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Reviews Mortgage Broker New American Funding

New American Funding Reviews (90)

February 23, RE: Complaint # [redacted] / Mr [redacted] In response to Mr [redacted] ’s Complaint, New American Funding has researched into this matter and found that Mr [redacted] began a loan application on 10/4/for a possible cashout refinance The file was originatd and submitted to Processing on 10/21/with a conditional approval, unfortunately we were unable to get a final approval due to Delinquent and excessive credit obligations During the loan process we encountered several unforeseen delays that were out of the control of New American Funding, to include the approximate month long delay with the appraisal being able to be performed and reviewedAnother delay we encountered was the day late that had incurred on his credit for his December mortgage payment not having been paidThis issue caused us a few weeks of delay time as we needed to wait until Mr [redacted] was able to bring his mortgage account current againOnce the mortgage payment was paid we were able to get an exception for the day late payment recorded, and were once again able to move forward Unfortunately, when we got to the end of the loan process we had to pull a credit shield and there was an additional day late payment on his credit for his auto loanThis late payment additionally affected his credit negatively, subsequently causing the loan to be denied All of the details surrounding the loan process and denial was explained to Mr [redacted] in detail, and New American Funding has reimbursed the 3rd party appraisal fee as a customer service courtesy New American Funding apologizes that we were unable to assist Ms [redacted] with his financial needs at this time, and for any confusion caused Sincere regards, Customer Service Management New American Funding

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait for the business to perform this action and, if it does, will consider this complaint resolved Regards, [redacted] ***

October 30, Revdex.com RE: Revdex.com Complaint # [redacted] / [redacted] New American Funding Response New American Funding is responding to the Revdex.com complaint made by Mr [redacted] *** New American Funding has previously addressed and resolved Mr***’s complaint directly regarding this matter, and Mr [redacted] was reimbursed a total of $1,as a customer service courtesyMr [redacted] is not entitled to receive any further reimbursements The appraisal fees charged in conjunction with Mr***’s loans are fees charged by the 3rd party appraisal company for their services renderedThe credit card authorization disclaimer clearly states that the appraisal fee is a non-refundable 3rd party fee regardless of the outcome of the loanMr [redacted] agreed to the appraisal companies terms by signing the credit card authorization, prior his credit card being charged for the appraisal feeMr [redacted] electronically signed the ‘Changed Circumstance Detail’ document acknowledging and agreeing that the cost for the appraisal services would be $ A copy of the appraiser’s invoice is on file Mr [redacted] received disclosure documents and also signed all closing documents acknowledging and agreeing to all loan terms and fees, including 0.155% of loan amount (points/extension costs) in the sum of $1,on his loan Our records indicate the borrower’s loan funded on December 5, On December 22, 2016, Mr [redacted] contacted Corporate Customer Service, stating the extension costs on his loan appeared higher than he thought they would be and asked for a reimbursement Mr [redacted] had been advised there were a total of lock extensions on his loan; New American Funding paid of the extensions, however he would be responsible for the 4th extension and was disclosed accordingly, and in compliance As a customer service courtesy due to loan process issues New American Funding agreed to reimburse a portion of the extension costs in the sum of $ Mr [redacted] initially agreed to the partial reimbursement and upon receiving and cashing the reimbursement check, Mr [redacted] continued to demand the remaining balance of the extensions fees be reimbursed to him New American Funding’s Legal Counsel became involved in Mr***’s demand for reimbursements due to the nature of the statements made by Mr***A final reimbursement offer for the remaining $in extension costs was made to Mr [redacted] in writingMr [redacted] responded in writing agreeing to accept the additional $as a resolution to this matter on May 17, via email to our General Counsel On June 6, Mr [redacted] upon receiving and cashing the final reimbursement check in the amount of $440.00, sent another email requesting additional reimbursement money stating that he would continue to file formal complaints against New American Funding until we sent him additional funds Executive Management reviewed this matter with Legal Counsel once again and Mr***’s request for additional reimbursement was not approvedMr [redacted] has received a total reimbursement of $1,and had acknowledged and agreed to those terms New American Funding has investigated into Mr***’s statement that his assigned loan agent sent him “a picture of himself without clothes” and have found this to not to be an accurate depiction of what actually transpiredInstead it was determined the assigned loan agent in error sent Mr [redacted] a text message intended for his friend and not intended to be sent to Mr***The picture that was attached to the text was a picture of the loan agent and his wife on vacation posing for a picture together in their bathing suits Mr [redacted] was apologized to by the loan agent once it was realized he had sent the text meant for his friend to Mr [redacted] by mistakeMr [redacted] acknowledged his apology, and accepted the apology responding that he understood it was a mistake We determined that the text was sent by mistake on the part of the loan agent, and he has been educated on how to better avoid making a mistake of the same in the futureHe apologizes and is very embarrassed by his error We once again sincerely apologize for this matter, and for any confusion that may have been caused Respectfully, New American Funding

