New American Funding

I lodged a complaint against New American Funding, complaint #[redacted]. NAF soon contacted me and rectified the issues. As 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]

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.
I want to thank both Revdex.com and the business company.
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]

In Response to the Revdex.com complaint filed by Ms. [redacted], New American Funding has reviewed our records and determined that no error occurred. We have discussed the borrower’s condo insurance and escrow account with the borrower a number of times. Unfortunately, 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 policy. There is no need for the borrower to maintain a separate policy. As a result, we are no longer escrowing for hazard insurance. We 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 required. We 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 account. We strongly encourage the borrower to continue paying the condo association assessments charged by the condo association as required for their property. Sincere regards, Servicing ManagementNew American Funding

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 10/10/2014 and were sent to Mr. [redacted] via email. The loan closed on 11/18/14.
The...

$4079.00 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 fees. At closing New American Funding provided a lender credit in the amount of $2972.25 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

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, 760 FICO and 60% loan to value with impounds, at 3.75% rate and APR with payments of $1964.07. 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 $1629.00 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 $600.00 for services performed.  We have no record there was an additional $100.00 billed in appraisal services. A copy of the appraisal invoice is on file. Appraisal 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 price. In 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 ‘Lock-in Agreement’ 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 lock-in agreement or any extension thereof.  If you loan does not close before the expiration date of this lock-in agreement 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 file. Ms. [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 figures. We 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

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 complaint. Even accepting the proposed holding of payments, my payment was still made in full. The payment history they sent me was incomplete, represented poor business practices by delaying payments, and showed almost double the amount due as paid. The 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 loan. I responded to the message sent on February 26, and I have not yet received a reply. I have made all points on my end very clear, and supported by evidence, excepts from my contract, and bank statements. New American Funding has been uncooperative in assisting, and has not provided any steps toward resolution.
Regards,
[redacted]

New American Funding is responding to this Revdex.com Complaint by Mr. [redacted], in regards to his Escrow refund.New American Funding contacted Mr. [redacted] on August 3rd to advise that his Escrow refund check in the amount of $5098.04 had been received from [redacted] and was being Fed Ex to him overnight....

Tracking number was provided to Mr. [redacted] as well.We sincerely apologize for the delay in Mr. [redacted] receiving his Escrow refund as we were awaiting to receive the refund check from the taxing authority so that we may send out his refund to him.If there are any additional questions or concerns you may contact our Customer Care Servicing Team at [redacted].Sincere regards,Corporate Customer Service Management

Revdex.com
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would not be satisfactory to me. Nothing was  said about being told not to pay in the complaint. I would think that this institution is more trained on an situation as this to at least call us first, as we called them back on the day in question. Also by us being told not to pay first and then to pay the mortgage 2 days before it's due was confusing and all of the monies wasn't readily accessible at the time. Seems this situation is on us and nothing can be done about the misrepresentation and misinformation. I'm appalled that after 3 months of and ill agree "working diligently " for a means to a end and finally being told not to pay, we thought that was it, and all work was finished. also the lackadaisical contact we received at an critical point anything need to be done or said, everyone's nonchalantly stepping down on us; this was an very important and time sensitive occasion for my family.
Regards,
[redacted]

New American Funding is responding to the Revdex.com complaint filed by Ms. [redacted]..   In researching this matter regarding Ms. [redacted]'s purchase loan application below is the explanations and milestones for the loan process and subsequent denial explanation.   On 6/23/2016, Loan...

