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New American Funding
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Payment Options
Monthly Automatic Payments
Payments will be automatically withdrawn from your bank account each month.
- Choose any date between the 1st and the 15th
- You can sign up today by Logging In to your account. Select Enroll in Autopay on the Make a Payment Tile
- Or download and complete the Authorization Form. You can submit the completed form online via the 'Send Us Documents' link above.
- Contact Customer Care for more information at (800) 893-5304
One-Time Payment
Your payment will be withdrawn from your bank account on the date specified.
- Instructions for how to make a payment online are available here.
- There is no fee for this service.
- Over the phone using our automated system - FREE
- Over the phone with the help of a Customer Care representative - FREE
Bi-Weekly Automatic Payments
Making payments biweekly allows you to make 13 regular monthly payments, or one extra payment each year that is applied to your principal balance.
- To access the Bi-Weekly Automatic Payment Setup Packet click here.
- Contact us at 800-893-5304 if you have any additional questions.
Payment by Mail
Mail your payment to us at:
-
New American Funding
P.O. Box 650076
Dallas, TX 75265-0076
Payment by Bank Wire
Wire your payment to us.
- Contact Customer Care for more information at (800) 893-5304 to obtain the detailed wire instructions.
- Your bank may charge a fee for this service
3rd Party Bill-Pay Service
Use your bank's bill-pay service to send your monthly payment. Payments should be mailed to:
-
New American Funding
P.O. Box 650076
Dallas, TX 75265-0076 - Be sure to include your loan number
- Your bank may send a physical check or an electronic payment to us. As a result, it is important to schedule bill payments a few days earlier than usual to ensure that the payment reaches us on time.
- Contact Customer Care for more information at (800) 893-5304
Payment by Phone
- Call (800) 893-5304
Western Union Quick Collect
Pay with your debit card or cash at any Western Union location or online.
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Online:
Go to WU.com or download their mobile app
Choose Pay Bills
Search for New American Funding and enter the Amount and Account Number -
In person:
Ask the agent for the To Send Money Form (TSMF) for Bill Payments service
You will need the Company Name (New American Funding)
Amount
Account Number
Property Taxes
RELATED DOWNLOADSProperty taxes, also known as real estate taxes, are assessed on your property by your local government (e.g. city, county, village or township) for the various services provided to you. When you pay property taxes each year, you're paying for necessities such as police and fire department services, garbage pickup and snow removal.
Will New American Funding pay my property taxes for me?
If you have an escrow account on your loan, we will typically pay property taxes out of your escrow account for the home that secures your loan.
If your property is in California, you will receive a regular property tax bill (called a "secured property tax" bill) but may also receive a "supplemental" tax bill. Supplemental taxes are imposed on property in California when new construction is completed or there has been a change in ownership in the property. Unfortunately, the taxing authorities do not provide lenders with supplemental tax bills. As a result, if you have an escrow account, we will pay your secured tax bill out of your escrow account but cannot pay your supplemental tax bill unless you provide us with the bill. If you would like New American Funding to pay your supplemental tax bill from your escrow account, please submit the Supplemental Tax Request Form below.
What if I have a property tax exemption?
If you have an escrow account, we must pay your property taxes out of your escrow account unless your exemption has been approved by the taxing authority and a revised property tax bill has been issued. If you receive a revised property tax bill reflecting your exemption, please send it to us so that we may ensure that the correct amount is paid from your escrow account. If you have not received a revised tax bill but you have received a document from the taxing authority with estimated exemption amount, please fill out and submit the Tax Amount Update Request Form along with the document received from the taxing authority. You can submit your revised property tax bills to us via the SEND US DOCUMENTS link above or by emailing them to us at DL-NAFTaskTeam@lereta.com. You can also call our Property Tax Department at (800) 893-5304 for more information.
Property Tax Guides and Forms
Guide to California Property Taxes
Tax Payment Request Form
Supplemental Tax Request Form
Tax Amount Update Request Form
Escrow
RELATED DOWNLOADSWhat is an Escrow account?
An escrow account, sometimes called an impound account, is an account that New American Funding maintains on a loan to pay property taxes, hazard insurance premiums, and flood insurance premiums (if required) on behalf of the borrower for the home that secures the loan. An escrow account is typically setup at closing, and ensures that these property-related expenses are paid on time.
Does an escrow account affect my payment?
New American Funding funds an escrow account by collecting a portion of the anticipated annual property taxes and/or insurance premiums through the monthly mortgage payment. Since amounts due for property taxes and insurance may vary year to year, the amounts that are collected through the monthly mortgage payment may change, which will cause the monthly mortgage payment itself to change. Borrowers are notified of such changes before the new payment amount becomes due.
Is an escrow account required?
New American Funding may require a loan to have an escrow account for various reasons, such as the investor that owns the loan requires an escrow account, the loan was made as part of a government program for which an escrow account is required, or Federal law requires an escrow account for the loan. If your loan requires an escrow account, you may not be able to cancel it. You can reference more information and forms for escrow accounts below.
Escrow Guides and Forms
Guide to Escrow or Impound Accounts
Escrow Account Set-Up Request Form
Property Insurance
RELATED DOWNLOADSThere are generally 3 types of property insurance that you may be required to have on the home that secures your loan: Hazard Insurance (also known as Homeowner's Insurance), Flood Insurance and Wind Insurance.
For more information or to provide your insurance information, contact us at:
New American Funding LLC.
PO Box 5071
Troy, MI 48007-5071
(877) 826-4428, M-F 7am to 7pm CT
FAX: (248) 781-9295
EMAIL: NAFTeam@pfic.com
Why am I receiving letters about my Homeowner's Insurance?
