New American Funding

February 26,
Revdex.com
Re: Revdex.com Complaint by *** ***
To Whom It May Concern:
New American Funding has researched into Mr***’s complaint and found that Mr*** sends in about $every week towards his monthly mortgage payment, which is not enough to
make up a full paymentTherefore, these funds are placed into a suspense status for his account until we receive the remaining balance of his mortgage paymentOnce the full amount of his payment is made it is applied to his account as a full payment for the month dueNew American Funding cannot post partial payments to any account per credit bureau reporting guidelines as payments must be reported as full payments, unless there is a loan modification or formal repayment plan approved and actively in placeMr***, does not currently have a Loss Mitigation workout or Repayment Plan in place at this time, therefore his payments must be paid in full before the end of the month in order to be applied to his account
Once an account is paid current any overage funds paid for the account are applied to the Principal balance
Mr***’s mortgage Note reveals his monthly payment is due in full at the beginning of every month however he has a grace period till the 16th of the month to make the Mortgage payment without incurring a late fee
Mr*** mentions an amount of $2,in his complaint however we are not sure why he is referring to this amount or what he is asking for us to do as there was currently $that has been placed into suspense on his behalf as it is not enough to make a full paymentNew American Funding is not allowed to use these monies for principal curtailment as he is due for his February mortgage payment
We have emailed Mr*** a payment history indicating the application of all monies since inception of his loanOnce he responds we can assist Mr*** and assist him accordingly
We sincerely apologize for any inconvenience or confusion caused and look forward to working with Mr*** in getting resolution to this matter
Sincere regards,
Customer Care Management
New American Funding

In response to the Revdex.com complaint filed by MrFrankin ***
New American Funding has reviewed the complaint and would like to apologize that you were assessed a late feeThe 5:p.mcut-off time is a policy enforced by our sub-servicer Provident Funding
As a courtesy, our Corporate
Customer Service Department will reimburse you for the late fee you were charged in the amount of $
Please feel free to contact us directly with any other concerns, as we endeavor to provide the best possible customer experience
Sincerely,
Customer Service Management
New American Funding
800-450-

I would like to withdrawal my complaint for your department from under this emailThe company contacted me and concluded that they are going to work with me to conclude the issue.Complaint #***It was the company they bought the names/emails/addresses from that I will be making a formal
complaint against instead. Thank you

New American Funding is responding to the Revdex.com complaint filed by Mr*** regarding his loan process with us.First and foremost we would like to apologize to Mr*** for not having been able to provide financing to him at this time as we had worked diligently to achieveNew American
Funding does not benefit from any loan that does not fund nor do we benefit from the 3rd party appraisal feeThe appraisal fee is through a 3rd party company for payment of their services rendered, and is not a New American Funding feeThere is a disclaimer when the appraisal is ordered in which the consumer is advised that the appraisal fee is a 3rd party fee that is non-refundable regardless of the outcome of the loan. Having said that in researching into the loan process further it is clear that the Loan Officer should have had the file looked into further to determine what exactly would be needed to determine the extenuating circumstances to get a possible exception for the short sale seasoning time requirement having not yet been metDue to this not having been addressed in more detail upfront, we have decided to reimburse Mr*** for the appraisal fee in the amount of the $We will be mailing that check to Mr*** at the mailing address on file.We apologize for any confusion or inconvenience caused regarding this matter.Sincere regards,Customer Service Management

August 18,
RE: Revdex.com ID #***
New American Funding started an application process with Ms*** on 2/24/in an effort to assist Ms*** with her financial needs
In reviewing the file notes there is documentation reflecting numerous attempts on the behalf of New American
Funding to obtain required documents to satisfy the conditions of the loanHowever, we do not reflect having ever received in full the requested items, therefore we were unable to move forward with the loan process
The assigned Loan Consultant to the loan is no longer with New American Funding and therefore we are unable to obtain any additional details from him as to any additional explanation of what transpired
New American Funding apologizes for any confusion caused and will be reimbursing the appraisal fee as a Customer Service Courtesy
Sincere regards,
Customer Service Management
New American Funding

