MBA NewsLink Q&A: Admiral Thomas Lynch of NewDay USA Discusses Purpose-Driven Lending

Admiral Thomas Lynch is the executive chair of NewDay USA, Fulton, Md. Admiral Lynch retired from the U.S. Navy after a decorated 32-year career. A graduate of the U.S. Naval Academy, his Naval assignments included Chief, Navy Legislative Affairs; Commander of the Eisenhower Battle Group during Operation Desert Shield; Superintendent of the U.S. Naval Academy from 1991 to 1994 and Director of the Navy Staff at the Pentagon from 1994 to 1995.

MBA NewsLink: What was your background in the military?

Admiral Thomas Lynch, NewDay USA: I served in the U.S. Navy for 32 years after graduating from the U.S. Naval Academy in 1964. Over the course of my career, I held senior leadership positions including Superintendent of the Naval Academy, Director of the Navy Staff at the Pentagon and Chief of Navy Legislative Affairs. My time in uniform shaped how I lead and what I value. It showed me that leadership isn’t about rank or title – it’s about coming together and putting the mission and your people first.

MBA NewsLink: How does your work today connect to your time in the military?

Lynch: I am drawn to missions that matter. NewDay USA’s work helping veterans and service members achieve the American Dream of homeownership speaks to me on a personal level. I know firsthand how important it is to find your footing after leaving the service, and having a stable place to call home is a big part of that. Too many veterans face roadblocks that shouldn’t exist, and the mission of NewDay USA is about breaking down those barriers and making that path clearer and more attainable.

MBA NewsLink: Did you ever obtain a VA mortgage? If so, what was that experience like for you, and how did it help shape your current role?

Lynch: I still remember buying my first home with a VA loan. I never would have been able to buy that home without the benefit, and it made a huge difference for me at that point in my life. It gave me a chance to put down roots and start building a future.

But I also remember how confusing it was — the paperwork, the unfamiliar terms, the feeling that the process wasn’t built for someone just coming out of the military. That stuck with me. It’s a big part of why I care about making this process more straightforward for other veterans and service members. They’ve earned this benefit, and they shouldn’t have to fight to use it.

That principle is at the heart of the work I’m doing now at NewDay USA.

MBA NewsLink: How does financing homes for military families inspire your role as chairman of NewDay USA?

Lynch: I’ve made that transition to civilian life myself, so I know what a critical moment it can be. For many veterans and service members, buying a home is one of the first real steps in that process. The average net worth of a homeowner in this country is close to $400,000, compared to roughly $11,000 for a renter. That gap says everything about why this matters.

After years of deployments and frequent moves, having a place to call your own provides a level of stability that can be hard to find during active service. Homeownership isn’t just about having a roof over your heard – it’s about family, stability, and building something that lasts. It gives families the chance to put down roots, feel part of a community, and plan for their future. Helping other veterans take that step is extremely meaningful.

MBA NewsLink: What are some of the unique home finance challenges faced by veterans and active-duty service members?

Lynch: Perhaps contrary to popular belief, making a monthly payment isn’t actually the biggest hurdle; many veterans have strong credit and steady income. The real challenge is having enough cash to cover the closing costs. It’s the missing leg of a three-legged stool: income, credit, and cash reserves. Veterans often have the first two, but fall short on the third. And even when they have savings, they’re hesitant to drain them just to close. That gap keeps too many families renting when they could afford to own – and closing it is central to how we structure our mortgage offerings as too many veterans and good families who should be homeowners are left behind.

MBA NewsLink: Is there a particular family or borrower whose situation inspired you?

Lynch: One of the most meaningful parts of my job is hearing directly from veterans whose lives have changed because they were finally able to buy a home. I get handwritten letters from people all over the country sharing their stories, and I keep those letters on my desk as a reminder of why this work matters.

One story in particular that really hit home for me involves a disabled Air Force veteran and his wife who were renting in California, but hoped to move closer to their daughter in Arizona.They had steady income and good credit, but like so many families, they didn’t have the cash to cover both moving expenses and closing costs. That was enough to stop their home search completely.

Nearly a year later, NewDay Home helped them cover those costs, they bought a modest home in Arizona and were able to keep their savings intact. Now they are living near their daughter and their monthly housing costs is $757 lower than what they were paying in rent in California.

We see that story far too often. Veterans who can afford the mortgage get stuck just before the finish line. When that last barrier comes down and they’re handed the key, it’s more than a closing. It’s a turning point – the start of a new chapter and the beginning of a family’s life in their new home.

MBA NewsLink: The VA Home Loan Program has helped millions of veterans become homeowners. How does NewDay USA build on that foundation to further remove barriers?

Lynch: The VA Home Loan program was created in 1944 as a promise to World War II veterans to help them transition back into civilian life. It gave returning service members the opportunity to buy their first home and begin building their futures and families.

That mission remains just as important today. Many veterans still face barriers to homeownership, including unexpected upfront and closing costs, fees, and bias from real estate agents unfamiliar with working with veterans in a competitive housing market. At NewDay, we work to fulfill and extend that original promise by making the path to homeownership more seamless for today’s generations and realities of the daunting homebuying process.

MBA NewsLink: Any advice do you have for leaders about purpose-driven lending?

Lynch: Purpose only matters if it shows up in the decisions you make every day. That starts with understanding what actually stands in the way for borrowers – the cash needed to close, a complicated process, and the misconceptions that can discourage them before they even start. Too often, lending is built for an ideal borrower who doesn’t exist.

That’s why at NewDay, we make it a priority to connect buyers with real estate agents who live, breathe, and truly understand VA loans and the unique circumstances of military life. These agents know how to navigate the process, advocate for veterans, and help them compete in a challenging market.

In the Navy, the mission dictated everything we did. The same principle applies here. When teams truly understand who they’re serving and what their real barriers are, they make better decisions and build stronger organizations.

(Views expressed in this article do not necessarily reflect policy of the Mortgage Bankers Association, nor do they connote an MBA endorsement of a specific company, product or service. MBA NewsLink welcomes your submissions. Inquiries can be sent to editor Michael Tucker.)