New American Funding

August 4, 2017 RE: Revdex.com Complaint #*** / *** *** New American Funding - Response New American Funding is in receipt of the complaint made by Ms*** ***We have completed our research into this matter and
our findings are as follows: In June 2017, Loan Consultant *** *** contacted Ms*** to see if her financial situation had improved since and see if she was interested in exploring her loan optionsMs*** was interested and Mr*** explained he would need to review her financials, including an updated credit report, with an underwriter to determine loan eligibilityUnfortunately, we were unable to obtain a loan approval as Ms*** did not have a month payment history of making payments to a private Note Holder. Our records indicate Ms*** had been contacted and was advised accordingly. New American Funding will be reimbursing Ms*** the $appraisal fee to her as a courtesy due to the appraisal having been ordered prematurelyThis reimbursement will be issued next week in the form of a check and mailed to the mailing address on file. New American Funding will also contact Ms*** to assist in the removal of the credit inquiry made in June due to the communication not being clear that credit would need to be newly obtained in order to provide an accurate rate and term quoteMrs*** was advised of the initial appraisal and gave her verbal authorization at that timeHowever, it is unclear if she was truly understanding of the credit report being needed during this process. We sincerely hope we have addressed Ms***’s concerns regarding this matter and apologize for any confusion or inconvenience caused Ms*** is welcome to contact our Customer Service Department directly at 800-450-ext ***, should she require any further assistance. Respectfully, Customer Service ManagementNew American Funding

New American Funding's Customer Service Management has researched into this matter further and first and foremost would like to apologize for this situation transpiring as well as for any confusion or inconvenience causedAlthough we are confident the unintended email recipient does not have any
personal information of either Mror Mrs***, we would like to offer to pay for a year of credit monitoring as a courtesy and as a precaution in an effort to protect their creditManagement will be reaching out the *** with information on this service
New American sincerely apologizes and appreciates the opportunity to help in rectifying this matter
Sincere regards,
Customer Service Management
New American Funding

New American Funding would like to apologize for any confusion caused due to the change of Escrow and has reached out to Mr*** to explain the reason for the change in the Escrow portion of the monthly mortgage payment
We advised that there was no change in the Principal & Interest
portion of the loan payment and that the Escrow amounts can increase or decrease throughout the life of the loanNew American Funding is updated of any Property Assessments performed by the County with the yearly Escrow Analysis' performedIn addition we are also advised of any changes to the Home Owners Insurance so that we may adjust the mortgage payments accordingly to ensure we are collecting enough each month in anticipation of any increases in Property taxes and/or insurance
The same applies if we need to lower the amount collected monthly for the Escrow Impounds if the property taxes and/or insurance amounts go down
Escrow Analysis' are required yearly and are industry-wide to determine changes in the Escrow portion of the Customers PaymentAny overages after the Escrow Analysis has been performed are refunded to the customer and any shortages incurred are spread out over monthsThe Customer may choose to pay the shortage up front to cover the increased disbursed amount to cure the shortage, once the shortage is paid in full the payment will go down removing that portion of the increase in payment
New American Funding reviewed Mr***’s Escrow account to determine that the increase was valid and it was, we also looked into the possibility of doing a no cost refinance in an effort to see if we could lower the Principal and Interest portion of his paymentUnfortunately, there was not a better rate and terms therefore no benefit at this time
As a Customer Service Courtesy New American Funding will be reanalyzing Mr***’s Escrow account and spread the shortage out to months which will instantly lower the added shortage amount down some so that the increase is not as much as it is with only a month Escrow shortage spreadMr*** will receive a new payment letter reflecting the new payment amount with the extended shortage spread
Mr***, may contact our Servicing Team directly for any questions or concerns with regards to his Escrow
Respectfully,
Customer Service Management
New American Funding