Investors and insurers of mortgage loans, such as Fannie Mae, Freddie Mac, VA and HUD, require lenders to ensure that borrowers maintain adequate homeowner's insurance on homes that secure their loans throughout the term of the loan. Where a borrower fails to maintain adequate insurance, the lender is required to obtain an insurance policy on the borrower's behalf to cover the property, which is frequently more expensive than the policy that a borrower could obtain themselves. Where New American Funding determines that there is not evidence of adequate insurance coverage, New American Funding will provide you notices required by federal law in order to obtain your insurance information. For more information about your homeowner's insurance requirements, select the link
New American Funding Guide to Hazard and Flood Insurance.Why am I required to have Flood Insurance?
Federal law requires lenders to ensure that borrowers maintain adequate flood insurance on homes that secure their loans. Flood insurance is only required for property that is located in a Special Flood Hazard Area (SFHA) as determined by the Federal Emergency Management Agency (FEMA). When your loan is made, the location of the home that secures it is evaluated using a Standard Flood Hazard Determination Form from FEMA. If the home is determined to be in a flood zone that is an SFHA, you will be required to have adequate flood insurance in place throughout the term of the loan. You may also be required to obtain flood insurance if the flood zone in which your home is located is rezoned by FEMA to be an SFHA. Flood zones are defined by FEMA. If you feel that your home should not be in an SFHA, you can contact a FEMA mapping specialist at (877) 336-2627. Where a borrower is required to maintain adequate flood insurance on a home but fails to do so, the lender is required to obtain a flood insurance policy that a borrower could obtain themselves. For more information about your flood insurance requirements, select the link
New American Funding Guide to Hazard and Flood Insurance.Do I have to have Wind Insurance?
In order for your homeowner's insurance to meet the investor and insurer requirements that apply to your loan, it must cover damage from wind. However, in some states, wind damage is allowed to be excluded from homeowner's insurance policies. If your homeowner's insurance excludes wind coverage, you will need to obtain a separate Wind Insurance policy.
Property Insurance Guides and Forms
Insurance Payment Request Form
Guide to Hazard and Flood Insurance
Guide to Hazard Insurance on Condos
Damage to Your Home
RELATED DOWNLOADSWhen damage occurs to a home, homeowners submit their claim to their homeowner's insurance company. Where the home secures a mortgage, the homeowner's insurance company is required to issue any checks for the claim (often called "loss drafts") in the name of both the homeowner and the lender. As a result, homeowners will need to contact their lender to obtain their endorsement on any claim checks or start the claims process, which is dependent on loss amount. Pleaser contact us at 1-888-884-5314.
If your home has been damaged in a disaster, additional assistance may be available. For more information on Disaster Relief
Click Here.I received a claim check with New American Funding listed. What do I do?
The first step is to determine if your claim qualifies for Stamp & Go. Your claim will qualify for Stamp & Go if:
- Your loan is current and your total claim amount is for $40,000 or less (USDA loans have a $20,000 limit).
Delinquent VA and FHA loans do not qualify for Stamp & Go, regardless of the total claim amount. You can find the total claim amount for your insurance claim on the Loss or Damage Report or Adjuster’s Worksheet that you should receive from your insurance adjuster.
I have determined if my claim qualifies for Stamp & Go. Now what do I do?
Once you determine if your claim qualifies for Stamp & Go, you will need to submit the claim check and the adjuster's report for us to process. If your claim qualifies for Stamp & Go:
- Please do not endorse the check prior to mailing it. Be sure to write your mortgage loan number on the check.
- Provide a copy of the adjuster's report from your insurance company.
- Mail by Regular Mail to: New American Funding c/o PFIC; Attention: Loss Draft Department: P.O. Box 7125, Troy, MI 48007-7125
- Mail by Overnight Mail to: New American Funding c/o PFIC; Attention: Loss Draft Department 700 Tower Dr., Suite 400 Troy, MI 48098
If your claim does not qualify for Stamp & Go:
- Your claim check must be endorsed by all parties prior to mailing it. Be sure to write your mortgage loan number on the check.
- Use the Monitored Claim Packet below to submit your claim.
How long does it take to get the funds from a claim check?
If your claim qualifies for Stamp & Go, New American Funding will endorse and return your check to you promptly after receipt of the required information. If your claim does not qualify for Stamp & Go, New American Funding will be required by the owner of your loan to hold your insurance proceeds and disburse them to you as inspections are completed on your home. You can find more information about how and when disbursements of your insurance proceeds will be made in the Monitored Claim Packet below. If you have any questions or need assistance, please contact us at 1-888-884-5314.
Damage to Your Home Guides and Forms
Guide to Hazard Insurance Claims
Monitored Claim Packet
USDA Monitored Claim Packet
Mortgage Insurance
RELATED DOWNLOADSMortgage Insurance protects your lender in case you default on your loan. With conventional loans, Private Mortgage Insurance (PMI) is generally not required if you make a down payment of at least 20% of the home’s purchase price; however, FHA and VA loans have different mortgage insurance guidelines. Mortgage insurance is generally included in your monthly mortgage payment.
What is Private Mortgage Insurance (PMI)?
Generally, PMI will be automatically terminated when your loan is scheduled to be repaid down to a certain percentage of the original value of the home. It is possible to cancel PMI before the termination date. To cancel PMI, you must meet the requirements under federal law and pay for an appraisal or other valuation that will be required by New American Funding to ensure that the value of the home has not decreased. For more information, please download the Guide to Conventional Private Mortgage Insurance (PMI) below.
