New American Funding consumers have reported over 61 official complaints. Out of the 61 consumer complaints against New American Funding, 18% were disputed by the consumer (i.e. the consumer was not happy with how New American Funding responded to their complaint) and 95% were processed in a timely manner. 16% of consumer complaints against New American Funding resulted in the consumer receiving monetary compensation (e.g. money, cash reimbursement, etc.) and 0% resulted in non-monetary compensation.
| Issue | Complaints | Disputed |
|---|---|---|
| Application, originator, mortgage broker | 20 | 35% |
| Loan servicing, payments, escrow account | 20 | 10% |
| Settlement process and costs | 8 | 25% |
| Loan modification,collection,foreclosure | 6 | 0% |
| Credit decision / Underwriting | 4 | 0% |
| Deposits and withdrawals | 1 | 0% |
| Communication tactics | 1 | 0% |
| Other fee | 1 | 0% |
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Stop CallsNew American Funding Mortgage settlement process and costs April 1, 2017 - BELOW ARE - COMPLAINTS THAT WE HAVE AGAINST NEW AMERICAN FUNDING, WHICH ARE : ( 1 ) - ILLEGALLY HELD REFINANCED FUNDS FOR TEN DAYS, WHILE THEY CHARGED $80.00 PER DAY FOR THE LOAN PAYMENT ; ( 2 ) TWENTY-NINE DAYS AFTER THE FUNDS WERE DISPERSED FROM OUR REFINANCED LOAN, NFA ( THROUGH - ) CONTACTED OUR CREDITOR AND ILLEGALLY REQUESTED THE REFUND OF $5700.00 WITHOUT PROVIDING ANY REASON OR WITHOUT CONTACTING OR INFORMING US. Here are the details of our complaints : We closed a refinance mortgage with New American Funding ( NAF ) on -, 2017, which included loan consolidation of $3... |
New American Funding Bank account or service deposits and withdrawals January 24, 2017 - New American Funding, our mortgage lender has been holding a reimbursement check for water damages sustained to our - home. After 32 days of holding our check, ( and collecting interest ) New American Funding continues to change the requirements and the process of releasing our check every time I speak to them. On -/-/- we received a reimbursement check from - - - to cover the costs of water damage to our home in -, CA. The check was issued to my husband and I, AND New American Funding, the mortgage lending bank on our property. I called New American Funding on the sa... |
New American Funding Mortgage application, originator, mortgage broker January 22, 2017 - Complaint regarding refinance application with New American Funding On -/-/- I started a loan application to refinance my primary residence. It was to be a conventional 30 year loan, with almost $2000.00 cash out to pay on credit card debt. I was told I was conditionally approved for the loan on -/-/-. Then on -/-/-, New American Funding decided they needed to include paying off the solar system I installed using the PACE Program. This increased the loan by over $40000.00, and I was ok with that. Another lender I had previously spoken to stated they did not need to pay off t... |
New American Funding Mortgage application, originator, mortgage broker December 2, 2016 - We applied in -/-/2016 to get pre-approved for a VA loan.. Our contact was - ( - ). Things went a little slow but, we were pre-approved on -/-/-. We found a home and signed a sales agreement on -/-/-. We were told by NAF ( New American Funding ) that closing would be 45 days, closing date was set for -/-/-. Signed appraisal consent form on -/-/- Appraisal should have been ordered on or about that day.. We send an email to - on -/-/- to see if appraisal had been ordered. On -/-/- I get notified that he was no longer with the company, our new contact was ... |
New American Funding Mortgage settlement process and costs September 29, 2016 - 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... |
New American Funding Mortgage loan modification,collection,foreclosure September 21, 2016 - On -/-/- I had a broken pipe and my home was damage, - -. step in and did and evaluation and immediately start initial work. As soon as they finish the constructor completed the reconstruction and I paid them meanwhile - send the check. When - send me the check, I have to endorsed to Newamerican for them to evaluate the damages en return me the money I already spend. New American send an inspector and at this time is giving me a hard time to collect that money.... |