New American Funding is responding to the Revdex.com complaint made by Mr***
New American Funding has reached out to Mr*** and apologized for the initial appraisal value being an overvaluation due to incorrect measurements and has explained that New American Funding has no control over the 3rd
party appraisal value as appraisers are regulated by USPAP and are independent of New American Funding
Due the initial appraisal being an overvaluation New American Funding ordered and paid for a 2nd appraisal to be performed in order to get an accurate value of Mr***’s propertyThe 2nd appraisal was also reviewed and was confirmed that the new lower value was the correct value and the appraisal company refunded Mr*** for the 1st appraisal performed
Unfortunately, once we had the information of the actual value of the property it was determined that the lower value would not allow us to do a loan under the original terms
New American Funding apologizes for any confusion or inconvenience caused due to the appraisal value issue
Sincere regards,
Corporate Customer Service Management

March 4,
Revdex.com
Re: Revdex.com Complaint by *** ***
To Whom It May Concern:
New American Funding has researched into Mr***’s follcomplaint and found the followingThe “Note” referred to by Mr*** does indeed require that additional monies received be applied first to interestWith that understanding, NAF has applied Mr***’s payments in the following manner:
• December 1, 2015: Mr*** submitted $and was applied first to the December payment of $and the remainder, $was applied as a principal curtailment since there was no interest due on his loan at that time
• December 21, 2015: Mr*** submitted his January payment of $486.42; an additional $was applied to his principal balance as no interest was due at that time
• December 22, 2015: Mr*** sends in $and it applied to principal as no interest is due on his loan
• December 31, 2015, January 11, 19, & February 1, 2016: On each of these dates, Mr*** submitted $and each time it was applied to principal curtailment as no interest was due
• February 8, 17, 2016: Mr*** submitted $on each occasionSince he is due for his February payment and each payment is less than total amount due ($486.42), each submitted amount has been placed into a suspense account until enough money has been received to make a full payment
The attachment details each transaction by date
So that this matter may be resolved, we must understand specifically what Mr*** is objecting toThe above fully describes how we are applying his payments in accordance with his Note
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

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,
*** ***

New American Funding is responding to the complaint made by Ms*** ***We have researched into this matter and our findings are as follows: In June 2017, Ms*** contacted New American Funding to refinance her condoShe provided an estimate of home value of $349,000.00, and paid a
third party Appraisal Company directly for their services providedUnfortunately, Ms***’s condo appraised for much lower than expected Ms***, provided some concerns regarding the appraisal report containing inaccurate information and Sales Manager, *** *** reached out to Ms*** to discuss and address accordinglyMs*** provided the information she believes was incorrect in the appraisal report and it was submitted to the appraisal company for reviewThe report was reviewed and it was determined that the corrections made would not have made a significant impact to the property value enough to qualify for the loan. The appraisal company however did decide based on Ms***’s concerns that they would issue Ms*** a full refund of the appraisal fee as a customer service courtesy in the sum of $This credit was applied to Ms***’s credit card she provided for the appraisal fee. We apologize for any confusion caused by the 3rd party appraisal, and for any inconvenience caused Respectfully, Customer Service ManagementNew 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
Regards,
*** *** following points are not addressed I didn't choose to close the application, NAF closed without even contacting meI am interested to refinance my house now also if they provide loan as per agreement with no closing costWhy the rate is same even my score and appraisal increased ?NAF increased the mortgage because my rate and appraisal is low, why there is no change even my rate and appraisal met as per the initial agreement ?

December 23, 2016New American Fuinding is formally responding to the complaint filed by Ms*** ***.We have researched into this matter and have determined that there were unforeseen delays during the process of the loan, to include our former employee who was the assigned Processing Assistant
to the file not having ordered the appraisal in a timely manner, as he had thought he didUnfortunately, due to his error there was a several delay in the loan process which prevented it from being able to move forwardTherefore, due to this delay, New American Funding will reimburse the ***’s in the amount of $1,as a Customer Service CourtesyAlthough New American Funding is not responsible for the ***’s living expenses and otherwise during their loan process, we have decided that we will be sending them a check in the amount of $1,as a customer service courtesy due to the inconvenience of this matterThe check will be mailed out next week and sent to the mailing address on file.Once again we sincerely apologize for this error and for any inconvenience caused.Sincere regards,*** ***Director of Customer ServiceNew American Funding