June 15, RE: Revdex.com ID # [redacted] In response to Mr [redacted] complaint regarding his receiving of our Marketing mailers New American Funding uses a third party company that obtains public information through public county records for the purposes of determining potential customers New American Funding sincerely apologizes for any possible confusion or inconvenience caused by our Marketing mailers, and have removed Mr [redacted] from our mailing list per his request If there are any further questions or concerns Mr [redacted] may reach Customer Service directly by calling 800-450-ext *** Sincere regards, Customer Service Management New American Funding 1-800-450-ext ***

December 19, In response to Revdex.com Complaint # [redacted] for [redacted] New American Funding regrets that we were unable to assist Mr [redacted] with his financing needs at this time However, as a Customer Service Courtesy we have decided to reimburse Mr [redacted] for the 3rd party appraisal fee Sincerere Regards, Customer Service Management New American Funding

New American Funding is responding to the complaint made by Ms [redacted] We have completed our research into this matter and our findings are as follows: The radio advertisement Ms [redacted] responded to includes a Disclaimer disclosing the following “This 30-year Fixed Loan, with a 30-year fully amortizing term is based on an example First Trust Deed of 424,100, FICO and 60% loan to value with impounds, at 3.75% rate and APR with payments of $Actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender Rates and terms are subject to change without notice Payments shown do not include taxes or insurance, actual payment obligations will be greater Conditions and restrictions apply Not all applicants will qualify.” The offer pertains to a single family residence Ms [redacted] has a multi-family unit property and unfortunately not eligible for the offer The assigned loan officer detailed the lock and cost of the rate lock on her loan with a lender fee of $when locking in the rate on her loan The borrower acknowledged her understanding and agreement to those terms both verbally and in writing when signing her loan documents In response to concerns regarding appraisal costs and services; the appraiser’s invoice on file indicated a fee of $for services performed We have no record there was an additional $billed in appraisal servicesA copy of the appraisal invoice is on fileAppraisal services are provided by 3rd party independent appraisers A Lender has no control over an appraiser’s time to complete their data research and preparation and submission a copy of the appraisal report The property appraised lower than the purchase price and there was a loan delay waiting for a response from the seller as to adjustment of the sales priceIn response to concerns regarding 0.3% in points; the discount points added to her loan was due to extension costs to the rate lock The ‘LoAgreement’ states the following: “Lender’s Efforts; Expiration: the Lender will make a good faith effort to process your mortgage loan application and stands ready to fulfill the terms of its commitment before the expiration date of the loagreement or any extension thereof If you loan does not close before the expiration date of this loagreement through no substantial fault of yours, you may withdraw the application or reject or terminate any commitment” This was explained to Mrs [redacted] and she agreed to the cost for extending the lock period and proceed with her loan A copy of the lock agreement is on fileMs [redacted] did not provide requested documents timely and expressed concerns when asked for additional items A borrower’s down payment would change depending on how much the borrower choose to put down, which would change the figuresWe hope this information has addressed all concerns in this matter and sincerely regret any confusion or misunderstanding Ms [redacted] may have encountered We thank Ms [redacted] for the opportunity to assist with her home financing needs Respectfully, Corporate Customer ServiceNew American Funding

They refund me I want to close the complain as solved Thank you

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below My contract "Note" payments will first be applied to interest, and this is the utmost core of my complaintEven accepting the proposed holding of payments, my payment was still made in fullThe payment history they sent me was incomplete, represented poor business practices by delaying payments, and showed almost double the amount due as paidThe amounts paid were not applied to my loan, and this is a direct breach of contract of the terms of my Note.New American Funding has been exceptionally slow in all aspects of the loanI responded to the message sent on February 26, and I have not yet received a replyI have made all points on my end very clear, and supported by evidence, excepts from my contract, and bank statementsNew American Funding has been uncooperative in assisting, and has not provided any steps toward resolution Regards, [redacted]

