New American Funding Reviews

I am writing to formally submit a complaint against Mr. Steve Menozzi, Sales Manager (#697223) at New American Funding, located at 11 Continental Drive, Suite 211, Newark, DE 19713. 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.

very Rude 0 customer service unprofessional

I would not recommend them to anyone not even my worst enemy. And I wasn't even the one getting a loan from them. Unfortunately I was the seller of the home their client used to purchase my home. What was to close on 4/27/16 didn't close until 5/20/16 and which almost caused me to loose the home I was to buy. I would not recommend Michael Thompson from their company to do your mortgage or any lending features. But I will not tear them all apart because what one person does, shouldn't reflect the hard work some other lenders do for the Kelly Team. My complaint is only towards one person and my goal is that he will never do what he did to my buyers to anyone else. So please be aware and like anything else please do your research.

Was referred to Leon Palacio for a mortgage loan. I spoke with him and filled out an application . He began working on my application and ran my credit and then never reached back out to me again. When I followed up with him, he ignored me. I escalated this to the branch manager, Bill Cacho, who said he would speak with Leon and give me an update. Neither of the two ever reached out to me again. This company left me with a hard inquiry on my credit report and wasted my time. Would give 0 stars if possible.

Run don't walk from this business! This is the most inept, unscrupulous business out there! Any business is better than this one!

She is amazing!

Melissa and her team are fantastic- She makes the whole process from start to finish stress free - she does not leave you wondering about the status of the application loan -she keeps in constant communication and explains every step in great detail and allows for questions to be asked She is great and always so sweet! I will definitely keep referring her and going back to her for any future home related issues! Thanks again Mortgages by Melissa Masonssa

I was working with Chris Broadhurst's team out of Peoria on a home loan and home refi this summer and past spring. The process lasted approximately 103 days before I my loan was denied. I refinanced my home in order to purchase a new home, under the direction of one of their loan officers who I understand to now be unemployed. I was assured there was no way I'd refi my home and not be able to purchase the new home. Turns out that is exactly what would go on to happen. Both my refi and home purchase were run as owner-occupied which led to an MCR being put on my file (it's like a red flag essentially). It was put on there because essentially what happened was mortgage fraud. Guaranteed Rate new I was having a renter moving into the home I was refinancing and they knew I wasn't going to live there. I pulled it off the market (it was listed for sale) under their advisement, so everyone involved knew I was not trying to continue living in the house I was refinancing. It turned into a blame game where my loan officer blamed Mr. Broadhurst saying he told her doing both refi and purchase as owner-occupied would be fine, and then he never really confirmed nor denied it was his fault. He never gave me a phone call when all this "stuff" hit the fan and I was denied the home purchase after completing the refi. The refi increased my interest rate and had closing costs rolled into it, and it was all for nothing in the end. The company has offered to reimburse me for the obvious monetary costs like appraisals, home inspections, earnest money, etc., and while they acknowledge they seriously messed up, they have offered no sort of financial compensation for my lost 103 days, my removing my home from the market (it could have sold in this time), the MCR on my file which makes it nearly impossible to get an FHA loan for six months, etc. This company was just ordered to pay out 25 million dollars in a lost lawsuit. Some shady loan diversion scheme. The fraudulent practices seem to be rampant with this company. Check out their reviews at consumeraffairs.com. Please, please do yourself a favor and don't give these people your business. They may or may not be able to get you a home loan or do a refinance for you, but they are not deserving of anyone's business.