Dear Mr***,
Thank you for your responsePlease allow me to explain further
We have a third party Servicing company that we use to service our loans and they have their set guidelines for Servicing that we have to abide by
According to Servicing mortgage payments are due by the 1'st of each month per the NOTE agreement however there is a grace period in which the payments can be paid which is 5pm on the 16th or before in order to avoid assessing a late fee
We recommend that you set up a monthly ACH to ensure on time payment posting
Also, with regards to the fee the 3rd party company will not reverse the fee directly and that is why we here at corporate need to reimburse you for the feeYou in t urn may use the funds to pay the fee at any time as long as your current with your mortgage payment and you designate that it is to go to pay the late fee
Keep in mind that the fee is not capitalized to the back of your loan loan and does not accrue interest, it is just a fee that needs to be paid prior to the loan being paid off
Note, we will be bringing Servicing in house in the very near future and will have more freedoms to reverse late fees and such as it will be our corporate Servicing and not a 3rd party company
Mr***, I hope that this better explains the process to you
Sincere regards,
*** ***
Customer Service Manager
New American Funding

December 19, 2014
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

February 23, 2016
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 10/4/2015 for a possible cashout refinance.
The file was originatd and submitted...

to Processing on 10/21/2015 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 reviewed. Another delay we encountered was the 30 day late that had incurred on his credit for his December mortgage payment not having been paid. This 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 again. Once the mortgage payment was paid we were able to get an exception for the 30 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 30 day late payment on his credit for his auto loan. This 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 have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]

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 [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, 2017   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. [redacted]’s complaint directly regarding this matter, and Mr. [redacted] was reimbursed a total of $1,240.00 as a customer service courtesy. Mr. [redacted] is not entitled to receive any further reimbursements.   The appraisal fees charged in conjunction with Mr. [redacted]’s loans are fees charged by the 3rd party appraisal company for their services rendered. The credit card authorization disclaimer clearly states that the appraisal fee is a non-refundable 3rd party fee regardless of the outcome of the loan. Mr. [redacted] agreed to the appraisal companies terms by signing the credit card authorization, prior his credit card being charged for the appraisal fee. Mr. [redacted] electronically signed the ‘Changed Circumstance Detail’ document acknowledging and agreeing that the cost for the appraisal services would be $800.00.  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 $1,240.00 on his loan.  Our records indicate the borrower’s loan funded on December 5, 2016.   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 4 lock extensions on his loan; New American Funding paid 3 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 $800.00.  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. [redacted]’s demand for reimbursements due to the nature of the statements made by Mr. [redacted]. A final reimbursement offer for the remaining $440.00 in extension costs was made to Mr. [redacted] in writing. Mr. [redacted] responded in writing agreeing to accept the additional $440.00 as a resolution to this matter on May 17, 2017 via email to our General Counsel.   On June 6, 2017 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. [redacted]’s request for additional reimbursement was not approved. Mr. [redacted] has received a total reimbursement of $1,240.00. and had acknowledged and agreed to those terms.      New American Funding has investigated into Mr. [redacted]’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 transpired. Instead 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. [redacted]. 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 mistake. Mr. [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 future. He 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

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.
So, NEW AMERICAN FUNDING IS THE COMPANY JUST RIP OFF THE CUSTOMERS. That means every customer who try to do a business with New American Funding (refinancing his property) has to pay the appraiser fee before see if they qualify for the loan. What happen if they don"t qualify they just lose his money, that is a RIP for the customers because you the Lender should make some comparable before start the process.
Regards,
[redacted]

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 approval. The [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 process. The 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

June 15, 2015
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 800-450-2010 ext [redacted].
Sincere regards,
Customer Service Management
New American Funding
1-800-450-2010 ext [redacted]