New American Funding Mortgage application, originator, mortgage broker September 20, 2016 - New American Funding ran a paid advertisement on the radio. The broadcast said that a special refinancing offer was available for people who called during the broadcast. The advertised rate was 3.375 % 30 year loan bought down to 2.375 % for the first year for a refinancing. Also, the ad said that there were - closing costs. They kept emphasizing all of these points. I called during the broadcast and Spoke to - -, one of their lenders who did business in Colorado. We have E-CELLENT credit, and a large escrow in our house. I told him ideally we would like to refinance our first and sec... |
New American Funding Mortgage loan modification,collection,foreclosure September 15, 2016 - I 'm writing because I am veteran with a VA home loan from New American Funding and I am on my second attempt to get a loan modification to keep my home. I fell into a financial situation where I can not keep up with my mortgage payment. I contacted my lender for help and was advised to do a loan modification. During this process, I was also advised to not make any full or partial mortgage payments. We were also lead to believe that we were going to get the loan modification. After months of submitting papers and documents requested and almost - - - in the hole, we were denied and our... |
New American Funding Mortgage settlement process and costs September 13, 2016 - We were the seller of a house located in - - T-. The loan company, New American Funding Inc., for the buyer of the home delayed the closing 3 times, -/-/16, -/-/16 and -/-/16 finally closing on -/-/16 without a valid contract and not providing an addendum to close the sale on -/-/16. The Lender received the appraisal 5 days before closing and failed to notify the broker or seller that the appraiser had noted a safety issue that needed to be addressed before he would sign off on the appraisal until - - - the day before closing. This left no time to c... |
New American Funding Mortgage loan servicing, payments, escrow account August 29, 2016 - New American Funding has not processed my lien release paperwork. I paid off my home on -/-/16 and was told it would be -60 days for the paperwork to get through - -. I recently was told they actually had n't filed that paperwork until -/-/16. And was told today ( -/-/16 ) that it was still being processed in their system. I want the lien released and am tired of being lied to.... |
New American Funding Mortgage application, originator, mortgage broker July 11, 2016 - I pulled my credit report and identified a hard inquiry from New American Funding. I called the number, -, and spoke with a - - -. - - alleges that I provided verbal authorization to a - - - to run my credit on - -, 2016. When disputing the inquiry, - - informed me that they have my personal information and that I spoke with - - at approximately -. I am concerned that I have not authorized any lender, outside of - - - and - -, to run my credit. I am in the process of attempting to purchase a home, but again, I have yet to authorize... |
New American Funding Mortgage settlement process and costs May 26, 2016 - In short, we closed. Everything looked good. our closing statement matched our pre closing docs, requiring - cash to the table. Everything looked good. We are supposed to fund today. Yesterday I got an email from our broker asking for a check for - to reimburse him for a credit on our closing docs. I am supposed to make it payable to the mortgage company and post date it. His explanation is that they gave us the credit for " advanced escrows '' as a loan and that they expect to have that money returned. They are threatening to hold up funding of our loan and / or redisclose everythin... |
New American Funding Mortgage application, originator, mortgage broker April 26, 2016 - Ordered VA appraisal for purchase of a home and veteran loan. Have not paid appraiser. Will not communicate with appraiser. Per VA - -. -. ... |
New American Funding Mortgage loan servicing, payments, escrow account March 24, 2016 - I refinanced my primary mortgage in 2013 with a company called New American Funding. They did lower my rate but told me that I would have to pay MPI because I refinance was over 80 % LTV. During the refinance process, my loan officer - - - ( employee of New American Funding ), told me my MPI would be for 92 months or until my LTV got to 80 %. I have requested my mortgage company to order an appraisal because I believe my house value is high enough to cover the loan at 80 %. When I did this, they told my I had to have the PMI for 11 years ( 132 months ) and that there was no way around... |
