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]

New American Funding is responding to Revdex.com Complaint filed by Ms. [redacted] to advise of the following.
1) Borrower has (2) separate loan accounts (#[redacted] and #[redacted]);
2) On 11/19/2014, based on bills submitted by the insurance carrier, a disbursement for $1.096.00, covering the...

Hazard Insurance on both loans was made from the Escrow Account on Loan #[redacted]. $575.00 should have come from the Escrow Account on Loan #[redacted]. This set of transactions was performed by the prior sub-servicer, [redacted];
3) On 12/15/2014, based on the actual account activity on both loans, an escrow overage check for $211.44 on Loan #[redacted]. At the same time there was an escrow shortage of $2,058.24 on Loan #[redacted]. All of this activity occurred while the loan was being sub-serviced by [redacted];
4) Both loans transferred, effective 2/1/2015, to New American Funding’s internal Servicing Center in Austin, TX;
5) On 6/9/2015, to reconcile the Escrow Accounts on both loans, $575.00 was transferred from the Escrow Account on Loan #[redacted] to correct the over disbursement on Loan #[redacted];
6) A new Escrow Analysis was completed on both loans on 6/11/2015. Loan #[redacted] has a shortage of $547.46 and Loan #[redacted] has a shortage of $434.76;
7) The Hazard Insurance Policies on both loans now expire on 11/10/2015.
Complete Escrow Analyses have been performed on both loans and the accounts have been properly reconciled. The shortages reflected on both accounts are a result of normal increases in taxes and insurance and by [redacted]s error in sending an overage check on Loan #[redacted] when no overage existed. We have corrected all of the prior errors as part of the reconciliation on both loans.
We apologize for the inconvenience. Please have Ms. French contact me directly if she has further questions.
[redacted] Sr. Vice President, Mortgage Servicing

New American has researched into the claims made by Mr. [redacted] regarding having not received any contact by our Loan Agent [redacted] for two months and that claim is not correct. We performed a search on our phone system looking at all of the calls made and received to and from [redacted] with Mr. [redacted] and there was never a gap of two months with no contact.
In further clarifying during the appraisal review process and the 2nd appraisal process Mr. [redacted] was in contact with New American Funding Management and was contacted by Appraisal Management as well. In that approximately 2 1/2 week period of time our Sales Agent [redacted] was advised to not have contact with the Mr. [redacted] to avoid any confusion as the matter had been escalated to both Customer Service Management and Appraisal Management. This is our internal escalation protocol process and [redacted] simply was abiding by this protocol. Customer Service Management did advise Mr. [redacted] of this protocol as well.
Once again we apologize that we were unable to assist Mr. [redacted] with his financial needs at this time. Mr. [redacted] was reimbursed for the first appraisal by the Appraisal company directly, and New American Funding paid for the 2nd appraisal and therefore there is no longer an out of pocket fee to Mr. [redacted].
New American Funding has concluded our research in to this matter and appreciates Mr. [redacted]'s grace and understanding in this matter.
Regards,
Customer Service Management
New American Funding

December 11, 2015
In response to the Revdex.com complaint on behalf of Ms. [redacted], New American Funding has researched into this matter and found upon initial review that the 1st primary loan was conditionally approved and that we would now be submitting a package to the city of [redacted] with hopes...

