A non-bank mortgage lender that specializes in loans for veterans was ordered to pay a $2.25 million penalty for allegedly misleading borrowers in three states. The Consumer Financial Protection Bureau (CFPB) took action against New Day Financial, dba NewDay USA, based in West Palm Beach, Florida. The lender was found in violation of consumer protection laws for allegedly engaging in the practice of “loan churning” – aggressively pushing veterans to repeatedly refinance their VA home loans unnecessarily.