What is FHA Insurance (MIP)?
FHA Mortgage Insurance is administered by the Federal Housing Administration (FHA), which is an agency within the U.S. Department of Housing and Urban Development (HUD). FHA’s rules dictate when FHA Mortgage Insurance is required and what lenders are allowed and required to do.
You cannot waive FHA Mortgage Insurance. FHA Mortgage Insurance is required by the federal government and cannot be waived by the borrower. For more information, please download the Guide to FHA Mortgage Insurance (MIP) below.
Can I cancel my Mortgage Insurance?
If you have FHA Mortgage Insurance on your loan, you will not be able to cancel your mortgage insurance. However, if you have Private Mortgage Insurance, you may be able to cancel it if certain requirements are met. To request cancellation of your PMI or get additional information, contact us at CustomerCare@nafinc.com or (800) 893-5304.
Mortgage Insurance Guides and Forms
Guide to Conventional Private Mortgage Insurance (PMI)
Guide to FHA Mortgage Insurance (MIP)
Mortgage Assistance
RELATED DOWNLOADSHaving trouble paying your mortgage? Call us at 800-893-5304 Ext. 9208
STAY IN YOUR HOME
BENEFITS
Refinance
Receive a new loan with lower interest rate or other favorable terms.
Lowers your monthly payment and/or improves your terms.
Reinstatement
Pay the total amount you owe, in a lump sum payment and by a specific date.
Allows you to avoid foreclosure by bringing your mortgage current if you can show you have funds that will become available at a specific date in the future.
Repayment Plan
Pay back your past-due payments together with your regular payments over an extended period of time.
Allows you time to catch up on late payments without having to come up with a lump sum.
Modification
Receive modified terms of your mortgage to make it more affordable or manageable after successfully making payments during a “trial period” (that is, completing a three- or four-month trial period plan) that approximates the modified payment.
Permanently modifies your mortgage so that your payments or terms are more manageable as a permanent solution to a long-term or permanent hardship.
LEAVE YOUR HOME
BENEFITS
Short Sale
Sell your home and pay off a portion of your mortgage balance when you owe more on the home than it is worth.
Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available.
Mortgage Release
(Deed-in-Lieu of Foreclosure)
Transfer the ownership of your property to us.
Allows you to transition out of your home without going through foreclosure. In some cases, relocation assistance may be available.
To find out more about the options that may be available to you:
- Contact us at 800-893-5304 Ext. 9208 to discuss options that may be available to you.
- See our Homeowner Checklist for documents that you will need to provide.
- Apply for assistance by contacting our Home Retention department at 800-893-5304 Ext. 9208.
(All options are subject to review and approval.)
- You can also get help from a HUD-certified housing counseling agency by calling 800-569-4287.
- Washington Residents – Call the Washington Home ownership Hotline at 1-877-894-HOME (1-877-894-4663).
DOWNLOADS
Request For Mortgage Assistance
IRS Form 4506-C
Fee Schedule
Military Assistance
New American Funding appreciates the service of America's military personnel and would like to assist in protecting them and their home. There are a number of federal and state benefits that may be available. Contact us for more information!
Benefits
The following are benefits you may qualify for:
- Foreclosure protection
- Fee reduction or waiver
- A special forbearance and/or loan modification for those facing financial challenges
- A mortgage interest rate temporarily reduced to 6% without fees or refinancing
Some benefits extend up to 12 months beyond the period of military service.
Active Duty Orders
If you have been called to active duty or are a spouse, partner in civil union, domestic partner or dependent of a person who has been called to active duty, including the Reserves or National Guard, you may be eligible for benefits.
Please contact us for more information at (800) 893-5304 ext. 9208 or homeretention@nafinc.com
Disaster Assistance Information
New American Funding is dedicated to assisting those who have experienced damage to their home or have financial difficulty because of the impact of a natural disaster.
If you have experienced damage to your home, the first step is to report the loss to your insurance company and file a claim. Additional information about insurance claims can be found on our website, just
Click Here.Simply click the icons below to visit sites:
To determine if your home or place of employment is located in a FEMA declared individual assistance If your home is in a area please visit www.disasterassistance.gov.
- You may be eligible for a payment relief plan that provides payment flexibility following the disaster declaration date
- You may be relieved of late charges and negative credit reporting for a select period of time following the declaration date
If you are experiencing a financial hardship because you have been impacted by disaster and are unable to make your mortgage payment, please call us at (800) 893-5304 ext. 9208 to discuss options that may be available to you, such as a repayment plan, loan modification or other hardship assistance.
Additional resources can be found at: RedCross.org, SBA.org, and Homeowners Assistance Fund.
COVID-19 Assistance Information
If you are experiencing a financial hardship related to COVID-19, New American Funding is committed to helping you. The fastest way to get immediate relief is to follow the steps below, however, if you need to contact us, please call (800) 893-5304. Please understand that we are currently experiencing high call volumes so wait times are longer than usual. We have a dedicated team available to assist you from 8am to 9pm weekdays and 10am to 2pm on Saturdays (Central Time).
The CARES Act allows an initial forbearance of up to 180 days for all FHA, VA and USDA loans, as well as conventional loans with FNMA and FHLMC. During the forbearance period, monthly payments will not be required, and we will suspend all late fees and negative credit reporting on your account. The monthly payments may be repaid at or before the end of the forbearance period if you choose.
