New American Funding Reviews

listen to customer

To Whom It May Concern, Mr. Menozzi was provided with all the necessary information to obtain a pre-approval for a housing loan. After submitting the application, Mr. Menozzi verbally advised us to proceed with a $5,000 deposit with the seller. Following his guidance, we signed a buyer contract with the seller and committed the aforementioned funds. Subsequently, Mr. Menozzi informed us that we could not proceed further with the loan unless my taxes were amended, citing that my reported losses invalidated my income. I promptly worked with my tax preparer to complete the amendments and submitted the revised tax documents to Mr. Menozzi. Despite my compliance, Mr. Menozzi once again stated that I did not qualify to proceed to the underwriting stage. Upon requesting an official letter from Mr. Menozzi confirming my ineligibility on the pre qualification stage he refused to provide one. Instead, he suggested I seek a denial letter from other lenders who had reviewed my case. This refusal has placed me in a difficult position, as the seller is unwilling to return my $5,000 deposit without official documentation of my ineligibility. I believe Mr. Menozzi's actions were negligent and misleading. His advice directly led me to commit a significant financial sum, and his refusal to provide proper documentation has further exacerbated the situation. Sincerely, Valentin Vazquez ---

wasted time, money and effort in an attempt to refinance; we gathered all the required documents and locked the mortgage refinance rate; had been asked to provide additional information for three months; were assured that we are not going to lose the lock; finally were asked to close our HELOC in order to move forward to only find out that the rate lock is not in force anymore and need to pay additional fees to re-lock; went through numerous delays, requests for additional information, false promises, unreasonable requests to close credit cards and home equity line - asked them to refund appraisal fee and were assured we will get it refunded; one months later still waiting for a refund. STAY AWAY from this company if you don't want to waste your time, money and effort

Buying a home is already stressful enough when all things go smoothly, my experience with Rae Drake as our loan officer was less than ideal to say the least. When buying a home most people are on a timeline and shouldn’t feel pressured into signing a document without being answered directly. In addition to making us feel rushed into making a decision we were given multiple quotes (about 4 or 5 I believe) for our closing disclosure, ranging anywhere from -$300 to $5,000 (after seller concessions and any other benefits we were approved for) due at closing. We were told for a month leading up to this to estimate for roughly 4K due at closing, keep in mind this is after we were told to lower our DTI so we spent 10k+ paying off cars, loans and credit cards. We get everything done and the day of closing arrives, exciting right? Not so fast, remember how we got all those quotes from our loan officer ranging from -$300 to 5K? Now imagine 35 minutes before you’re at the closing table (literally 35 minutes) you get told that you now owe nearly 8k to close on the home, the kicker? The attorney that’s distributing the closing paper work points out it’s due to the loan officer not accounting for the taxes properly, this was discovered by looking at every CD Rae had provided and compared it to the final one at the table. Guess who was nowhere to be seen on the day of closing? You guessed it, the loan officer. While her being at the closing table isn’t mandatory by any means, it’s common practice for loan officers to be at the table to make sure the transaction goes smoothly and to answer any questions that will undoubtedly arise to first time buyers. That pretty much sums up my experience with this officer, I guess if you’ve already bought multiple homes and can afford to have your costs increase by 70% 30 minutes prior to closing, by all means, this officer may be a fit for you.

The people I dealt with at New American were entirely unprofessional. My wife and I have credit scores over 800 and more than adequate income for the loan we wanted, but these people ghosted us: I've never experienced anything like it when dealing with a financial institution. We submitted our application and all the documents they requested and they just stopped communicating.

Don't go with them just for their benefits because they will sell your loan to another lander right after closing.

Jason told me a different loan amount than what I received at closing. His misinformation is causing me to pay over $100 more per month on the mortgage than what I was quoted. He was not accessible and has still failed to respond to two voice messages and an email that I left. Susan, did not advocate for me or provide adequate representation. She was not accessible and has still failed to respond to a voicemail and an email that I left. I have not received the cash that I was promised and no one has helped me to get it. In addition, the appraiser used lacked common sense, critical thinking skills and caused me to incur unnecessary fees. There underwriting staff seem to be unable to grasp simple information. Overall, this was the worst experience I’ve ever had with a business and as soon as I’m able to leave, I will.

In past she’s been fantastic, but this time around I cannot say the same thing. Poor communication with us and poor communication with her team to the point where she blamed her team for not following up with the documentation. Dalia said, and I quote “we dropped the ball”. I was frustrated and disappointed that left me no choice, but to reach out for help to the regional manager Tom Ramirez. I really hope this was an isolated situation.