In response to the complaint by Mr*** *** New American Funding worked diligently in an effort to assist MrCavez with his financial needsAfter further review with Management there was a qualification issue as a result of employment
New American Funding has reached out to Mr*** to
further explain the circumstances surrounding his loan denial that if his circumstances change that we would be happy to reconsider and have advised that we will be reimbursing the appraisal fee as a Customer Service Courtesy
Sincere Regards,
Customer Service Management
New American Funding

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
The statement made by New American Funding represents inconsistent practicesSpecifically, a payment made De was applied to the payment due Jan 1, but a payment made Jan 8, 15, 22, and were not applied to the balance due February Furthermore, New American Funding receives my payments on Friday, and applies them on Monday, resulting in days of extra interest on each occurrence.Using the above information, New American Funding applied a payment February to the balance due January In either scenario, there is no explanation as to why this payment was not applied to the balance due February 1.Most astonishingly, there is a payment missing in the amount of $that has gone completely unacknowledged by New American FundingI have brought this up five times now, and not once has any statement been made about itThis payment should have been made effective day 0, November as it represents monies sent to a third party that were returned in full.I feel with complete accuracy that New American Funding has not addressed any of my concerns or issues, and has made no attempt to reconcile themFor absolute clarity:There is a payment of $made November that is missing.Payments are applied days after they are received resulting in excessive interest chargesPayments are applied inconsistently, and with apparent partiality to whatever is the most benefit to New American FundingThe replies I get from New American Funding are unacceptably tardyI am still awaiting a response from an email dated February 26.I do not feel or believe New American Funding desires to resolve this issueThey have made no noticeable effort to come to a resolution, nor provide any information or capability for me to resolve it
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.Thanks much for Revdex.com to get attention for my complaint NAF (New American Funding) Radio Advertisement clearly mentions persons who are having credit scores are eligible for this program APR 1st year then rest of the years When I initially (12/2016) worked with *** and mentioned my scores (which is high 700's) should be eligible for this program Private appraisal whose appraisal came lower than 8% lower then he the current county tax records -- Yes which is weird *** didn't give value to my current property tax records or my concernsNMF came with APR when my scores are in upper 700s and 8% lower than the country records I called, texted and emailed multiple times to *** and unerwriter *** *** Told multiples times you guys are doing wrong practice this is completely unfair On Jan 3rd my Scores are in 800s and my appraisal came with 7% higher than county recordsWhich shocked NAF and *** Then they stopped answering my calls, not responding to my emails and They Bluntly closed my application without even notifying me. What kind of justice is this I called *** boss *** *** Explained everything to him Still he put deaf ear and heartless to my concerns I lost my value time and money in this Please raise my concerns to higher departments and federal officials to fooling people with wrong advertisements. I am ready to furnish complete details and evidence of their wrong practices in my case My last personal request to NMFL: Do not cheat people with wrong advertisements and don't play with people secured information and time Dear Revdex.com, Please help me on this and Thanks for your help
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
The reason is that although the response seems to be in my favor because they stated "As a courtesy, our Corporate Customer Service Department will reimburse you for the late fee you were charged in the amount of $105.00" that late fee still appears in the balance for the next cycleThis means I am still responsible for that late feeI don't know if they are going to eliminate that fee from my balanceI would like them to clarify as to how they will proceed
Regards,
*** *** *** ***

New American Funding has researched into this matter and found that when Mr*** initially applied for a purchase loan he was assigned to one of our licensed Loan Consultants,*** ***At that time Mr*** was set up as an FHA loan due to his short sale seasoning requirement timeline
However, Mr*** entered into a contract on a condo complex that was not FHA approved therefore, his loan required to be re-worked and as a conventional loan instead of an FHA loan
The problem occurred during the file re-work as Mr*** failed to address the short sale seasoning before submitting it into the Processing and Underwriting review in errorTherefore, once realized during the final review process the file was then conditioned/suspended for an extenuating circumstance explanation in hopes of being able to receive an exception
Unfortunately, despite the explanation the borrower provided the loan was declined due to the short sale being under years of the seasoning requirement and the explantion not meeting the exception requirement
New American Funding sincerely apologizes for the confusion and inconvenience caused due to this oversight and will be reimbursing Mr*** for the 3rd party appraisal fee he incurred as a Customer Service courtesy
Once again we sincerely apologize for this matter and appreciate Mr*** for bringing this matter to our attention
Sincere regards,
Customer Service Management
New American Funding