At the end of the forbearance period, if your hardship has not been resolved, please call (800) 893-5304 and speak with one of our representatives to discuss available options to assist you with your delinquency. If it has been resolved, New American Funding will work with you to determine what repayment options you may qualify for based on the eligibility requirements for your loan type and whether you are in an active bankruptcy. We will work with you on options specific to your situation. These repayment options may include: (1) entering into a repayment plan to pay all missed payments; (2) entering into a loan modification; or (3) other options that may be available, such as payment deferral, based on the investor or insurer of your loan. These options will be discussed with you at the end of your forbearance period.
ARE YOU IMPACTED TODAY?
If your income or monthly expenses have been impacted by COVID-19, you can download the COVID-19 Impact Form HERE.
If you are participating in an existing Forbearance plan and your hardship is still on-going, you can download the COVID-19 Forbearance Plan Extension Form HERE.
Please submit your form by one of the following methods:
- Utilize the SEND US DOCUMENTS button above
- By email to homeretention@nafinc.com
- By fax 855.807.1178
- Or by mail to New American Funding, PO Box 170581, Austin, TX 78717
FOR MORE INFORMATION ON FORBEARANCE PLANS
- Please watch this short video created by the Consumer Financial Protection Bureau: CFPB CARES ACT Mortgage Forbearance video
- KnowYourOptions
- Fannie Mae's Disaster Response Network 877-542-9723
- Contact a HUD-Approved housing counselor for free advice on what to do next. Call 800-569-4287 or visit website www.covidhelpforhome.org
Economic Impact Payments (EIP)
The IRS began distributing Economic Impact Payments to individuals that file income taxes in April 2020. An estimated 12 million individuals who do not normally file income taxes are entitled to Economic Impact Payments. These individuals have until October 15, 2020 to submit their information to the IRS through the non-filers portal to receive their EIP.
Many U.S. citizens and U.S. resident aliens are eligible to receive an Economic Impact Payment. The payments are up to $1,200 per individual, and some people may be eligible for up to an additional $500 per qualifying child. You don’t need income to be eligible.
The IRS is conducting a sweeping outreach campaign to reach everyone who may be eligible for an Economic Impact Payment. The non-filers portal is the tool to assist in receiving your EIP.
Not Impacted
If you have not been impacted by COVID-19, you do not need to participate in a forbearance plan at this time. If your circumstances change, you can contact us utilizing the linked form and request a forbearance plan at a later date.
Beware of Scams!
Criminals often take advantage of situations like these to impersonate companies, charities or government agencies. Keep an eye out for emails, text messages, or phone calls that look or sound suspicious. Remember, a New American Funding team member will never ask you for your account username or password. Get helpful prevention tips and follow updates from the
Centers for Disease Control and Prevention (CDC).For Housing Counselors Only
If you are a Housing Counselor that is assisting one of our borrowers, you can reach Patty Arvielo or Roger Stotts for additional information and assistance at HOUSINGCOUNSELOR@NAFINC.COM
Website last updated 2/1/2021
Homeowners Assistance Fund
The Homeowners Assistance Fund (HAF) is a program administered by the U.S. Department of Treasury. The purpose of these funds is to assist borrowers affected by the COVID-19 Pandemic and are struggling to keep up with their mortgage payments.
It is important to note that each state has its own rules, regulations, and requirements for its specific program.
FAQ
Will these funds need to be repaid?
You will need to contact your state agency to find out if funds will need to be repaid.
Who approves/denies applications?
Each state has its own program administrator and decides who gets approved and denied.
If you are denied or HAF is not available in your area, will there be other mortgage assistance options available?
Absolutely - there are still workout options available. Please contact us at 800-893-5304 Ext. 9208.
Will you need to provide any documents with their application?
Yes, most states will require you to provide valid identification and financial information.
Can I apply for HAF Assistance if I'm under review for the Covid-19 Assistance Plan?
You can apply for HAF Assistance while you are under review for the Covid-19 Assistance Plan.
Can I use both the HAF and Covid-19 Assistance at the same time?
No, you are only able to use HAF or Covid-19 Assistance Plan, if approved.
How will the funds be used?
These funds are allocated based on delinquency status and will fully reinstate the loan. However, all state agencies and investors have their own guidelines on how funds can be used.HAF Programs By State
- Alabama
- Arizona 833-931-3600
- California 888-840-2594
- Connecticut 860-263-0731
- District of Columbia 202-540-7407
- Georgia 800-436-7442
- Idaho 888-991-2166
- Indiana 877-438-4673
- Kansas 785-217-2001
- Louisiana 833-885-2423
- Maryland 833-676-0119
- Michigan 844-756-4423
- Mississippi 888-725-0063
- Montana 844-406-2772
- Nevada 888-320-6526
- New Jersey 855-647-7700
- North Carolina 855-696-2423
- Ohio 888-404-4674
- Oklahoma - Chickasaw 580-757-9082
- Pennsylvania 888-987-2423
- Rhode Island 401-457-1222
- South Dakota 605-773-3181
- Texas 833-651-3874
- Vermont 833-221-4208
- Virgin Islands
- West Virginia 844-542-0035
- Wyoming 800-457-3659
- Alaska
- Arkansas 888-698-0964
- Colorado
- Delaware 888-303-4324
- Florida
- Hawaii 808.596.8155
- Illinois 866-454-3571
- Iowa 888-668-0927
- Kentucky 866-830-7868
- Maine 888-664-2569
- Massachusetts 833-270-2953
- Minnesota 800-657-3710
- Missouri 833-541-1599
- Nebraska 402-434-3900
- New Hampshire 800-974-1377
- New Mexico 505-843-6880
- North Dakota 800-755-2716
- Oklahoma 833-208-2535
- Oregon 833-604-0879
- Puerto Rico
- South Carolina 803-702-5222
- Tennessee 615-815-2200
- Utah 888-755-0102
- Virginia 833-687-8677
- Washington 877-894-4663
- Wisconsin 855-246-6394
Guides & Forms
General Helpful Information
Guide To Account Alerts
