New American Funding Reviews

Doesn’t matter

Better customer service representative. Better communication.

Better communication

1- better appraisers. The appraiser that came out arrived 2 hours early. I was literally in the shower when they called at the gate. Home appraised below the low end of the zestimate and with all of the updates I made to the home, it hardly made a dent in the value after 3 years. The appraisers listed the lakefront property as less value than in 2017. At the moment, the zestimate is 277K-359K. My home was valued at $240K. I spent hours putting together a response to contest the appraisal and it did not change the outcome. That process pushed the whole timeline out about 3 weeks. 2-The processor was lazy. Constantly telling me there was no answer for a phone number- I would call and got a voicemail. He asked for paperwork and communications that were already given to him or provided to Jacob. He would email my work email address asking me for proof I was still employed at my job. I should have been given a checklist of everything i needed to provide to him instead of him asking for one document, then a few hours later asking for another document. He was not clear in his communications- he asked me for proof of taxes being paid. So, i submitted 2020 to him. He comes back and says "No, i need 2021." This was just an incredible amount of needless churn. He asked me when I could sign with the notary- I said "tuesday at 9AM." He submitted Tuesday at 12AM so a bunch of people passed on the job. 3-Notary- I received a call on Friday about a signing at Tuesday at 12pm. I told him, it was supposed to be 9AM and he told me the submission was for 12AM . . . He called Monday and told me he couldn't do it but that someone else would come instead. A few hours later, I heard from a woman who said she would come at 1PM on Tuesday, not 12PM, so I said fine. On Tuesday, I waited in my apartment lobby until 1:45PM and she was a no show. She finally called me back and said "didn't someone call you?" Someone was supposed to tell me she couldn't make it and that someone else would come out and schedule with me. The third appraiser came later in the afternoon and on his way to my apartment he got in a crash while taking a motor scooter to my apartment. He was the one to tell me it would be another week before the funding would be complete. At this point, i was so fed up with the process and regretted doing a refinance.

Would not communicate with me as the only person on the loan. I would assume the reason was because I'm female. Would only communicate with my husband. Did not let us know every needed for the loan which delayed our closing at least a month. Did not do the paperwork correctly 3 different times causing our closing date and time to be delayed. Even the person at the title company was disgusted. Would never suggest him to anyone. Absolutely horrible.

My refinance took 94 days to close and although I was reaching out on a regular basis to see what was delaying the process I was advised that nothing was needed from me. Near the end I reached out to the senior loan officer asking why the closing costs were much higher than originally given and I was told that since the delay was caused by the appraisal company the rate lock extension fees were passed down to me because they couldn't ask the appraisal company to cover the costs. I argued that I was not responsible for the delays and I was never advised of any issues with the appraisal. I don't feel that I should have to pay an additional 1400 for the lock extension fees but the senior loan officer did not remove the extra fees. The only reason I signed was because it had already taken more than three months and I didn't want to start over again with another company. There was also an issue with the insurance policy that I was also not advised of until the week before closing. If I had been made aware of the issue I would have addressed it immediately. I actually had to contact my insurance agent directly to resolve this. My insurance agent was unimpressed with the multiple emails he received from the loan officer that were all marked Urgent. My insurance agent explained (to me) that the request from the lender to increase my coverage to cover the full amount of the new loan was very unusual and not something that they could offer. He referred me to a related insurance company that was able to meet the qualifications and that resulted in my premiums more than doubling. In the end I will not be able to recommend New American funding to anyone else.

We were left feeling zero trust the communication stopped. We were signing and I noticed the numbers were incorrect. Our loan specialist Tamico told us she was never informed we were leaving for vacation and needed to rush this process- which I said up front to Hass over & over. Tamico worked very hard and even she was discouraged with us. Our amount of cash out was different than what we discussed nothing was explained. It was an unprofessional disaster! We asked for some closing costs to be covered and we’re told no. In 6 months we will be leaving you. This was a terrible unnerving experience!

This was one of the worst loan experiences I have ever had. I have purchased several houses over the years and this experience was extremely disorganized and stressful.