New American Funding Mortgage Complaint

New American Funding Mortgage department,

FHA mortgage Settlement process and costs California

Last year we refinanced our mortgage with New American Funding to pay off some debit and potentially drop our mortgage insurance. The beginning of the process was promising but that quickly changed. The loan officer we dealt with was - -, there were many problems with the loan, - being they said they were not going to go forward with our loan after they charged the appraisal fee because our current mortgage company reported we were 30 days late. After speaking with - and - and I believe - other person explaining we had never been 30 days late I had to take matters into my own hands. I printed my own credit report which shows perfect payment history but that was n't enough luckily a wonderful person at the current company confirmed I was correct. - and his team made no effort to fix this simply wanted to call it a day and cancel loan. The loan moved forward, we wanted a fixed loan of course because its common knowledge that ARMS are not always a good idea but - promised that because we were doing business with New American Funding which does everything in house, we would easily


course 6 months later we heard nothing, I contacted - who referred me to another officer in - beach because he had been promoted to sales manager or something to that nature. The man in - informed me that what I described is not something they do I would have to do a new refinance which would include all the normal fees and it would n't benefit me so to just give it a year or so. In addition to these problems we also did n't receive the same amount of cash promised at closing and when I began asking questions I was told " it will all shake out in the end '' I will get additional funds in the mail from escrow, - of course nothing ever came. This was our first time refinancing and am sorry this was such a horrible experience and feel as though we were taken advantage and probably was told anything to keep us going so he could meet a quota, after all he did get promoted very shortly after our loan closed. We are now forced to refinance again to make sure we can keep our rate low and locked due to our income and pay thousands more that we truly do not have. I hope others can learn from our situation and New American Funding can enforce integrity as well as better customer service with their loan officers.