New American Funding Reviews

Ultimately you put us in a position where we could have lost our new house, and the $500k in earnest money we had put down. There was ample time for your team to flag that we were running tight and find ways to make sure we closed on time. And then once it was clear that we weren't going to close on time, we needed a clear flag from your team that that was happening with a proposed new date of close. That never happened. Here are the notes I took on all the ways this was a complete trainwreck: Project Management/Timeline - We reached mutual agreement on 3/28, and alerted you on 3/29 – one full month out from close - We delivered everything you asked for in 3 hours or less, unless it was something that was not yet available (like a transaction confirmation) - I’m certain that if I had checked in with you every day and been a bigger thorn in your side, we would have closed on-time, but I should not have to project manage a team who does this professionally Appraisals - Didn’t alert anyone that the first one had been ordered; they showed up unannounced at the seller’s home on a Sunday afternoon - The first appraisal wasn’t “acceptable” for the investor (we still don’t have a clear answer on what that means), so we had to order a second one - The second one was delayed in getting to the investor, which ended up being the last thing we were waiting on to close Documentation - I was asked for several things multiple times, even though you already had it in our file - Several things I was asked for were not what the underwriter actually needed, but Becky/Melissa were not clear on the specifics of the ask, which resulted in further delays - Held up the process on closing day to try to get us to sign a form that was not required and that essentially allowed NAF to further market services to us Loan amount - Changed three different times; did not give adequate notice that there might be issues with the original amount - Didn’t know until almost the day of closing what the final loan amount was; did not have adequate explanation of what we were waiting on and why it was being delayed so late Professionalism - Did not ever give a clear roadmap of what would be needed (E.g. We were scrambling to get proof of insurance last-minute because nobody told me you were going to need that; We also had to scramble to get proof of employment for me (which, btw wasn’t flagged proactively for me; I had to check in to see what the hold-up was and THEN was informed that’s what we were waiting on)) - PTO: Two of our key contacts from this process went on vacation the week of closing; presumably these were on the calendar far in advance. We found out about Dusty being OOO when I got his OOO bounce-back note three days before close. We found out about Becky when she was literally signing off the night before her PTO. Those dates should have been on my calendar the minute we engaged you guys and there should have been a clear handoff before they both went out.

Lack of information Poor response time Will not use your company again

Focus on credibility, commitment and providing integrity.

Better and more accurate communication. Lots of discrepancies

Having anything explained to us and having the process broken down for us would have been nice. We were also not aware we were the ones who got to decide when our rate gets locked in and we were not told that at all from you guys. Overall there was a huge lack of communication and we would have gone with a different lender if we figured out all of this sooner than a week before close.

David Lee is incompetent and a horrible communicator.

Transparency Transparency Oh let me see, transparency. In the beginning, everything seemed pleasant and I was made to feel comfortable in the process. I was told no appraisal necessary then I was told I had to have one just as I was leaving for Cabo. Super inconvenient and then I was told that the bill would be invoiced to New American. Then there was a great deal of back and forth that spanned over several days where I was told that my “Common-Law husband needed to be on the mortgage with me since we have filed our taxes together for 20 years. Only, this wasn’t accurate either. Then there was the judgement that I was completely unaware of but, I said that I would just pay it. It was only $1326 and I was fine with paying it because I had spent some time paying off debt and getting my credit in a good position. I was instructed to get a bill in writing and not to pay them as that would be done at closing. Getting the bill or payoff information was not an easy task. It took a week and several phone calls to get the payoff information faxed to Brennan Fellows (the broker). There was no mention from New American that I would need to settle the judgement on my own although I am happy to do EXCEPT I NEVER RECEIVED THE BILL which is needed to accompany the check (that was FedEx’d to me by the title company). I reached out to both Misty and Brennan who were so eager to finalize the deal but NOW offer no assistance in getting me information that only they have. Also, I think I’d I should point out that Brennan did a horrible job communicating. I would send him information that he requested but he did not forward it to Misty. Also, it was their decision to close on the 1st even though I met every deadline for the paperwork and this resulted in April’s payment to be drafted. When I asked Brennan about this he said that it was not his responsibility to know that I was set up on “automatic draft.” He said that I should just call Carrington Mortgage to request a refund. Seriously, he could have pretended to care or maybe he could have done his due diligence and asked! He is after all, the broker and the supposed expert. When we began this process, I told him that I wasn’t desperate to refi and that I wasn’t really sure that it was in my best interest financially. I should have stopped the process after I clearly was mislead about the appraisal but, I had a lot on my plate and he was convincing enough. One more thing that I forgot to mention is that our original number was $40k but somehow even with my appraisal being higher than anticipated, I was told that the remaining money would come from my escrow account. I’m now doubting that will be the case either. So, no I won’t be recommending this company to ANYONE.

Better communication