New American Funding Reviews

NAF received our purchase agreement May 12th and we were doing a 2nd home loan, our closing date was June 20th. The first week of June our loan officer said in order to get approved for the loan I would have to pay off a couple of loans or sell our current home. I wasn’t sure I could get the money to pay off my loans so we restructured the mortgage loan contingent on us selling our current home. 5 days later I let my loan officer know that I can pay off my loans so we don’t need to wait until we sell our house, the loan officer said she will have to restructure the loan again and the closing date got pushed out to June 27th. June 25th we paid for our U Haul ($2,000) and started packing it, we were moving from MN to GA so it was going to be a long trip and my husband was going back to MN July 2nd because he has some work comp stuff going on and he needs to get our house there ready to be sold, he was still working to so his job was expecting him back at work July 3rd, we planed on leaving on June 26th in the evening to get to the law firm by 4pm on June 27th to sign closing paperwork. Around 4pm on June 25th our loan officer called and said she needs to restructure the loan to a 2nd mortgage and wasn’t sure we would be able to close on the 27th. I was furious! We had to have the U Haul returned on June 30th in GA and we had all our heavy furniture loaded into it already. Thursday the 26th our loan officer was still getting the loan restructured and probably would have to push the closing date out to July 2nd or 3rd which would make our cash to close go up again. Luckily the home we were purchasing was a new build and the seller agreed to let us still move in June 27th so we wouldn’t have to unpack our U Haul and have to purchase another one when we could finally close. July 1st our Loan officer told us due to Fanni Mae rules we would have to wait 3 days before we could close which would put us past July 3rd so she pushed the closing date out again to July 7th and said cash to close would change again. July 2nd she requested more documents from us and July 3rd everything was cleared by underwriting except they needed an updated gift letter from my trust but my trust was out of the office for the holiday day weekend, I don’t know why they waited until July 3rd in the evening to ask them for that when they could have asked them for it on July 2nd when they asked us for more documents on July 2nd. July 7th came and they said something about there processing department and we will have to push the closing date out to July 8th and the cash to close would go up again. At that point my realtor was not happy and said something along the lines of the seller will not allow another delay in closing and it needs to be done today and the cash to close shouldn’t change since all these delays are on your end not the borrowers. Finally by 6pm on July 7th we were able to sign and close on our house. My realtor and the sellers realtor and the seller all said they will never recommend NAF to anyone based on the experience we all had with them during this process. This experience was so awful and I wanted to just walk away so many time. Use Rocket Mortgage if you can!

The experience was horrible. No one communicated with each other, and at the end of the day I ended up having to get another loan to accomplish my business needs. Search elsewhere is my advice.

The reverie is for New America Funding. First of all, there is absolutely NO reason that my loan process should have taken 8 weeks!!! Secondly, they fired the salesman that I was working with when the loan processor, *andy, is the one that caused our problems! Third, the sales manager, An****, called us to let us know that they fired the salesman & he made promises to us but wouldn't return our calls after that. Fourth, they quoted me an interest rate but since it took SO LONG to finish, the agreed interest rate increased. The loan processor asked for the most ridiculous things to verify EVERYTHING & sometimes she asked for the same things 3 different times! At the end, I had to beg her to send it in to the underwriter so we could close the loan. I had the worst experience I've ever had dealing with loan processes & I've been getting loans for over 30 years. I would NEVER recommend them for anything & will NEVER be using them again, if I can help it.

As a Realtor, Investor and Seller. We had the worst experience with this company working on a file for buyers another agent had brought to us. From unable to close for over a month, misreading documents, incapable of working with title to balance funds, being disrespectful to our title company due to the closer Steven who was unable to read or do basic math. It’s unfortunate buyers had to deal with this and as the seller we were on a strict timeline due to other purchases which this company had no consideration for. In any case I would recommend no Realtor or Buyer work with this company as it was just problems to bring a file to close. There are many many more investor friendly Lenders out there. Communication with Alex Martinez was ok but it was more just run around and sweet talk. Steven was the loan processor who was very disrespectful to title and incapable of holding this position.

I brought an aplication to NAF for a home refinance. The appraisal was completed, and there was at least equity of $95,000 after the loan was processed. I was told there would only be a 2-3 week delay from what another company was going to close. Closing date after closing date had passed, no loan no communication nothing. After 80 days and another passed closing date, I rescinded the application from this company.

I would not recommend this loan company. My loan processor was rude, unprofessional, and had terrible communication. On my closing date I had questions and emailed her directly. I never received an answer or any communication regarding my questions. I emailed both parties of my loan team who I had contact information for asking for supervisor information so that I could directly address my concerns. Still no answer.

Once they lock you in the process they stop all correspondence. Several delays with multiple excuses and the final finale is after you close your debts included are not paid!

Our experience with Eric and Amy at New American Funding was extremely disappointing. Communication was almost nonexistent — phone calls from myself (the agent), the buyers, and even the title company consistently went unanswered. Nearly all communication was forced through email, which created unnecessary confusion, especially for first-time homebuyers who needed clear guidance and real-time updates. We were told multiple times over several weeks that we would have “clear to close within a couple of days,” only to learn after business hours that new issues had come up. Multiple Closing Disclosures were sent out, each one differing dramatically from the last, which added even more stress to the process. The loan moved so slowly that we were forced to request four extensions, and despite the delays being due to lender errors, my clients were still charged a fee to extend their rate. This was the worst lending experience my clients and I have had, and I cannot recommend working with this lending team.