New American Funding Mortgage loan servicing, payments, escrow account December 3, 2015 - I live in a condominium. My mortgage provider ( New American Mortgage ) requires proof of HOA insurance. The mortgage provider sent a letter ( via post ) that stated that since they did not have this proof, they were going to purchase the insurance and charge me for it. My complaints are:1. The notice was sent by post, not email ( even though I have signed up for all contacts via email ). 2. There was nothing in the letter that indicated there was any grace period ( it was dated the day after the prior policy expired ). When I complained to the mortgage company, they told me that they had to m... |
New American Funding Mortgage application, originator, mortgage broker November 30, 2015 - 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 ... |
New American Funding Mortgage application, originator, mortgage broker October 16, 2015 - I WISH TO FILE A COMPLAINT AGAINST -. DBA NEW AMERICAN FUNDING FOR UNETHICAL ACTIONS, RESPA VIOLATIONS, & BLATANT BAIT & SWITCH WHICH OCCURRED DURING THE PURCHASE OF A HOME IN - - , NV. ON -/-/2015, SET TO CLOSE ON -/-/2015. MY CLIENTS RELIED ON PERSONAL INTERVIEWS, LOAN APPLICATION, A CLASS ON REVERSE MORTGAGES & THE REPRESENTATIONS MADE BY NEW AMERICAN FUNDING & THEIR STAFF. ONE DAY PRIOR TO CLOSE OF ESCROW, MY CLIENTS WERE TOLD THAT THEY NEEDED AN ADDITIONAL $16000.00 TO CLOSE THE REVERSE MORTGAGE. WHEN THEY CAME TO - - THE NE-T DAY, THE LOAN DOCUMENTS, WHICH AR... |
New American Funding Mortgage application, originator, mortgage broker September 26, 2015 - This is a summary of a complaint I originally submitted with the - in - Tx. New American made several errors during the Streamline refinancing of my mortgage. My wife and I were told that we would receive a refund on our escrow account in the amount of $1600.00. The problem started when we ( my wife and I ) decided to do a Streamline refinance of our mortgage with New American Funding. The New American Fund account rep - -, who originated the original mortgage on our home, was contacted about the new Streamline refinance program in early - 2015. We had learned about this oppor... |
New American Funding Mortgage loan servicing, payments, escrow account September 17, 2015 - We refinanced through the HARP program into a 30-year fixed rate mortgage. After a history of paying our mortgage in a timely manner, the company decided to accept payment itself rather than have another company collect payments. When claims of late payment came starting in -, I called and supplied proof that all payments due were made in a timely manner, and received. Nevertheless, they continued to harass us with late payment notices and fees. We allowed them to do automatic deduction from our account to make future payments trouble free while we clarify the history. Though we made the -... |
New American Funding Mortgage loan modification,collection,foreclosure September 1, 2015 - It started in -/-/- when we were having problems making our house payment with New American Funding. Both my husband and I had lost our jobs and were living off Unemployment and -. I contacted New American Funding right away and explained our situation. They recommended a Special Forbearance Agreement, the terms of this agreement are attached. Our payment went from $1400.00 to $2100.00. They told me that it would not affect our credit if we followed the agreement which we did. It has ruined our credit and reflects the original amount owed and does not reflect any payments made. Wha... |
New American Funding Mortgage loan servicing, payments, escrow account August 10, 2015 - This is now the - complain I am having to file in an attempt to collect escrow monies from this Company. Our house burned down -/-/14 an insurance settlement was issued to myself and my husband and as we had a loan on the property the funds were forwarded to our mortgage company to be held in escrow for repairs. The house was completed the end of -. We refinanced the house to another mortgage company on - and the loan at new american funding was paid off -. We still hand funds in the escrow account and I spent over an hour trying to get them to send me a check. I was told tha... |
New American Funding Mortgage loan servicing, payments, escrow account August 2, 2015 - This sadly is the second time I am having to file a complaint to try to get insurance settlement money that is in escrow with this New American Funding sent to me. Our house burned down -/-/2014 and New American Funding has been managing the insurance settlement funds as I had a loan against the house that burned down. We had problems getting them to disperse these funds before and I was given a direct contact who was supposed to assist us with all future disbursements named - but when I called to speak to him he was no longer with the company and I was told anyone could help me. I asked ... |