of an approval for the 2nd loan (LIPA), and that their review process would take approximitely 45-90 days to review. Ms. [redacted], was aditoinally advised of the city’s fee for this review in the amount of $150.00 paid directly to the city of [redacted] for the MCC approval (mortgage credit certificated.
Loan Agent [redacted] assigned to her loan process also advised Ms. [redacted] of the package that would be sent to the state for the 3rd loan assistance program through CHDAP /CALHFA 3rd that was needed.
After a full review process it was determined that we were unable to obtain a FNMA approval due to inadequate collateral. We advised Ms. [redacted] that we were not able to approve her loan directly, however that in an effort to continue to assist her that we could submit her loan through a Broker in hopes that they would be able to obtain an approval, and Ms. [redacted] agreed. As a courtesy New American Funding paid for the required 2nd appraisal performed through [redacted], and we continued to work diligently with her in an effort to assist her with her loan applications.
Unfortunately, after full review the Broker, [redacted] was also unable to qualify Ms. [redacted] as well due to the owner occupancy % of the Condo complex only being at 41% and their requirements are that it is to be 50% owner occupancy. Ms. [redacted] was sent a denial letter from [redacted] directly advising her of their loan denial.
New American Funding did not advise Ms. [redacted] to release her continigincies and is not responsible for the loss of the said Escrow Ernest money deposit. Ms. [redacted] will need to address the Ernest money deposit issue with the Escrow company directly.
New American Funding apologizes that we are unable to approve Ms. [redacted] for a loan at this time, and as a courtesy will be reimbursing Ms. [redacted] for the non-refundable 3rd party appraisal fee of $450.00., along with the City fee for the MCC credit program iao $150.00. Therefore, a check in the amount of $600.00 will be requested and mailed to Ms. [redacted] to her mailing address on file.
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.
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 no. I 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 OK. he 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 $450.00 for nothing.  I insist on THE APPRAISER FEE REFUND.
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]

Mr. [redacted] was advised previously that he will not receive any additional reimbursements.  The combined reimbursements he received in the amount of $1,240.00 was issued to Mr. [redacted] as a customer service courtesy.    New American Funding’s Legal Counsel became involved due to the nature of the statements made by Mr. [redacted].  A last and final reimbursement offer was made to Mr. [redacted], which he agreed to and accepted.  After Mr. [redacted] received and cashed the reimbursement checks, he contacted New American Funding again demanding further reimbursement, and his requests were denied.   Mr. [redacted] was informed that the appraisal fee he paid was to a 3rd party appraisal company for their services rendered, and that it was a non-refundable fee regardless of the outcome of his loan. Mr. [redacted] received a copy of the appraisal and had signed the credit card authorization waiver as well advising it was a non-refundable fee.   Mr. [redacted] continues to state he was sent a picture of the Loan Officer “without clothes” however the photo is of the Loan Agent in his bathing suit shorts with his arm around his wife who was in her bathing suit. The picture was taken while he was on vacation with his wife and was sent to Mr. [redacted] in error as the text was meant for the Loan Officer’s friend and he accidentally sent it to Mr. [redacted] as he was texting them both at the same time.    Once the Loan Officer realized his mistake he profusely apologized and explained that the text and picture were not intended to be sent to him. He was very embarrassed and apologized via text stating “Oh sorry wrong pic” and Mr. [redacted] replied with “what the… lol” the Loan Officer then responded saying “I am so sorry” “it was intended for a buddy of mine. We’re competitive with our Christmas lights. I am beyond embarrassed right now.”   In return Mr. [redacted] replied saying “don’t be. This has brought us so much closer”.  Mr. [redacted] furthered made light of the text error and appeared to realize it was a mistake and he accepted the Loan Officer’s apology.         New American Funding takes any allegations of any kind very seriously. We researched in to this matter fully and determined that the text was sent to Mr. [redacted] in error and we addressed the error with the Loan Officer accordingly.   The borrower’s rate lock was extended 4 times during his loan process.  New American Funding covered the cost of the first three. Mr. [redacted] was advised he would be responsible for the fourth extension cost.  No commitment was made to him that we would be covering all extension fees, regardless of the error of the text sent to him.   Once again we apologize for the error in the text being sent to Mr. [redacted] and for any inconveminece caused.   Mr. [redacted] may contact New American Funding’s Legal Counsel directly with any further questions or concerns.   Respectfully,   Customer Service Management New American Funding Tell us why here...

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]

In response to Mr. [redacted]'s new Revdex.com 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 have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
during the process of this investigation new American funding sold my loan to a company named specialized loan servicing llc  1800-315-4757 and as of feb 2 2015 new American will not service my loan. I do not see how they can get the new lender to assist me in any way. there was no confusion when we wrote up the terms of this loan just incorrect numbers all around. I assume there is nothing any one can do to change this loan but I thank you for your time and please have them be more honest in the future.