New American Funding is responding to the Revdex.com complaint made by one of our applicants Mr [redacted] New American Funding provided Mr [redacted] with a lender credit in the amount of $1,to cover the origination fees The account is notated that the assigned funder was advised to remove the $re-inspection fee unfortunately the funder did not remove it in error and therefore New American Funding reimbursed Mr [redacted] for this fee already as he state in his complaint that he did receive the check in the amount of the $The HOA fee of $was to be paid by the seller, however it appears that Escrow did not prepare the HUD properly to reflect this, therefore New American Funding will reimburse Mr [redacted] for the HOA fee as well in the full amount of $and will address the matter directly with EscrowIn regards to the notary fee in the amount of $Mr [redacted] was advised that we would not be covering that fee by by his Loan Agent due to New American Fudning covering the cost to buy down the RateHowever, it New American Funding has decided to reimburse this fee as well as a Customer Service courtesy Mr [redacted] will be sent a check in the amount of $to cover the Notary and the HOA fees New American Funding Sincerely apologizes for any confusion or inconvenience this matter has caused Sincere regards, [redacted] Customer Service Manager New American Funding

To Whom It May Concern:In January 2016, Broker Solutions Inc., dba New American Funding reported Non-Employee Compensation to the Internal Revenue Service (IRS) in the amount of $86,for [redacted] and [redacted] Construction These funds were insurance proceeds used to make repairs to Ms ***’s home by [redacted] Construction While New American Funding did correctly report the TIN for [redacted] Construction, 93- [redacted] , the IRS selected the first name on the submission, Ms***, and assigned the Non-Employee Compensation to her.As requested by Ms***, New American Funding sent updated information reflecting only [redacted] Construction to 1099Express, our third party vendor, on June 15, who in turn submitted the information to the IRS on June 16, The IRS accepted the file on June 19, A copy of the submission is attached.The original 1099-Misc for was not sent to Ms***, it was sent to [redacted] Construction, therefore, a corrected 1099-Misc cannot be provided to her.We sincerely apologize for the inconvenience caused Ms [redacted] regarding this matter We will certainly continue to monitor the situation until resolution Until such time, she or at her direction the IRS, may contact me at the number below until this matter has been fully resolved Sincerely, [redacted] Senior Vice President New American Funding [redacted]

In Response to the Revdex.com complaint filed by Ms [redacted] , New American Funding has reviewed our records and determined that no error occurredWe have discussed the borrower’s condo insurance and escrow account with the borrower a number of timesUnfortunately, the borrower appears to be confused about condominium insurance policies and the condo association assessments The borrower has adequate hazard insurance in place under the condo association master policyThere is no need for the borrower to maintain a separate policyAs a result, we are no longer escrowing for hazard insuranceWe will continue to escrow for property taxes in accordance with our business practices We have notified the borrower in writing that the current master insurance policy is adequate hazard insurance coverage, and that a separate policy is not requiredWe are also performing a new escrow analysis for the borrower to clearly show that condo insurance premiums will no longer be collected or paid out of the borrower’s escrow accountWe strongly encourage the borrower to continue paying the condo association assessments charged by the condo association as required for their propertySincere regards, Servicing ManagementNew American Funding

RE: Revdex.com ID # [redacted] New American Funding is responding formally to [redacted] Revdex.com complaint In researching into this matter we found that the loan had unforeseen delays internally during their loan process and we were ultimatetly unable to obtain loan approvalThe [redacted] will receive an Adverse/Denoal letter in the mail soon with the explanation of their denial New American Funding does not benefit in any way from any loan that does not fund to include we do not retain any of the appraisal fee monies as they are paid directly to the AMC Appraisal Company, not to New American Funding However, although the appraisal money the [redacted] received is not retained by New American Funding we will be reimbursing the [redacted] for the 3rd party appraisal fee they paid as a courtesy, due to the issues surrounding their loan processThe check will be requested this week through our Corporate Accounting Department and will be sent to their mailing address on file We sincerely apologize for any confusion or inconvenience caused and have addressd their complaint internally with all appropriate parties accordingly Sincere regards, [redacted] Director of Customer Service New American Funding