Officer [redacted] obtained Ms. [redacted]'s loan application for a purchase prequalification. The file was reviewed, and a conditional loan approval was provided.   On 8/5/2016, a full loan application was obtained for the property and the loan file was submitted to Processing for review.   The file was reviewed internally and then submitted to CALHFA FHA for underwriting review of the down payment assistance program. Unfortunately, on 9/9/2016 the file was suspended due to the income increase of Mr. [redacted], causing the [redacted]'s to no longer qualify for the financial down payment assistance program.   Ms. [redacted]'s assigned Loan Officer, reached out to discuss potential other options to Ms. [redacted] that she may be able to utilize for her down payment; however we were advised there was not an alternative option for at this time for the [redacted]'s. Therefore, on 9/19/2016, the file was denied due to the [redacted]'s not qualifying for the CaslHFA-CALPLUS loan down payment assistance program. Denial reason: Client exceeds program income limit.   In regards to their Ernest Money Deposit in the amount of $2,000.00., this is a matter between the [redacted]'s and the Seller, however we are willing to assist in trying to get their EMD money back. especially as the borrower's did not release the contingencies.   Today, we contacted and spoke to the assigned Escrow Officer, [redacted] at Bonita Vista Escrow to advise her that the EMD money should be refunded back to the borrower due to the loan having been officially denied and because the contingencies had not been removed.     Unfortunately, Escrow advised that due to both the Seller and the Buyer submitting a demand to perform at the same time that it tied up the release of the EMD monies. She additionally advised that the Seller is also not agreeing to release the deposit and therefore the case will need to be sent to an Interpleader for review. The [redacted]'s will be advised of this review regarding their EMD money. We recommend the [redacted]'s contact the Escrow company directly to discuss their policies and procedures regarding their exact process.   New American Funding sincerely apologizes that we were unable to approve the [redacted]'s for a mortgage loan as we worked diligently with them to achieve.   Customer Service Management will continue to remain involved to assist in any way that we are able regarding the [redacted]'s obtaining their Ernest Money Deposit back from Escrow. Sincere regards,  Customer Service ManagementNew 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 MONTHS. The 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 problem. The 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 asking. In the world of mortgages, sixty days without a response is completely unacceptable for a lender and appropriate discipline should be imposed.
Regards,
[redacted]

November 17, 2017   Revdex.com   RE:  Revdex.com Complaint #[redacted] / [redacted]         New American Funding Response   New American Funding is responding to the complaint filed by Ms. [redacted]. We have...

researched into this matter and would like to provide our findings.   Mr. and Mrs. [redacted] originated their loan and locked-in their interest rate on 9/26/2017. The California Rate Lock Agreement shows an expiration date of 11/9/2017. The agreement provides the terms of the loan and clearly states this is not a commitment or approval. Both Mr. and Mrs. [redacted] signed the agreement acknowledging their interest rate was good through the expiration date of 11/9/2017.  Also included in their initial Disclosure Documents, was the ‘Lock-in Agreement Document’ which provides explanation of the Lock-In period as follows:   “A Lock-in Agreement is an agreement whereby the Lender guarantees for a specified number of days or until a specified date the availability of a specified rate of interest or specified formula by which the rate of interest will be determined and/or specific number of discount points, if the loan is approved and closed within the stated period of time.”    The borrower’s lock-in period had expired and in order to maintain the same interest rate, the rate lock was extended and borrowers would be responsible for the cost to extend their rate lock.  The assigned loan officer contacted Mr. and Mrs. [redacted] to advise them of this and borrowers elected to continue with their loan process with the understanding they were responsible to cover the cost to extend their lock period.   Our records indicate the borrower’s loan was initially submitted and suspended by the underwriter for additional conditions needed pertaining to the borrower’s income. The borrower was advised of this on 10/9/2017. Mrs. [redacted] provided the CPA documents on 10/24/2017 via email and acknowledged it had taken some time to obtain the needed documents from her CPA.                   The borrowers provided the remaining outstanding conditions by 11/9/2017 including the borrowers needing to sign their updated disclosure documents.  Mr. and Mrs. [redacted] signed their closing documents and their loan officially funded today 11/17/2017.   New American Funding worked diligently to process their loan and are not responsible for timelines taken by the borrower to obtain required conditions. Mr. and Mrs. [redacted] were disclosed the rate lock extension fee and chose to continue to move forward with their loan process.   Mr. and/or Mrs. [redacted] are welcome to contact our Corporate Customer Service Management should they have any further questions or concerns.    Respectfully, Customer Service Management New American Funding Tell us why here...

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 $86,877 for [redacted] and [redacted] Construction.  These funds were insurance proceeds used to make repairs to Ms....

[redacted]’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. [redacted], and assigned the Non-Employee Compensation to her.As requested by Ms. [redacted], New American Funding sent updated information reflecting only [redacted] Construction to 1099Express, our third party vendor, on June 15, 2017 who in turn submitted the information to the IRS on June 16, 2017.  The IRS accepted the file on June 19, 2017.  A copy of the submission is attached.The original 1099-Misc for 2015 was not sent to Ms. [redacted], 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]

April 21, 2015
Consumer Finance Protection Bureau
Reference: Complaint – #[redacted]/[redacted]
To Whom It May Concern:
Mr. [redacted]’s loan was involved in a servicing transfer from our prior Sub-Servicer, Provident Funding to our new “in-house” servicing division located in Austin, TX....

