New York financial regulators have barred VA lender New Day Financial from doing any more business in the state for allegedly cheating on state-required continuing-education courses and examinations. The New York Department of Financial Services slapped the Fulton, MD-based lender (also doing business as New Day USA) with a $1 million fine and ordered it to surrender its mortgage banker’s license. The department accused top New Day executives as well as current and former employees of perpetrating an elaborate cheating scheme whereby compliance staffers took the required education courses and exams on behalf of senior managers and loan officers. According to state regulators, the cheating happened on numerous occasions and involved at least 20 New Day loan originators. The MLOs shared screen-shots of questions included in the National Multistate Licensing System and Registry (NMLSR) exams and ...