Infrastructure

NewDay pooling talent for mortgage banking

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Company employs 135 people in Hyderabad and is planning to actively hire across domains

Hyderabad: Hyderabad-headquartered NewDay India, an Indian subsidiary and a software development & support partner to VA (Veteran Affairs) mortgage company NewDay USA, is enabling automation of mortgage operations and training Indian professionals in US mortgage banking.

The company launched a first-of-its-kind training programme in India on mortgage banking as the company believes the US mortgage banking process will be supported by trained professionals out of India soon.

NewDay India CEO Abhishek Prakash told Telangana Today, “Established in 2019, NewDay India is a key software development and support partner to NewDay USA, enabling the automation of its mortgage operations. Like other developing nations, India’s fintech market is growing. NewDay India is contributing to developing talent in a specific area of financial technology to bring improved operational efficiency to mortgage banking.”

“With current low interest rates, NewDay USA has a great opportunity to serve as many service members, veterans and their families as possible. NewDay India is an integral part to ensure the company accomplishes that mission. We are at the forefront of creating a great veteran experience by NewDay USA. The NewDay India team believes in training Indian professionals for up-and-coming technologies as well as for the overall mortgage banking industry which will be a lifelong asset for employees,” he added.

Hyderabad is the fastest emerging IT/ITeS hub in India, and NewDay India currently employs around 135 people and is planning to actively hire across domains. Praksah informed, “We are also in the process of building a NewDay India training university for NewDay India employees that will ensure that our employees are trained for a career, not just for a job.”

NewDay USA is a VA mortgage lender focused on helping active service members, veterans, and their families achieve homeownership and a financial plan for their future. A VA loan is a mortgage offered through the US Department of Veterans Affairs programme and is backed by the federal government, but issued through private lenders. VA loans have generous terms, such as no down payment, no mortgage insurance, no prepayment penalties and limited closing costs.

India is amongst the fastest growing fintech markets in the world and is ranked the highest globally in the fintech adoption rate. Digital payments to the tune of $65 billion in 2019 are expected to grow at a CAGR of 20 per cent till 2023 to touch $140 billion.


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