Guide to the Customer Care Website
Assistance in Spanish
Monthly Automatic Payment Setup Form
Guide on how to set up one time payment
Fee Schedule
Third Party Authorization Form
Servicing Bi-Weekly Automatic Payment Setup Packet
Guide to Recast
Authorization for Direct Deposit
Guide to Protecting Yourself from Wire Fraud
Guide to Transferring your Property to a Business
Guide to Mortgage Assumptions
Escrow/Tax/Insurance
Guide to Escrow or Impound Accounts
Guide to Hazard and Flood Insurance
Guide to Hazard Insurance on Condos
Guide to Conventional Private Mortgage Insurance (PMI)
Guide to FHA Mortgage Insurance (MIP)
Guide to California Property Taxes
Escrow Account Set Up Request Form
Insurance Payment Request Form
Tax Payment Request Form
Tax Amount Update Request Form
Supplemental Tax Request Form
Damage To Your Home
Guide to Hazard Insurance Claims
Monitored Claim Packet
USDA Monitored Claim Packet
Mortgage Assistance
Request for Mortgage Assistance
IRS Form 4506-C
FAQ
ARM Loan Information
An ARM is a loan with an interest rate that may change. Instead of remaining the same for the life of the loan, the interest rate of an ARM may be fixed initially but will change at regular intervals after the fixed rate period ends. The type of ARM you have dictates how often your interest rate, and therefore your payment, can change as well as what index the change will be based on. Different ARM’s also offer different limits on the amount your interest rate can increase or decrease under different circumstances. The primary benefit of an ARM is that it usually offers a lower initial interest rate than a fixed-rate loan.
One disadvantage to an ARM is that an increase in interest rates may cause your monthly principal and interest payments to be higher. It's a trade-off: you get a lower initial interest rate with an ARM in exchange for assuming more risk over the long run.
Different Adjustable Rate Mortgages (ARM’s) have different adjustment periods. There are ARM’s with an initial interest rate that will be fixed for the first 5, 7, or 10 years. After the end of that fixed rate period, the interest rate will adjust annually for the remaining term of the loan. Your ARM adjustment period is established when you apply for your loan and can be found in your ARM note and other loan documents that you received.
The interest rate on an ARM is made up of two parts: the index and the margin. The index is a measure of interest rates generally, and the margin is an extra amount that the lender adds. Your payments will be affected by any caps, or limits, on how high or low your interest rate can go. If the index rate moves up or down, so does your interest rate in most circumstances. This will affect your monthly payment. However, not all ARM’s adjust downward. Be sure to read the information for the loan you are considering. The margin plus the index equals the interest rate.
Lenders base ARM rates on a variety of indexes. The most common indexes are the rates on 1-year constant-maturity Treasury (CMT) securities, the United States Treasury Securities (TRBS), and the London Interbank Offered Rate (LIBOR). You should ask what index will be used, how it has fluctuated in the past, and where it is published--you can find a lot of this information in major newspapers and on the Internet.
Please contact our Lending Department at (800) 450-2010 to find the right loan for your financial goals.
An interest rate cap is a limit on the amount your interest rate can increase or decrease. Interest rate caps come in two versions: periodic adjustment caps, which limit the interest-rate increase or decrease from one adjustment period to the next, and lifetime caps, which limit the interest-rate increase or decrease over the life of the loan. Any interest rate caps will be outlined in your ARM note.
The frequency with which your interest rate may change is called the ARM adjustment period. The most common ARM adjustment periods are every 6 months or every 12 months. The frequency of ARM adjustments is established at the time of application and the terms will be outlined in your ARM note. Some of the most common ARM products provide an initial interest rate that will be fixed for 1, 3, 5, 7 or 10 years, and then adjust annually thereafter for the life of the loan.
There are two situations in which your interest rate can go up when the index goes down. If your initial interest rate was a discounted rate, it will increase by at least the amount of the margin on the first adjustment date, no matter where the index is moving.
Alternatively, if the prior interest rate adjustments were limited by a periodic change cap or life-of-loan cap, the next change may be to a higher rate even if the index goes down.
The following example illustrates how this can occur:
The initial interest rate on your loan was discounted to 6.00% from the fully indexed rate of 7.50% (5.50% index plus a 2.00% margin). If, on the first rate change the index has decreased from 5.50% to 5.25%, your interest rate will still increase because the new interest rate is now calculated by using the fully indexed rate (no more discount), which is 5.25% index plus 2.00% margin, which equals 7.25%. Thus the index can actually go down (e.g. from 5.50% to 5.25%), but the interest rate that determines your payment goes up (from 6.00% to 7.25%).
Assumption Information
Not all loans are assumable. Contact Customer Care at (800) 893-5304 to determine if your loan is assumable and what the requirements are for assumption.
Monthly Automatic Payment Information
Many mortgages have the option to set up Monthly Automatic Payments through the New American Funding website. The easiest way to tell if you are able to arrange for this service is by logging onto your account. Select the Make a Payment tile at the top of the screen, and if you see the Enroll in Autopay link, you can set up the Monthly Automatic Payments online. Complete the enrollment form to Enroll in Autopay
Monthly Mortgage Statement Info
Once you log into our website, click on Account Management and then select Document Center. Under Delivery Preferences you will need to click on Paperless Statements, agree to the terms and conditions and click Let's do This!. If you select this option, you will no longer receive a statement in the mail.
Each of your statements will be available online for twelve months.
