New American Funding Reviews

Worst experience I have ever. My loan officer Gabriel Garcia. Ensured me my loan would go through with no problems. I told hi upfront that I had a chapter 7 that 2 two and one half years old. He said that would not be a problem he said go ahead and pay for the appraisal. He said underwriting turned it down but he had good news they would do a refi. Bait and switch!!!! Worst experience I have ever had. Con Artist

Our experience was unpleasant because there was very poor communication throughout the whole process. Not only Kristi but others on the team that we worked with would not reply to our emails, tex messages or voicemails. We would inquire about documents and have to follow up multiple times a day for a few days to finally get the documents we asked for. Often we received incorrect documents and had to let the team know that they had to be updated. Multiple times we received "URGENT DOCUMENTS THAT NEED TO BE SIGNED ASAP" at 7pm and 8pm leaving us with little time to review them and putting pressure on us. Kristi is a nice person but unfortunately the attention given to us during this process was extremely unsatisfying and we will not be recommending anyone we know to this company.

The whole process felt like a nightmare from start to finish. The first loan officer we got quit two weeks in to the process and nobody told us that we got a new loan officer. We had to call and get that information from NAF. Then for two whole weeks after everything was submitted we heard nothing from Aaron and when we asked about the loan he said he was in a meeting and made it seem like everything was going great. So he said we should close a week early and we were happy about that. Then two days before closing all of a sudden we can't close on Friday because it's not ready. Then the weekend when we should have closed you guys want 6 different credit statements, our IDs, and nobody told us the home insurance should have been changed. So we call Monday to change the insurance and Allstate won't give us a evidence of insurance for 48 hours which means we can't close till Tuesday. The prep work leading up the signing was delayed and made the whole experience so frustrating and unpleasant. I would never recommend anyone to go with NAF. You guys left everything to the last minute and caused such a headache.

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 ---

To Whom It May Concern, 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. As a resolution, I request that New American Funding provide an official letter from Mr. Menozzi, clearly stating that I did not qualify for the loan. This letter will support my efforts to retrieve my $5,000 deposit from the seller. Sincerely, Valentin Vazquez ---

listen to customer

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.

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