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below New American failed to notify me about any issue regarding the appraisal for TWO MONTHSThe issue is not that a second appraisal was required, but that no one bothered to inform me, the customer, about what was happening with the loan process [redacted] failed to answer any of my calls and the processing team did not let me know there was any problemThe only contact I had with [redacted] was that I was "so far ahead of schedule" and "guaranteed to close." Until the last day, no one told me why the first appraisal had a problem, despite my askingIn the world of mortgages, sixty days without a response is completely unacceptable for a lender and appropriate discipline should be imposed Regards, [redacted] ***

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below New American Funding as a Direct Lender they should do a COMPARABLE OF HOME VALUE BEFORE ORDERING THE APPRAISER, like others Lenders; they order the appraiser at the end, before they do some comparable to let the customers if they qualify or noI believe most home owners like me don't have the experience to do a comparable, regarding to the appraiser form I signed because the Agent tell me everything will be OKhe don't mentions nothing about the value of my property I believe he should do a comparable before ordering the appraiser, that way I will not spend $for nothing I insist on THE APPRAISER FEE REFUND Regards, [redacted] ***

1/16/2017New American Funding is responding to the Revdex.com complaint filed by Ms***In researching into this matter New American Funding was in the process of reviewing Ms [redacted] for a possible mortgage loan, however the loan was denied due to the her having a day late on her credit due to her not making her October Mortgage paymentMs***, has a contractual responsibility to her existing lender to continue to make her Mortgage payments until her loan is funded and paid in fullIn an email dated 08/18/7:PM (PST) by assigned Processor, [redacted] , Ms [redacted] was advised to continue to make her mortgage payments"My name is [redacted] and I have been assigned as the loan processor on the refinance you applied for thru [redacted] ***I just wanted to quickly introduce myself and provide you with my contact information belowI will be reviewing your documentation over the next few days to make sure we have what we need in order to submit to our underwriters for their initial reviewPlease feel free to reach out with any questionsThank you"IMPORTANT: Please continue to make your regularly scheduled mortgage payment, on-time, until your loan has closed." On 10/28/Processing Manager [redacted] *** advised the borrower she needed to make her October payment right awayShe advised she will make her payment over the weekend and would advise us once completedUnfortunately, Ms*** did not make her mortgage payment as she stated she would be making and therefore, on 11/1/upon receiving the updated payoff from her current lender reflecting she had not yet made her October payment, her loan was denied We regret that we were unable to approve Ms [redacted] for a mortgage loan at this time as we worked diligently to achieve.Sincere Regards, [redacted] Director of Customer ServiceNew American Funding

I lodged a complaint against New American Funding, complaint # [redacted] NAF soon contacted me and rectified the issuesAs part of our mutual agreement, NAF asked that I take down my negative posts Can you help me with this endeavor? Thank you, [redacted] [redacted]

In response to complaint # [redacted] by Mr [redacted] New American Funding has researched this complaint thoroughly and found that Mr [redacted] ’s loan locked at 4.375% on 10/10/2014, disclosures were issued on 10/10/and were sent to Mr [redacted] via emailThe loan closed on 11/18/ The $Settlement Fees Mr [redacted] is referring to were not New American Funding lender fees, rather they were settlement fees delegated to set up his initial escrow deposit, property tax disbursement, title and recording fees New American Funding is required to disclose all fees in conjunction with the loan on the Final HUD to include 3rd party feesAt closing New American Funding provided a lender credit in the amount of $to cover all of the lender fees New American Funding apologizes for any confusion there may have been regarding what the Settlement Fees consisted of Sincere regards, Customer Service Manager New American Funding

In response to Mr. [redacted] ***'s new BBB response New American Funding would like to further clarify that the 3rd party fee is a non-refundable fee paid to a 3rd party appraisal company for their services rendered. These services are necessary to determine if a borrower qualifies for a home loan and cannot be determined by the lender. A certified appraisers job is to pull comparables to the applicants property and determine a true value. This is not something New American can determine without an appraisal being performed. The attached credit card authorization signed by Mr. [redacted] is very clear that the appraisal fee is a 3rd party non-refundable fee regardless of the outcome of the loan and therefore there will not be a reimbursement of the appraisal fee that was paid to the appraiser to determine if we could assist Mr. [redacted] with his financial needs. Sincere regards, Customer Service Management New American Funding

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution would be satisfactory to me I will wait for the business to perform this action and, if it does, will consider this complaint resolved Regards, [redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved
Regards,
*** ***

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Address: 11820 Pierce St, Riverside, California, United States, 92505-4403

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