New American Funding Reviews

The incompetence of the people I dealt with was so unnecessarily frustrating and stressful. Even to the end when no one believed my name had legally changed though I provided my SS card as proof, I was charged an extra $50 from the title company because they had to reprint all of the papers with my corrected legal name. When I tried to speak to the manager, he was very defensive as well so I absolutely felt completely alone and vulnerable. I would never recommend New American Funding.

Our refi was very long (3months) the communication regarding the process was not there. We had to ask and would get responses weeks later. There was always something new they required from us even though we have plenty of savings and our credit is excellent and our income is much greater than what our property was worth. The communication just wasn’t there.

The first two times that were scheduled for closing, we waited around at our house for an hour before they called and told us that they couldn’t find a notary. The third time, the notary showed up intoxicated, the paperwork was a mess, pages cut off, needless to say we did not sign. The 4th time, the notary showed up when I was already in bed, my husband was gone out of phone service. Finally signed on the 5th try. Apparently rates had gone down during that time, but our loan wasn’t updated

Closing on time would have been nice. Even after a 24 hr delay, all parties were at the closing table waiting for the package to be completed. When asked how much money the sellers could use towards closing costs the number 12k was given. It turns out it was only 10,500, so my clients lost $1,500 at the closing table. We could have negotiated a reduction in price. Very poor communication especially when things were falling apart.

During this entire process there was very poor communication from Marco. On several occasions I had to reach out to him and got very delayed or no response. He never once picked up the phone to call us and let us know that we were past the date that locked in our rate due to seller delays. He let it expire without even telling us that it was approaching or that there was a fee that will be associated if we passed it.

The only postive part about this whole experience was when it was finally over.

Issues arose after my loan closed. First my loan was sold and I wasn’t notified. I received an insurance cancellation from the company. I called them and the new company to straighten it out. I called him and to this date he hasn’t followed up. Two days ago I found out that one of my insurance policies wasn’t transferred over and that the whole refinance with New American funding was done incorrectly and now that the other policy was added my note will to be higher than before the refi.

Attention to loan processing detail was lacking. Problems known to the loan processor for two weeks were not reported until the day before closing. Closed late. Caused significant heartburn and made me look bad in my local market.