To ensure that borrowers receive protection from issues created during a servicing transfer, New American Funding has adopted a standard industry practice of suspending credit bureau reporting and late charge assessment during the (60) days after a servicing transfer takes place. This is done for three reasons:
1). There is no way for a servicer to anticipate which loans may have issues with the forwarding of payments from the prior servicer during a transfer. By not suspending late charge assessment and credit bureau reporting, the servicer is forced to react “after the fact” to the imposition of a late charge or delinquency reporting to a credit bureau. This creates unnecessary borrower disputes that are time consuming to respond to. More importantly these disputes can be avoided all together with a conservative approach to how loans are transferred. The safe practice is to stop reporting and late charge assessment on all loans during the (60) days following the transfer. This ensures that the borrower is not impacted by trailing payment issues at all until the new servicer performs it obligation to locate and process trailing payments. We believe that our approach is correct to ensure adequate protection for the borrower;
2). RESPA CFR 1024.33(c) Borrower Payment During Transfer of Servicing – “During the (60) day period beginning on the effective date of the transfer of the servicing of any mortgage loan, if the transferor servicer (rather) than the transferee servicer that should properly receive payment on or before the applicable due date (including any grace period allowed under the mortgage loan instruments), a payment may not be treated as late for any purpose”. We have taken the position, that in order to ensure that all borrowers are afforded this protection, that we must suppress late fees and credit bureau reporting during the (60) days following a servicing transfer on all loans. We believe that any negative impacts to the borrower are more than outweighed by the benefits of our cautious approach.
3. FCRA Protections - Other federal consumer financial laws may also apply in the transfer context. The FCRA provides protection for consumers by generally prohibiting the furnishing of information to a consumer reporting agency that the furnisher knows or has reasonable cause to believe is inaccurate. To ensure that we are reporting accurate information, we have deemed it prudent to suspend credit bureau reporting during the (60) days following the transfer of servicing. This is to ensure that we have adequate time to reconcile payments that may have been incorrectly applied to other accounts and payment incorrectly applied as Principal and Interest Payments when the borrower intended that they be posted as a principle curtailments or reduction. The other obvious benefit it that we can fully comply with the above requirement is that no payment be considered late because it was received by the transferor rather than the transferee and was not forwarded in a timely manner for posting and processing. Our experience tells us that the issues created during a transfer make it impossible to
ensure the accuracy of the information that we may report to credit reporting agencies without giving ourselves adequate time to review and reconcile borrower records with the best available information. The (60) day suppression of credit reporting provides an opportunity for us to perform this account review and reconciliation.
We acknowledge that Mr. [redacted] has not made late payments on his loan account and as such was not subject to late charge assessment or negative credit bureau reporting. We also acknowledge that because of a questionable credit bureau reporting practice utilized by the prior sub-servicer, that Mr. [redacted]’s credit score may have been impacted in ways that were out of our direct control. In an effort to assist Mr. [redacted] in completing a refinancing of his mortgage loan with New American Funding we have taken the following steps:
1) The MSP System “Stops” suppressing credit bureau reporting have been removed from Mr. [redacted]’s account. This was done effective 4/15/2015;
2) We have submitted complete account status information as of 4/15/2015 to all (4) Credit Reporting Agencies, Equifax, Experian, TransUnion and Innovis. This was completed on 4/15/2015;
3) We have confirmed that this information has been received by the (4) Credit Reporting Agencies and that they are in process of updating their records. Equifax and TransUnion have updated their files. As of this date, we have confirmation of the necessary updates from Experian and Innovis.
We apologize for any inconvenience and welcome any other questions that Mr. [redacted] may have. Please have him contact me directly if he has any further issues.
Sincerely,
[redacted] SVP, Chief Servicing Officer
[redacted]@nafinc.com
(949)-445-8835

1/16/2017New American Funding is responding to the Revdex.com complaint filed by Ms. [redacted]. 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 30 day late on her...

credit due to her not making her October 2016 Mortgage payment. Ms. [redacted], has a contractual responsibility to her existing lender to continue to make her Mortgage payments until her loan is funded and paid in full. In an email dated 08/18/16 7:38 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 below. I 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 review. Please feel free to reach out with any questions. Thank you. "IMPORTANT: Please continue to make your regularly scheduled mortgage payment, on-time, until your loan has closed."  On 10/28/2016 Processing Manager [redacted] advised the borrower she needed to make her October payment right away. She advised she will make her payment over the weekend and would advise us once completed. Unfortunately, Ms. [redacted] did not make her mortgage payment as she stated she would be making and therefore, on 11/1/2016 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

