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Property 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.
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.
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 or receive an estimate from the county, please send us a request with the provided documentation to DL-NAFTaskTeam@lereta.com or contact the Property Tax Department at (800) 893-5304.
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.
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.
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.
There 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.
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
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.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.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.
When 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. Please 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.The first step is to determine if your claim qualifies for Stamp & Go. Your claim will qualify for Stamp & Go if:
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.
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:
If your claim does not qualify for Stamp & Go:
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.
Mortgage 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.
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.
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.
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.
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!
The following are benefits you may qualify for:
Some benefits extend up to 12 months beyond the period of military service.
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
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.
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.
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.
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customercare@nafinc.com
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New American Funding
Attn: Complaints Department
P.O. Box 170581
Austin, TX 78717-0031
Phone: 888-978-4352
Phone: 800-893-5304, ext 9208
homeretention@nafinc.com
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