No
Yes, Simply log into your account, click on Account Management and then select Document Center. You can select Mail under Delivery Preferences, agree to the terms and conditions and click Let's do this! to stop receiving your statements electronically and start receiving your statements in the mail.
No, we provide you with this service for free.
Co-Borrower
Yes, they will create their own username and password and view the loan in the same way as the primary borrower.
Contacting New American Funding
Please call our Lending Department at (800) 450-2010
For general questions and information between the hours of 8:00 am to 9:00 pm CT, Monday – Friday and Saturday 10:00 am to 2:00 pm CT, you can reach our Customer Care Department toll-free at (800) 893-5304. After normal business hours you can still access information concerning your account on our automated phone system, which is available to help you access your loan information 24 hours a day, 7 days a week.
You may contact our Customer Care Department by calling 800-893-5304 and discuss your concerns with one of our Customer Care Specialists. You can also submit your request in writing to: New American Funding, Attn: Complaint Department, P.O. Box 170581, Austin, TX 78717-0031. We will send an acknowledgment within five (5) business days of receiving your request.
Generally, we will respond to you in writing within thirty (30) days (not including weekends and federal holidays) and we will do one of the following:
• Correct the error and confirm the correction in writing or provide you with the information that you requested;
• After investigating the error or dispute, send you a written notice explaining why we have found that no error has occurred or that there is no basis for your dispute;
• Ask for additional information that will assist in our investigation; or
• Inform you in writing that it will take an additional fifteen (15) days (not including weekends and federal holidays) to investigate and respond to your notice of error, dispute or request for information
Credit Bureau Questions
You can also address this issue with the credit bureau. Submit a statement explaining the item on your credit report to the major credit reporting agencies (listed below). This statement does not remove the item from your credit report, but it will provide an explanation of the situation for future creditors who may view your report.
Equifax
PO Box 740256
Atlanta, GA 30374
Experian
PO Box 4500
Allen, TX 75013
TransUnion
PO Box 2000
Chester, PA 19022
We report your payment to the credit bureaus after the end of each month. In this example, your March payment was reported late after the end of March, in early April. In the same way, the status of your April payment will be reported in early May.
If your payment is due on the first of the month and we receive your payment before the end of the month, then it will not be reported as 30 days late. However, if your payment is due on the first of the month and we don't receive it until the following month, it may be reported as a 30-day late payment.
Escrow
We are required to analyze your escrow account at least one time a year.
If the analysis shows an overage in your escrow account, it is because we collected more than we needed over the past year to pay your escrow bills. When this happens, we are required to send the excess funds back to you in the form of a refund check.
When we are calculating your escrow amounts for the upcoming year, we start by adding up the annual total of the last bills received and divide that by 12 to get the amount of the monthly installments.
Therefore, if your tax and/or insurance bills are higher than previously calculated, you may experience an increase to your monthly payment even though we provided a refund check for the amount of excess funds that were collected in the previous year.
Yes. Mortgage companies are required to follow the standards established in the Real Estate Settlement Procedures Act (RESPA) and applicable state law.
RESPA and some states set limits on the amount which can be collected by a mortgage company to pay for escrow items, such as property taxes and insurance. RESPA and most states allow mortgage companies to collect and maintain a 2-month minimum balance.
If you would like more information about your state’s allowed escrow minimum, please check with your local state government.
Fee Assessment
General Information
No, you will need to contact our Customer Care Department at (800) 893-5304.
Yes. You can view your payment history online by logging into your account and click on My Loan/Payment History.
Once you are logged into our website, you can click on My Loan/Manage Loan Information and then click the EDIT button. On that screen you can update your mailing address, email or phone numbers online.
The stock market and other financial indicators determine what your interest rate will be. Changes in the financial markets regularly cause interest rates to go up or down.
Once you log into our website, click on the drop down box located on the top right-hand side of the Home Page. You can click on Add a Loan to add additional loans.
If you know your User ID but you have forgotten your Password, you can click on "Forgot Password" and enter in your Username, Social Security Number and Email Address. Once you have entered the requested information, you will need to click on the Recover button. Check your email for a temporary password and log into your account using your username and temporary password. If you have forgotten your User ID click on “Forgot Username” and enter your Social Security Number and Email Address and click the Recover button; You will need to check your email address for your User ID. If you have difficulties with either option please contact Customer Care at (800) 893-5304 for assistance.
You can save the Welcome page as a Favorite. However, once you have logged in, you cannot save the website welcome page as a Favorite.
Many borrowers want to transfer their home into an LLC or other business. Whether your
transfer to the LLC will be permitted will depend on the type of business as well as the type of loan that you receive. To learn more Click HERE.
Habla Español
¿Necesita algo en nuestra pagina de Internet explicado en Español? Nosotros hablamos Español. Por favor llame al servicio al cliente al 800-893-5304, y seleccione dos para Español, para hablar con un representante en su idioma.
Homeowners Insurance
If you would like to change insurance providers, you or your new insurance agent must provide a copy of the new policy and your written authorization accepting the new insurance company. To submit your policy online please Click HERE. You must make contact with the former insurance company and cancel your policy when the new policy begins. If you have an escrow account please send in the refund from your previous insurance agent to minimize the shortage.
Please provide your new insurance agent with your New American Funding mortgage loan number and the following mortgagee clause: New American Funding, LLC, ISAOA/ATIMA
P.O. Box 5071 Troy, MI 48007-5071
Fax #: 248-781-9295
Email Address: NAFTeam@pfic.com
Important information about required insurance is available in our Guides and Forms or click the Download link.