May 24, 2017     RE:  Revdex.com Complaint #[redacted] / [redacted]         New American Funding - Response     New American Funding is responding to the complaint made by Ms. [redacted]. We have completed our research into...

this matter and our findings is as follows:   In January 2017, Ms. [redacted] contacted our office to refinance her existing FHA loan and to receive cash back and subject property was a Condominium. She spoke with Loan Consultant [redacted] regarding concerns with her current insurance coverage and if additional insurance coverage would be required for her refinance with New American Funding. Mr. [redacted] explained that as part of the loan process, both the homeowner association master policy and Ms. [redacted] individual insurance policy would be reviewed by underwriting to make sure there was sufficient coverage between the two policies for her Condominium.   During a post-closing loan review, it was determined there was not sufficient insurance coverage and therefore the coverage would need to be increased. Ms. [redacted] was contacted immediately regarding this matter and was advised her policy would need to be updated, to ensure there was sufficient coverage for her Condominium.   Ms. [redacted] complied with the request and her policy was updated with the sufficient coverage necessary for the subject property. There was an added cost for the additional coverage in the sum of $904.00. that New American Funding has advised Ms. [redacted] that we will be covering.   New American Funding has requested a check from accounting in the sum of $904.00 to be sent directly to the new Insurance Company of Ms. [redacted] choosing for the funds to be applied to the year’s balance of her insurance premium.   We sincerely apologize for any confusion or inconvenience caused, and hope we have addressed Ms. [redacted]’s concerns regarding this matter accordingly.     Respectfully,   Customer Service Management New American Funding

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 $1,419.00 to cover the origination fees.
The account is notated that the assigned funder was advised to remove the...

$150.00 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 $150.00. The HOA fee of $245.00 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 $245.00. and will address the matter directly with Escrow. In regards to the notary fee in the amount of $175.00 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 Rate. However, 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 $420.00 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

New American Funding apologizes for any miscommunication on behalf of our sub-servicer Provident Funding. In reviewing this matter, it appears that our customers bank information was entered into our system incorrectly and therefore the bank rejected it due to there being a wrong account number.
As...

a courtesy New American Funding has reviewed this matter in full and will be issuing a reimbursement check in the amount of $25.00 to cover the amount of the fee assessed due to the payment having been rejected.
Once again we apologize for any misunderstanding and any inconvenience this matter may have caused.
Sincere regards,
Customer Service Management
New American Funding

October 25, 2017   Revdex.com   RE:      Revdex.com Complaint #[redacted] / [redacted]             New American Funding – Response   New American Funding is responding to the complaint made by Ms....

[redacted]. We have researched into this matter and are findings are as follows:   In August 2017, Ms. [redacted] contacted New American Funding for refinance assistance to pay off some existing debt. She provided an estimated home value of $130,000.00.  The borrower’s loan was structured based on information she provided, including the estimated home value.  An appraisal of her home was performed on 8/24/2017.  The borrower’s property appraised for $119,000.00 and her debt-to-income ratio (DTI) increased.  Regrettably, there was not enough equity in the home to pay off enough debt to qualify Ms. [redacted]’s DTI per FHA requirements.   Our records indicate Ms. [redacted] disputed the appraised value and provided comparable properties she believed would support a higher value.  The appraiser reviewed the comparable provided by the borrower.  Unfortunately, one comparable property sold 36 days after the effective date of the appraisal and was not a sale at the time of inspection; the additional comparable properties provided were current listings located in a gated golf course lake area subdivision and would not be a considered comparable and not sales per MLS search.   In response to Ms. [redacted]’s request for reimbursement of the appraisal fee; the appraisal fee is a required 3rd party fee charged for services performed by an independent third party appraiser.  It is the responsibility of the borrower to pay for those services. Ms. [redacted] received advanced knowledge she would be responsible for the costs of the appraisal services and once performed, the fee paid is non-refundable. The borrower also electronically signing her initial disclosure documents.  Included in her disclosures is the document “Loan Estimate “which discloses the following “We may order an appraisal to determine the property’s value and charge you for this appraisal.  We will give you a copy of any appraisal, even if your loan does not close.”   We hope this has addressed all concerns regarding this matter and regret that we were unable to approve Ms. [redacted] for a mortgage loan at this time, as we worked diligently to achieve.    Respectfully, 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 satisfactory to me.  The business has already performed this action and I now consider this complaint resolved.
Regards,
[redacted]