment activity has shown a significant reduction in prepayment speeds, and meets Ginnie Mae guidelines."
Inc. magazine revealed Fund That Flip is No. 42 on its annual Inc. 5000 list. A ranking of the nation’s fastest-growing private companies. Fund That Flip also ranks No. 4 of the fastest-growing real estate companies in the United States and No. 5 in New York.
The list represents a look at the most successful companies within the American economy's most dynamic segment—independent small businesses.
Launched in 2014, Fund That Flip provides short-term loans to experienced real estate redevelopers who buy and renovate residential properties. After origination, Fund That Flip offers accredited and institutional investors the opportunity to purchase fractional shares of the loan and earn an 8-9% annualized yield. Fintech Venture Fund, an Atlanta-based early-stage investor, led the company’s seed round in 2016.
The company said it believes that displaying the commission will help consumers better understand the costs and incentives in the real estate transaction.
The announcement came after a Redfin survey revealed that more than half of recent homebuyers don't fully understand how their agent was paid. Of people who successfully bought a home in the last year, 38% had "some idea how much money my agent made on my transaction, how the amount was determined and who paid it," while 13% responded that they had "no idea."
"Across the country, the Multiple Listing Services that agents use to share listing data are now considering whether to follow the lead of the Seattle-area MLS and let brokerage websites publish the commission each listing pays a buyer's agent," said Glenn Kelman, CEO, Redfin. "But with more than 20,000 homes listed for sale each year by a Redfin agent, Redfin doesn't have to wait for the MLS to give us permission to show the commissions offered to buyers' agents on our own listings. Today, for most of the homes that Redfin has listed for sale ourselves, Redfin.com visitors can now see exactly how much of a commission the homeowner is offering the agent representing a buyer of that listing."