NewDay USA Names Michael Gaines as Executive Vice President of Capital Markets
NewDay USA has announced the appointment of Michael Gaines as its new executive vice president of capital markets. Gaines confirmed the news on his LinkedIn account on December 6, highlighting his enthusiasm for the company’s mission to support veterans, service members, and their families.
“In my first week, I’ve seen firsthand the incredible commitment to serving veterans, service members and their families. I look forward to contributing to this mission and leading our capital markets efforts to support those who have served,” Gaines wrote.
Background and Experience of Michael Gaines
Based in Detroit, Michael Gaines brings extensive experience in capital markets and mortgage lending to NewDay USA. Prior to joining the company, he served as senior vice president of capital markets at Cardinal Financial Company. His career also includes leadership roles at Rocket Mortgage, General Motors, and Quicken Loans, giving him a broad perspective on the housing finance industry.
Gaines’ appointment comes at a time when NewDay USA is expanding its leadership team and product offerings to better serve its target market of veterans and their families.
Leadership Changes and New Mortgage Programs
This recent hire follows other significant leadership changes at NewDay USA. Last month, the company appointed Ken Harthausen and Neil Brooks to lead its new mortgage initiative, NewDay Home.
The NewDay Home program is designed to help qualifying borrowers with steady employment, strong credit, and sufficient income secure fully underwritten U.S. Department of Veterans Affairs (VA)-backed mortgages. Notably, these loans require no money down and offer competitive interest rates, making homeownership more accessible for veterans.
For borrowers who lack cash for closing costs, NewDay USA offers a companion product called NewDay Advantage. This product finances closing costs over five years and charges no interest if the balance is repaid within one year, easing upfront financial burdens for homebuyers.
Implications for Veterans and the Housing Market
NewDay USA’s focus on VA-backed loans and veteran homeownership positions the company as a key player in this niche market. The introduction of flexible mortgage products like NewDay Home and NewDay Advantage could increase homeownership rates among veterans by reducing typical barriers such as down payments and closing costs.
Michael Gaines’ leadership in capital markets is expected to strengthen NewDay USA’s ability to fund and support these programs, potentially leading to increased loan volume and market share within the veteran community.
According to Modexdata, NewDay USA has achieved a year-to-date production volume of $1.72 billion from January through October 2025, underscoring the company’s significant presence in the veteran mortgage market.
Looking Ahead
As NewDay USA continues to grow and refine its offerings, the company’s leadership changes signal a commitment to innovation and veteran-focused service. For homebuyers, particularly veterans, these developments could translate into more accessible financing options and enhanced support throughout the homebuying process.
Investors and market observers will likely watch how Gaines’ expertise influences NewDay USA’s capital markets strategy and its impact on the broader mortgage lending landscape.
Source: https://www.housingwire.com/articles/michael-gaines-newday-usa-evp/
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