New American Funding Reviews

We had to sign the same documents numerous times as they kept saying we did not sign them which prolonged the closing. We were supposed to close March 11 and did not close until April 6. The title company thought it was strange that they had the paperwork so long too. We were supposed to get more money out but due to the extended closing due to American Funding, it took way longer for closing and points.

They over paid after.i worked so hard to get all the 10 day payoffs. Which meant my loan was more than needed. They also quoted a price for closing then never bothered to further discuss that that priced changed. Just sent over all the paperwork.

lack of communication

The truth how my needs were not met.

Arturo was not an effective communicator. I always had to initiate contact. I have been a realtor for 18 years and it is imperative that my client's lender is proactive and always makes themselves accessible. Arturo needs to improve, in my estimation.

It was disappointing that even though we had over 30 days of escrow and I had bought a house from NAF in Dec 2020, there will still questions being asked regarding the paperwork the morning of signing. It made the experience far more stressful than it needed to be, and the lack of communication from the underwriters was very frustrating.

During initial communication, I was told the loan origination fee of $920 could be waived on a conventional loan and that a 30 day closing should be no problem. The original loan estimate I was given for a conventional loan showed the origination fee being waived. The moment our offer was accepted, the issues started. It was suddenly unreasonable for me to even suggest that the loan fee should be waived and I needed to pay to rush the appraisal because we may not be able to close on time if I didn’t. From the minute my offer was accepted until closing, New American let me know that my choices were few if I wanted to close on time, and they used this to their advantage. When things didn’t make since on the CD, getting my questions answered became very difficult. Additionally, New American seemed to have very little concern for my personal privacy and security. They used a “technology agreement” to bundle my consent for electronic signature (something I was told was required if we wanted to close on time) with permission to sell my contact information to telemarketers. This should not be on the same form as I cannot be required to give up my “do not call” rights. Lastly, after providing a tremendous amount of bank and personal information to their “secure portal”, I was told I had to send a bank statement over unencrypted email to verify that the earnest money came from my account. Why this wasn’t a simple verification with the title company, I do not know. I refused to send my bank information this way, and again received the threat that this could delay my closing. In the end, we did close on time, even without the additional bank statement, but at closing I had to resign all of the forms I signed electronically, which made no sense after going around and around about the technology agreement. If this is how you treat someone with a 799+ credit score and sufficient funds to cover the mortgage in it’s entirety, may heaven help those in a less fortunate position. I will be buying several more properties, but will not be using New American for my funding needs

Lack of Communication