New American Funding Reviews

They ran my credit outside of the 2 week grace period without contacting me first. I now have another hard inquiry on my credit weeks before getting into a new home. They then tried telling me it wouldn’t affect my credit but this too was false.

My experience work with Tamara at New American Funding has been horrible to say the least. She told us on the first call about their guarantee that I could refinance my loan up to 5x and only must pay the title fees. I was upfront about my situation, that I have a open chapter 13 bankruptcy with just over a year left on it and asked if I should just pay it off, she told me know and that she could get us to 6% on our interest rate as another lender had quoted us 6.75%. She said this would be no problem as we had a very large down payment and she had been doing this for 20+ years, so we decided to go with NAFINC. What a huge mistake this has been. We found a house that accepted our offer, and the nightmare began. Tamara was constantly sending over incorrect information on the loan estimates, showing 50K more down than we had stated we would put in and another 22k in various fees. She told me that she would correct it but we need to sign in so that the appraisal could be triggered. We paid for the appraisal and inspections. The week we were supposed to close they kept asking for more and more information and documents, things that should have been addressed at the beginning. We had to push our closing date out and Lindsey the branch manager stepped in as we had become very angry with everything, Tamara constantly blamed all the mistakes on the mortgage assistants, the only time she took accountability was when I called her out on the estimate she had sent me where the math was completely wrong, its was off by more thank 20k and it wasn’t due to just some typo. We also were asked for documentation and verification piece mail style, never being told all the requirements, everyday it was something new. She had also said that we could get a partial refund on the FHA mortgage fee and not have to pay mortgage insurance once we refi to a conventional in as little as 6 months, this was also incorrect and she later clarified after I called it out that a conventional loan requires my bankruptcy be discharged for two years (after doing research on my own as I could no longer trust what I was being told), at which point she confirmed this. We had a new closing date of Monday March 18th and on Thursday March 14th I was asked for one more document relating to the bankruptcy, I submitted this and was led to believe that everything should be good now, however today 3/15/24 I reach out to them as I haven’t heard anything (pretty typical experience at this point, not getting updates unless I ask for them) and I am told they are declining since I was late on 3 payments for my bankruptcy over the course of 4 years. This was after we got permission from the court to purchase the home. I would also note here that the court permission was restrictive due to the info Tamara gave me to submit to the courts. I paid of 20k in debt, had a 30%+ down payment, we submitted all documents that were requested in a timely manner, usually the same day, signed everything quickly also usually the same day except for a rate loc document as it was showing incorrect numbers still. Buyer beware, if you have less than perfect credit or a bankruptcy, do not put in a application with NAFINC, they seem to be unfamiliar with manual underwriting and what is needed and you will get a run around on it and risk being told last minute, right before you close that its not happening and could be out thousands of dollars like we are.

Loan Depot has very bad service. I started re-finance process in 2020 Dec and up until now it still hasn't closed. You generally spend weeks asking for feedback, but emails are not replied and phone is not picked up. Once they get you to start the process with them, they will just leave you hanging! (attached screenshot to prove I'm not lying)

Jon was extremely nice and friendly to me a year ago when I was home hunting, we ultimately did not buy last year. This year I reached back out to start the process again and from the 2nd phone call Jon spoke down to me in a very condescending tone and would get argumentive with me on every question I asked. I gave him a final chance when he gave me a few things to fix on my boyfriends credit, he said in 30 days we would run credit again. I called after 40 days and he told me we needed to wait another full month. I was clear what my timeline looked like when we started and he got combative with me once again. I would tell anyone in the market for a lender to steer clear of this man!

Complete lack of communication and transparency leaving all parties in the dark. Almost failed to close on the loan on the 11th hour twice after a closing extension. I aged 5 years just closing on one deal. Would not recommend if you need to keep your sanity in check.

Paying more than double for a house is ridiculous.

My refinance took 4 months. on signing day (today) there ended up being surprises that were never explained. Not surprises to delay the closing, but still several misunderstandings that even made the notary uncomfortable and dumbfounded that it was not explained to us. Many mistakes were made which turned out to be even more paperwork. An assistant (I believe) requested documents which I sent within 24 hours. I heard nothing in return and therefore assumed they were received. 2 weeks later finally someone followed up asking for the documents which they never received. I would expect after a couple days of them not receiving the documents someone would have followed up with me. I expressed urgency from the very beginning and this still took 4 months. I believe this was drawn out due to them not following up with me. Very disappointed. If I could give this 0 stars I would. (I have changed my name for privacy reasons)

This place has been a disaster! We worked with one woman last summer, she seemed fine at the time, but we were handed to Colleen when that person (Mary) was on vacation. Colleen is the worst communicator on the planet. She asked for documents, we sent them.., she said she wanted more stuff but said we were approved... had to be asked a half dozen times for the approval amount and it was at between an almost 4% rate and a solid 5% rate! My fiancé doesn’t have sub prime credit (I don’t either, but this would be his). He was approved for more at a lower rate by another lender when his income was less a year ago. This company is ridiculous. Having to pull teeth just to get a ridiculous response is awful. She wasted our time. I reached out to Mary and she never contacted me again. This all took place over longer than two weeks time. Don’t come expecting to buy a home efficiently.