Payment Options
Monthly Automatic Payments
Payments will be automatically withdrawn from your bank account each month.
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Choose any date between the 1st and the 15th
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You can sign up today by just logging in to Customer Care Net and select Payment Options
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Or complete the attached form submit back to us via SEND US DOCUMENTS button above
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Contact Customer Care for more information at (800) 893-5304
Your payment will be withdrawn from your bank account on the date specfied.
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Online at My Loan - FREE
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Over the phone using our automated system - FREE
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Over the phone with the help of a Customer Care representative - $7.50 fee
Bi-Weekly Automatic Payments
Payments will be automatically withdrawn from your bank account twice each month. The combination of the two drafts will make one full monthly payment.
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Contact Customer Care for more information at (800) 893-5304.
Mail your payment to us at:
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New American Funding
P.O. Box 650076
Dallas, TX 75265-0076
Wire your payment to us.
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Contact Customer Care for more information at (800) 893-5304 to obtain the detailed wire instructions.
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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:
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New American Funding
P.O. Box 650076
Dallas, TX 75265-0076
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Be sure to include your loan number
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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.
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Contact Customer Care for more information at (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
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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, 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
Supplemental Tax Request Form
Tax Amount Update Request Form
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.
Guide to Escrow or Impound Accounts
Escrow Account Set-Up Request Form
Escrow Account Waiver Form
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.
For more information or to provide your insurance information, contact us at:
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
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
Guide to Hazard and Flood Insurance
Guide to Hazard Insurance on Condos
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 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:
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Your loan is current and your total claim amount is for $40,000 or less (USDA loans have a $15,000 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:
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Please do not endorse the check prior to mailing it. Be sure to write your mortgage loan number on the check.
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Provide a copy of the adjuster's report from your insurance company.
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Mail by Regular Mail to: New American Funding c/o PFIC; Attention: Loss Draft Department; P.O. Box 7125, Troy, MI 48007-7125
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Mail by Overnight Mail to: New American Funding c/o PFIC; Attention: Loss Draft Department; 5225 Crooks Road, Troy, MI 48098
If your claim does not qualify for Stamp & Go:
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Your claim check must be endorsed by all parties prior to mailing it. Be sure to write your mortgage loan number on the check.
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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
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.
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)
Having trouble paying your mortgage? Call us at 800-893-5304 Ext. 9208
STAY IN YOUR HOME
BENEFITS
Receive a new loan with lower interest rate or other favorable terms.
Lowers your monthly payment and/or improves your terms.
Pay the total amount you owe, in a lump sum payment and by a specific date. This may follow a forbearance plan as described below.
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.
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.
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.
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:
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Contact us at 800-893-5304 Ext. 9208 to discuss options that may be available to you.
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See our Homeowner Checklist for documents that you will need to provide.
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Apply for assistance by contacting our Home Retention department at 800-893-5304 Ext. 9208.
(All options are subject to review and approval.)
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You can also get help from a HUD-certified housing counseling agency by calling 800-569-4287.
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Washington Residents – Call the Washington Home ownership Hotline at 1-877-894-HOME (1-877-894-4663).
Request For Mortgage Assistance
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!
The following are benefits you may qualify for:
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Foreclosure protection
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Fee reduction or waiver
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A special forbearance and/or loan modification for those facing financial challenges
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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.
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.
To determine if your home or place of employment is located in a FEMA declared individual assistance area please visit www.disasterassistance.gov
If your home is in a Presidentially-Declared Major Disaster Area (FEMA.GOV), the following assistance may be available:
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You may be eligible for a payment relief plan that provides payment flexibility following the disaster declaration date
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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.
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, you may extend the forbearance for up to an additional 180 days. 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:
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Or by mail to New American Funding, PO Box 170581, Austin, TX 78717
FOR MORE INFORMATION ON FORBEARANCE PLANS
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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.
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 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