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, 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's claims are without meritOn December 17, 2014, I received an email from *** *** stating that my rate was locked and we expected to fund the loan within daysOn December 18, I received my appraisal back showing a value that would support my loan moving forward*** sent this to *** *** on his "team." I was told to order the title work for the transaction by ***, which I didOn December 30th, after attempting to reach *** several times unsuccessfully, I emailed him asking what the status was of my refinanceOn or about that day, I was able to reach *** *** via telephone who assured me that he was "too busy with the holidays" and there was "absolutely nothing to worry about regarding my loan closing in the beginning of January." On January 5th, I received an email from *** that the loan was submitted to get the "official approval."
On January 7th, I emailed *** again asking if we were on track to close and his response was: ***, I am extending lock…hence, I am waiting on updated pricing (with new loan-to-value)…lets give it days, or less, to get you docked out…I got you bud…don’t worryOn January 9th, *** *** emailed me asking for documents, which I sent back to her on January 11th and 12thI asked why I wasn't asked for any of those documents back in December, but never received an answerOn Jan12th, *** emails me: Sorry for the delay in getting back to you, I was in late today. I am waiting for an appraisal review to come in before I can submit your loan for final approval to get the documents out. I am hoping to have tomorrow. I will let you know as soon as it comes in.I emailed again Jan 13th asking when we could close but received no responseAgain on January 14th, to which *** told me they are waiting on appraisal review, which they expected back on January 14thOn January 15th, *** emailed me that he was going to call me, but never did.On Jan16th, I had to send this message to both *** and ***: "Are we closing today? I didn't get a call back from you yesterdayYou were supposed to get the appraisal issue completed on WednesdayWhat is going on?"*** said *** would contact me and copied in Natalie WelchOn Jan 20th, *** emailed saying he will get a status update asapJan 21st, *** wrote they are "at the mercy of appraisal review." On Jan 22nd, *** wrote back to another inquiry of mine: ***, Nothing yet. We are just as anxious, as you.On Jan23rd, I emailed *** back: So much for "being so far ahead of everything" and "having nothing to worry about" Do you think you can close in February? After not receiving a response until Jan 26th, I received this email from ***: Good evening Mr***, I apologize for the delay in getting back to you with an update. The original appraisal that was obtained was reviewed by two appraisal review companies and determined to be an unacceptable report. We have exhausted all avenues with the original appraisal and we will need to obtain new report. We will be ordering a new appraisal and will be covering the costs for the report as well as a lock extension.Immediately I emailed back and asked: ***, what was the problem with the appraisal? When will the new appraisal be done?I received no response again until I emailed them again on February 8th asking for an updateAlthough *** wrote back that he would check on it ASAP, I didn't receive a response until Feb 12th, when *** sent me this: I promise you, I am working on it. I have elevated this to management. Management expressed they will have an answer, by tomorrow.On Feb15th, after still not getting any answer, *** emailed me this: Good afternoon Mr***, I will check with *** and make sure someone reaches out to you tomorrow.On Feb17th, *** finally wrote: Yes, I will be calling you today. We, and especially, myself, apologize for any lag time. We had to do some “due diligence”, regarding your appraisal. I will be calling you, before noon, today (Pacific time).As you can see from the details above, New American Funding failed to ever advise me about what the problem with my appraisal was, or what was entailed as to the delayThey failed to respond to my inquiries repeatedly and left me in a state of limboThis behavior of a lender working with someone's primary residence is completely unacceptable and should have consequences associated with itI was never advised that *** *** was not supposed to have contact with meHe simply ignored calls and emails until he felt like answeringAs a customer, I was not advised about any problems with my loan until it was too lateThis inaction deserves consequences and warrants penalties.Regards,
*** ***