Lender-placed insurance is insurance coverage that we obtain (at your expense) if we do not have proof that you have adequate insurance coverage in place to protect our interest in your property. Because the coverage goes into force without an inspection of your home, the policy is often more expensive than an insurance policy that you could obtain yourself. Further, lender-place policies may provide less coverage than an insurance policy that you could obtain yourself.
Important information about required insurance is available in the Download link.
The terms of your loan agreement require evidence of continuous adequate insurance coverage. Therefore, we must have proof of your insurance coverage or we may have to obtain a lender-placed insurance policy on your property at your expense. More information on adequate insurance coverage and the kind of documentation that you must provide can be found in down load below.
"Loss payee" is used on your insurance policy to refer to the lender servicing your loan.
FHA and Private Mortgage Insurance
For loans insured by the Federal Housing Administration (FHA), mortgage insurance is required on all loans, regardless of the down payment amount. This type of insurance is different than other types of insurance purchased by a borrower, and should not be confused with credit life, property or casualty homeowners, flood, windstorm or earthquake insurance. You cannot file a claim against the policy, and generally cannot cancel it. More information on FHA Mortgage Insurance can be found in our guide download below.
Private Mortgage Insurance, often called “PMI”, applies to borrowers who make less than a 20% down payment on their home. The insurance protects the lender in the unfortunate event that the borrower is not able to repay the loan. This type of insurance is different from other insurance purchased by a borrower and should not be confused with credit life, property or casualty homeowners, flood, windstorm or earthquake insurance. PMI can generally be cancelled once a loan has been paid down to a certain amount if the requirements for cancellation are satisfied. More information on Private Mortgage Insurance can be found in our guide download below.
Insurance Claims
When an insurance claim check (also called a “loss draft”) is paid for damage to a home, there are several steps that have to be taken. You can find more information at:
New American Funding is listed on the check because we are the loss payee on the insurance policy. We are required to be the loss payee on the insurance policy by the loan owner which has a secured interest in the property. Our responsibility is to ensure the property is repaired in the event of damage and restored to its original or higher value.
Depending on your loan and the amount of the insurance claim, New American Funding may be required to disburse funds from your insurance claim check in increments under the guidelines required by the owner of our loan to make certain the property is fully restored to its original or higher value.
Payment Information
Paying online is free of charge and available 24/7 at www.newamericanfunding.com/myloan. Payments submitted after 10:00 PM Central Time will be processed the next business day. You can also make a payment through our automated phone system or via check all at no cost or you. One of our Customer Care Specialists can take a payment over the phone. We also accept payments via Western Union.
Go to www.westernunion.com click Pay Bills and follow the prompts.
Payments are posted Monday through Friday, except for federal holidays. Online payments are also posted to your loan Monday through Friday. If your grace period ends on a Saturday or Sunday, the grace period is extended to the end of the next business day. Please be aware that any partial payments that you make are not applied to your mortgage, but instead are held in a separate suspense account. If you pay the balance of a partial payment, the funds will then be applied to your mortgage. If you have any questions about your payment, contact our Customer Care Department at (800) 893-5304.
It's very easy to change the account from which we withdraw your payment. Just log into our website, click on the Payment Sources tile, select Add Account, update the account information, and save your changes. You can add, change or delete your bank accounts and you may also set a default bank account. You can also speak to one of our Customer Care Specialists at (800) 893-5304 for help in changing your bank account information.
It's very easy to change the account that you use to make your Monthly Automatic Payments. Just log into our website, click on Modify Payments on the Your Autopay Details tile, and enter Auto Draft Payment Information. When prompted, enter the routing number and account number of the new account, agree to the terms and conditions, and click the Update button to save your Enrollment Preferences.
You will receive a confirmation number when the system has finished making your payment. It will be displayed on the screen, and can be printed out if desired. Additionally, a confirmation email will be sent to you. If you do not see this displayed, you can verify if the transaction was saved by contacting our Customer Care Department at (800) 893-5304. The automated phone system will allow you to confirm payment. You can also sign up to receive email notification when payments are made. Set your notification preferences by logging into our website, click on Account Management/Account Settings. and Alert Notifications. More information is available in the Guide to Account Alerts below.
If your loan is more than 30 days past due, you will be required to pay the Total Amount Due that is shown on your monthly mortgage statement. However, if your loan is not past due, you can elect to have your payment applied to principal or escrow instead of applying it to your monthly payment.
If you are using standard mail services, mail your payment to:
New American Funding
P.O. Box 650076
Dallas, TX 75265-0076.
If you are using overnight delivery services, mail your payment to:
New American Funding
Attn: Cashiering
8201 N FM 620, Suite 120
Austin, TX 78726
If we receive your payment after 5:00 PM CT daily, on weekends, or on a holiday, we will not process it until the next business day.
If you are not delinquent on your loan and the payment is a full payment, we apply your payment the day we receive it, unless it is received after 5:00 PM CT or on a weekend or holiday in which case, it will be applied the next business day.
In most cases, you will save no money by making your monthly mortgage payment early. Your fixed rate mortgage payment has been calculated to determine equal monthly payments to pay off the loan by the end of a defined term, typically 30, 20 or 15 years. The schedule of payments is called an Amortization Schedule. The amount of interest due each month is based on the mortgage monthly interest rate and the outstanding loan balance on the last day of the prior month. Since mortgage payments are made in arrears, unlike rent payments, there is no benefit by paying early. You can calculate the interest to be paid on your next monthly mortgage payment by multiplying the monthly interest rate times the outstanding mortgage balance at month-end. The monthly interest rate is the annual interest rate divided by 12. Once this interest for a monthly payment is determined, that is the amount of interest that will be charged. It does not matter on which day the payment is received. However, you can reduce the amount of interest that will be charged on your loan by paying more than the regularly scheduled mortgage payment each month, as any amount paid above the scheduled payment goes to reduce principal, which reduces the amount of interest due on the next scheduled payment. Doing this consistently diverts more of your monthly payment to principal and can lead to paying off your mortgage early.
