New American Funding Reviews

I felt mislead on my interest rate and my down payment required. I was told 20% up to the very last moments. Also on that note I was told the CD I signed didn’t mean anything but then this was held against me to justify a higher interest rate than was quoted. John was defensive and unwilling to help and extremely dismissive at the end. This was my second mortgage with your company and this will absolutely be my last. I felt mislead and partially taken advantage of. I will do everything I can to refinance with another company to avoid paying you a dime of interest.

Poor communication. Questionable Practices, felt like a bait and switch. Never received final closing docs until closing. Received inaccurate quoted which I did thought was good then after I paid for the appraisal apparently I was given the wrong numbers. Your staff also needs to lean the different entity types for businesses and practices. They appeared to have no clue about Sole Props.

Better communication. Give straight forward answers instead of beating around the bush. If numbers change, actually explain why they are changing instead of just rambling on about nothing. Keep in mind that some of these people are buying a home for the first time and have never done this. Felt like I was being taken advantage of because of I hadn’t done this before.

Taylor was super responsive at first and even made us a personalized video explaining various loans. But then, when it came down to being a few days from closing suddenly our closing date had to be pushed out two weeks. Then, when that date was approaching, suddenly we weren't approved for the FHA loan and had to go to conventional which pushed our closing out further. This came with minimal explanation and extremely unresponsive emails. When the next closing date was rolling around, we suddenly weren't approved for the lower rate even though nothing on our end changed. She has been unreachable when we have had questions about why these changes were occurring. We still haven't closed and it's been 7 weeks since we went under contract. We are likely losing our earnest money and the house because of this. All of this should have been handled before the original closing date at the very latest. Disappointed, angry, frustrated...go somewhere else.

There was obviously no legwork done in the very beginning. Client was approved for a standard 3.5% interest rate to put his down payment around 9k. 2 weeks before we were suppose to close the first time, I was informed he was going to have to bring 90k to closing from the client, nobody a NAF informed me, the agent, of such a drastic increase. When i was able to get an answer it was very vague and I still had no explanation as to why it increased so much. This client had a DTI ratio of around 63-67% and a lower credit score and technically should not have been approved in the first place. The only person I ended up communicating with after I had to get a supervisor involved was the loan processor Meghan Garner, she was great but all in all I had a VERY unpleasant experience.

Better communication and answering the phone at all or emails in a timely manner would have helped. When the buyers and I were clearly having concerns about closing on time, no one with New American seemed to feel the urgency and dismissed our concerns, we ended up needing to extend the closing date because of this and because it got extended over a holiday weekend, the buyers were unable to take possession of their new home for 5 extra days. The reason for the earlier closing date was a rate lock your company set and we were dangerously close to losing that. The transaction went extremely smooth until the end and that was a disappointing way to end the transaction.

More clear comunication

Important documents were frequently missed managed. Repeatedly we were asked to re-submit information. Important. There were also several misunderstandings about terms/definition of terms related to the loan that were poorly explained. Perhaps if your well versed in dealing with mortgage lenders envoy is a suitable option but for first time home owners prepare and educate yourselves because that’s the only help you’ll get.