In response to Mr*** ***'s Complaint ID#*** New American Funding has researched into this matter and found that in October, 2015 Mr*** originally received a mortgage loan in the amount of $76,and chose to refinance that loan with New American Funding in the amount of
$126,000.00. At closing, Mr*** provided an insurance policy with a coverage amount of $132,000.00., and on the front page however, was a statement indicating that if the property should be destroyed by fire or wind, the total payout would be $76,000. Mr*** was aware of this and accepted it. The Deed of Trust which was executed by Mr*** contains language covering the Borrower’s responsibility as it pertains to maintenance of property insurance. Section states: “Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage,” and any other hazards…” It further states “Lender is under no obligation to purchase any particular type or amount of coverage.”In addition to the insurance proceeds, Mr*** submitted $49,to pay the loan in full on April 8, 2016. No additional interest has been collected. New American Funding is now in the process of releasing its’ lien against the property.We sincerely apologize for any inconvenience or confusion caused to Mr***. Respectfully,Customer Care ManagementNew American Funding

Yes I received a refund for the appraisal fee

New American Funding’s advertised offer included a Disclaimer which clearly stated conditions and restrictions apply and not all applicants would qualifyThis is a commonly used disclaimer used in advertising nation-wideWe are limited in the amount of time for our radio ad and therefore the disclaimer is absolutely necessaryOnce the consumer calls in we are able to best determine what they may be eligible at that time as there are numerous products, each with their own qualifications. Ms*** had been informed by her Loan Officer during their telephone conversation of what the conditions would be in order to qualify in advance of completing her loan application. The appraisal company submitted one invoice only in the sum of $for their services performed and Ms*** was only charged $A copy of the appraiser’s invoice is on file with the Revdex.com for their records. In the last ten years, state, government, and Investor guidelines/requirements have changed and a borrower may need to produce more documentation than what may have been requested in prior yearsIn addition, every loan file is reviewed by an underwriter and Investor guidelines must be metThe Underwriter may also request additional documentation to determine loan eligibilityIf a borrower wishes to move forward with their loan process they must comply with any and all requests for additional documentation in conjunction with their loan There may also be instances when closing documents need to be revised, and the borrower is sent re-disclosures listing any changes requiring to be re-disclosed in compliance of the loanMs*** was advised accordingly and an explanation provided for any necessary changes needing to be made to her loan documents We sincerely apologize for any inconvenience these changes may have caused. Ms*** is welcome to contact our Corporate Customer Service department directly, should she have any additional questions or concerns Respectfully, Customer Service ManagementNew American Funding

In response to Mr** ***’s complaint New American Funding is not able to insure the value of a property without a 3rd party appraisal being performed
Our Sales Agent made no representations as to what the actual value would be in the recorded phone call, nor is the agent permitted or
qualified to provide an actual value of a propertyOur Sales Agent also made no guarantee of a loan approval
Mr** *** was advised that the 3rd party appraisal fee was a non-refundable fee regardless of the outcome of the loanMr** *** signed the credit card authorization disclosing the 3rd party appraisal fee is non-refundable and agreed to those terms and therefore an appraisal was performed to determine value
New American Funding apologizes that we were unable to assist Mr** *** with his financial needs at this time
Sincere regards,
Customer Service Management

In response to Mr*** ***’s Revdex.com complaint, New American Funding has researched this matter and found that there was a conditional approval issued for us to move forward to the Processing and Underwriting review
However, during the review process there were two liens that showed up on the
Title report that we were not made aware of to us during the application processTherefore, we were unable to move forward any further as our hands became tied at that point forcing us to have to cancel/deny the loan due to this matter
We sincerely apologize that we were unable to assist Mr*** with his financial needs at this time and for any inconvenience or confusion caused
As a Customer Service courtesy we have reimbursed the borrower for the 3rd party appraisal fee
Sincere regards,
Customer Service Management
New American Funding

In response to Ms***'s complaint filed with the Revdex.com, New American Funding first and foremost would like to apologize for any inconvenience caused by Ms*** not being able to remove herself from receiving correspondence from usWe have researched into this matter and
have removed Ms*** from receiving future emails, calls, or mailed advertisementsIf there are any additional questions or concerns Ms*** is encouraged to please contact us directly at our Corporate Customer Service Department by calling us at *** ext***, so that we may assist her accordingly.Once again we sincerely apologize for any inconvenience caused by this matter.Respectfully,Customer Service ManagementNew American Funding