We process all checks electronically, but your bank may or may not do the same. Your payment may be deducted from your account immediately or it may take a little longer depending on how your bank processes your payment.
After you submit your payment and before it is processed, it is considered a "pending" payment. Online payments can only be canceled while they are still pending. To cancel your pending payment, log into our website and select Scheduled Payments. Click on (x) to delete and Cancel Payment.
A recast is when you apply an additional sum of money to substantially reduce the unpaid principal balance of your loan, and as a result can lower your monthly payment. To learn more Click HERE.
Whether you’re sending funds to close on your new home or paying off the
loan on your old home, it ’s important to be vigilant against wire fraud. To learn more Click HERE.
The Homeowners Assistance Fund is a program administered by the U.S. Department of Treasury. The purpose of these funds is to assist borrowers affected by the COVID-19 Pandemic and are struggling to keep up with their mortgage payments. It is important to note that each state has its own rules, regulations, and requirements for its specific program. To learn more Click HERE.
Payoff Information
A payoff statement is a calculation of the amount you would have to pay in order to pay off your loan in full at any specific time. This amount will include some or all of the following figures:
• principal balance
• interest due (in arrears)
• outstanding fees on the account
• mortgage insurance premiums (in arrears)
• fees, if applicable
This total will be the complete amount due in order to pay the loan in full by the date specified in the payoff statement. If you pay off your loan after the date specified in the payoff statement, or a payment is made from your escrow (impound) account before your loan is paid off, the total amount required to pay off your loan may change.
You will need to call the Customer Care Department at (800) 893-5304 and following the automated prompts.
Yes. The payoff of your loan can be delayed for any number of reasons. If you continue to make your scheduled monthly payments, you will protect your credit from being adversely affected by a late payment even if your payoff is delayed.
Your payoff total consists of more than just the principal balance.
You are charged interest against your principal balance until the date of payoff. Also, your monthly interest is paid in arrears, which means that when you pay for a payment due July 1, you are paying for the interest charged from the dates of June 1 through June 30. Your loan may be current, but you may still owe interest for the prior month.
In addition, there may be outstanding late fees or other charges on your account, and in most counties there is a fee for recording the lien release. Other amounts you may be charged as part of your payoff total include mortgage insurance premiums and or amounts needed to cover a negative balance in your escrow account.
Property Taxes
Supplemental taxes are special California taxes. Detailed information about California property taxes is available in the download below.
If you live in a "homeowner state," it means that your taxing authority does not send us a copy of your tax bill. If you live in one of these states and have an escrow account, please make a copy of your tax bill for your records, and then mail the original bill to us so that we can pay the bill from your escrow account.
You can mail your tax bills to:
New American Funding,
Attn: Tax Department,
901 Corporate Center Drive,
Pomona, CA 91768.
You can also fax it to 800-549-5566, Attn: Tax Department.
Detailed information about California property taxes is available in the Guide to California Property Taxes download below.
You may not need to send your tax bill to us. New American Funding receives the tax bill amounts from the taxing authorities in all states except Pennsylvania and uses this information to pay them when they are due.
Pennsylvania residents can mail them to:
New American Funding,
901 Corporate Center Drive,
Pomona, CA 91768.
You can also fax them to: 800-549-5566, Attn: Tax Department.
Refinancing
Yes, unless New American Funding has sent you an offer that indicates otherwise, you will have to pay closing costs.
Please contact our Lending Department at 800-450-2010 or go to our website www.newamericanfunding.com and click on the REFINANCE button to obtain information about the different loans offered through New American Funding.
Year End Information
Please check with your financial or tax advisor to determine what is deductible with the IRS.
Yes. You can view your Year End Statement by logging into our website. Click HERE.
We are required to mail your 1098 form to you by January 31st.
We only report interest under the primary borrower's Social Security number because the IRS doesn't require us to report it under more than one Social Security number. However, this does not dictate how you and the other property owners claim the interest on your tax returns. You may want to speak to your financial advisor or tax preparer for information on how multiple borrowers can each claim part of the total interest.
You may have made more monthly payments last year. Also, as your loan amortizes and the principal balance reduces, the amount of interest you pay each year may decrease.
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Manage My Loan Site Navigation
Once you log into your account, please click on the Make a Payment tile. You will then click on Enroll in Autopay on the Make a Payment tile. You will then be prompted to enter your bank account information and select a date between the 1st and the 15th of the month that you would like the payment to draft.
Once you log into your account, please click on Account Management and Account Settings. You will then click on Alerts and Notifications. This will give you the option to setup notifications for when payments are processed.
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Questions? Ask Us
CUSTOMER CARE
M-F | 8:00am-9:00pm CT
SAT | 10:00am-2:00pm CT
Holidays Observed >
Phone: 800-893-5304
Fax: 800-880-0639
customercare@nafinc.com
MAILING A PAYMENT
P.O. Box 650076
Dallas, TX 75265-0076
NOTICE OF ERROR / INFORMATION REQUEST
P.O. Box 170581
Austin, TX 78717-0031
PURCHASE / REFINANCE OPTIONS
Phone: 888-978-4352
HOME RETENTION
Phone: 800-893-5304, ext 9208
homeretention@nafinc.com
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