New American Funding Mortgage application, originator, mortgage broker July 27, 2015 - My loan agent should have processed my paperwork and put urgency on the lenders to approve all my paperwork. Throughout my Escrow process, she would not pick up her phone, return my emails, or return my text messages. When I could talk to her, she assured me everything was smooth sailing and I would get approved in time for Escrow to finish in time. However, as the day got closer and closer, I still had heard nothing and then I would receive more questions from the lenders. She told me that if I anwered these questions, it should be fine. But then several days later, I was asked repetitive que... |
New American Funding Mortgage loan servicing, payments, escrow account June 26, 2015 - After I enrolled in automatic debit for monthly payment, New American Funding debited - payments for the - payment from my checking account, once on - - and the - on - -. The loan payments were not overdue and there is other legal basis for taking the - payment. They applied the - payment to - even though I repeatedly asked for the money back. I did not authorize the taking of any extra money, just the payment due for - month at a time. They refused to explain why the extra payment was taken and refused to put it back into my account the same way they withdrew ... |
New American Funding Mortgage loan servicing, payments, escrow account May 18, 2015 - On - - our house -, in - the insurance company settled with us an sent a check for the settlement with both my name and the mortgage company. I endorsed the check and send it to the New American Funding and they deposited the funds into an escrow account. My outstanding mortgage was - and the settlement was for more than that amount so they sent me the difference to use as I pleased. I then asked for a dispersment for the demolition of the house, had an inspection and received -. The balance in escrow was now about -. The loans then sold to New American Funding ( confusing... |
New American Funding Mortgage loan servicing, payments, escrow account April 22, 2015 - I posted dated a check and mailed it for -/-/-/-/2015 for my mortgage payment as my mortgage company will only take online payments if all the late charges are paid at once ( also illegal ), and the check was cashed on -/-/-/-/2015 which cost me over $70.00 in over draft fees with my bank. - - - needs to be investigated. ... |
New American Funding Mortgage application, originator, mortgage broker April 9, 2015 - I am trying to refinance my mortgage with another provider but because my current mortgage company switched servicers from a third party to in-house, they have stopped reporting to the credit agencies. They have not reported since - 2015 and will not start again until - 2015. They told me they wo n't report until - but I am trying to refinance now. The credit agencies are reflecting my credit score as - without a mortgage. Because of this, my score is lower. Because of the lower score ( - without a mortgage ) I ca n't get the program I need to get a lower rate. ... |
New American Funding Mortgage loan servicing, payments, escrow account April 7, 2015 - On or about -/-/- I closed on a refinance of my home with New American Funding Inc. My - payment was due -/-/- and I have made all my payments on time. Today -/-/- I was contacted by a Mortgage Company concerning lowering my VA Loan through a VA Interest Rate Reduction Refinance Loan ( IRRRL. During the initial process I was informed that the current servicing mortgage company was not reporting my loan with the credit bureau 's and this was hindering me from getting the lowest interest rate available. He state I am only a couple of points shy and not reporting the loan was pr... |
New American Funding Mortgage loan servicing, payments, escrow account March 30, 2015 - I have a loan with New American Funding with a first payment due on - - 2015 and payable by no later than - -, 2015 to avoid a late fee charge. I checked with the company to be sure that I could submit advance checks for the mortgage amount to be credited each month and NOT TO BE CHARGED AS A LUMP SUM PAYMENT REDUCING THE PRINCIPAL. I was told I could do this and was given instructions on how to ensure the transactions occurred as I wanted. On - -, I mailed - individual checks for each month : -, -, -, -, -, - with a memo on each check for the appropriate... |