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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, 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.
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.
Broker Solutions, Inc., d/b/a New American Funding 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 linkNew 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 linkNew 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.
If your home has been damaged in a disaster, additional assistance may be available. For more information on Disaster ReliefClick 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 email@example.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, justClick 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.
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.
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:
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.
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.
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 theCenters for Disease Control and Prevention (CDC).
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
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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Phone: 800-893-5304, ext 9208