New American Funding Reviews

Overall, our experience with New American Funding was positive. However, communication was not the most clear in defining what was actually required by us. Oftentimes, the online portal asked us to provide information and sign documents that were duplicates of what we previously signed or they were not actually required. The online portal was also not user-friendly and did not provide clear updates on the progress of our loan. Stephanie did quickly respond and answer our questions when asked.

There were many many elements to this refinance that should have gone smoother. First, they misquoted the numbers because they didn't categorize the property correctly (i.e. condo, PUD). He needs better attention to detail. If a signature was missing then he could have caught it before sending the paperwork off to only be sent back to him weeks later. I often had to reach out to find the status of the loan, which ended up taking a long time. Nice people, but overall disjointed experience.

From the beginning, there were errors on the documents, wrong address and wrong dollar amounts. After repeated requests, they were not fixed. Even at the final signing with the notary, we were finding mistakes. Even though I refinanced with New American, the same company as my first mortgage, I was getting late fee notifications. The left hand didn't know what the right hand was doing. There were many delays. It was a frustrating experience. I will not do business with them again.

When you are not in this line of work the entire process can be very confusing. When we had questions, we were always met with "we are giving you a great deal, if you do not like the terms you can go somewhere else". To us, a simple answer would have sufficed, instead of that remark. This statement was said NUMEROUS times in the 7 months it took to close. In the end, he did call us. Had he just done this in the beginning, it would have made the whole process less frustrating.

This was the long and drawn out process I have ever been through, taking 3 months to close despite being told multiple times that we would close much sooner. Multiple errors on New American’s held up the process. They didn’t factor in my escrow shortage from my previous lender in the initial estimate even though we discussed this multiple times. They forgot 20 documents from my closing paperwork, so I had to sign with a notary multiple times, holding the process up further.

I asked upfront what documents were needed I was told what I needed to find out that was not the case. There should be a list provided upfront of all possible documents that might be needed so I could locate everything at one time. I continued to express my frustration and I got the normal I'm sorry. I will NOT recommend this company to anyone.

More communication would have been nice.

I initially inquired about a cash out refinance. The initial rates I was quoted (a week after the initial phone call) were for a no cash out refinance, but not stated as such (e.g. I assumed the rates were for the loan I inquired about). So the rate I ultimately received was higher than the initial quote, which was disappointing. The notary for my closing was terrible and almost 2-hrs late. COVID and wearing masks doesn't help, but she had a difficult accent that was exacerbated by the mask.