New American Funding is responding to Mr***'s rebuttal to our Revdex.com response in an effort to advise further with hopes of clearing up any confusion there may be.Our licensed loan officers are not appraisers and do not have any control over what the independent, 3rd party appraiser determines the value to beWe also do not have any control over the credit bureaus method of reporting, or why only two of the three credit bureaus increased his credit scoreThe radio Advertisement Mr*** is referring to came with a disclaimer advising of the terms and conditions, and that not all would qualifyThe Radio show that Mr*** is referring too included the following disclaimer: “Not all applicants will qualifyRates and terms subject to change without noticeEqual Housing Lender.” New American Funding’s worked diligently with Mr*** and were very disappointed that he chose to withdraw his loan application as New American Funding also does not benefit from any loans that do not fundOnce again we apologize for any confusion caused during Mr*** loan process, and regret he did ont qualify for the exact advertised rate advertised.Respectfully,*** ***Director of Customer ServiceNew American Funding

January 26, RE: Revdex.com Complaint #*** / *** *** New American Funding - Response New American Funding is responding to the complaint submitted by *** ***We have researched into this matter and found
that Mr. *** contacted New American Funding regarding our radio advertisement for the 1/buy down rate. The advertised rate had criteria which Mr*** did not meet. Loan pricing is based on a borrower’s credit scoresMr*** initially did not want his assigned loan consultant, *** *** to obtain his credit report, advising *** he was certain his credit was higher than what was required for the advertised offer, and that he had more than 40% equity in his homeMr*** also did not want to have an escrow account. Mr*** was advised if his credit scores were the same or better than the requirements, he would be eligible for the advertised rate and make an exception to waive the escrow account at a cost of added to the loan. Mr*** agreed to move forward with the offer presented, based on the understanding his credit scores must meet or exceed the eligibility requirements for this offer. When Mr***’s credit was pulled, his credit scores were below the required credit scores to be eligible for the advertised rate. Unfortunately, the appraised value of Mr***’s home came in much lower than expected, which also hurt his loan pricing. New American Funding disputed the value through the AMC as a rebuttal and after the AMC reviewed the comps provided, the appraised determined the value to be higher than that initially appraised atThis review process required time and therefore the interest rate on Mr***’s loan had to be extended. There are costs associated with each extension of the interest rate for which the borrower is responsible for. In addition there was also an unforeseen delays due to Mr*** working on improving his creditAlthough Mr*** was able to raise his credit score, it unfortunately was still below the credit score required to be eligible for the advertised offerNew American Funding provided Mr*** the loan terms he was eligible forMr*** was advised by Sales Manager, *** *** that all exceptions that could be made on his loan were already provided to him, and that he would need to determine if he wanted to move forward with the terms he qualified for or withdraw his loan application We regret Mr*** chose to withdraw his application with New American Funding, as we worked diligently to achieve the goal of home financing for him Respectfully, *** *** Director of Customer Service New American Funding

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, 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 (NAF) consistently ignores the point of this complaint - the loan officer had agreed and promised to use the extension fee paid for the 1st loan that NAF should not be charging to begin with (I had instructed NAF to not proceed with the loan should there be a fee incurred) towards the 2nd loanIt was solely because the loan officer reverted his agreement that I could not close the 2nd loanThis is clearly a breach of contract.In regards to the image file (the loan officer without clothes on) and the text ("You like it don't you bh"), I had to respond in a positive manner because he was managing loans of mine at that timeI had to pretend that it was ok and made a joke so that he could still process my loansI had no doubt in my mind that if I reacted negatively he would be causing more delay which would result in more feeAt no point that I thought what he did was appropriate and it was clearly a form of harassment.NAF also threatened me when I made this complaint directly to the CEO by referring me to the in-house lawyerWhy would an email that described what had happened truthfully result in respondence from a lawyer? It is clearly their way of threatening so that I can keep my mouth shut.At this point the issues remain - NAF did a 'bait-and-switch" on my loan application and harassment from their officer which they chose to ignore
Regards,
*** ***