New American Funding Mortgage Complaint

Conventional fixed mortgage Application, originator, mortgage broker

New American Funding Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker California

Per the purchase contact, I was required to double apply with New American Funding. My original lender - advised that they would not be able to lend on the complex. New American Funding ( Loan officer - - ) told me that - American Funding would be able to do the loan because they had previously closed in that complex and they had the condo certification and approval so there would be no issue with the loan. I proceeded. The loan officer called me and said that the loan was approvedand about 2-3 days later I received the approval via email. My realtor emailed the loan officer about removing loan contingency and from what I can tell there was a verbal go with removing loan contingency. I signed off. Because of the lender New American Funding, my cling date was extended 2-3 times. At the 11th hour, right before we are scheduled to close, the loan officer calls me to tell me that their underwriter is requesting a full condo review. The end story, the loan - calls me to tell me that they can not lend on the complex. Now my $ - deposit is at risk. I received a Cancelation of Escrow with the funds to be held.

New American Funding customer in California
Nov 30, 2015

* Source: CFPB Complaint Database

New American Funding response to complaint:
Closed with monetary relief

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