New American Funding
Unfortunately, the worst was yet to come
My experience was so horrible that it almost didn’t seem real. I bought my first home last November.
My relator, who was great, recommended Perry Bakker with New American Funding for my loan since I needed money from CHFA for my down payment.
I should not that Perry Bakker left New American Funding and went to work for another lender 2 weeks after my closing, so perhaps he was not as diligent in his job since he probably already had “checked out”.
Everything seemed to be on track until Friday before closing.
The closing was scheduled a month in advance for 9 AM on a Monday and I had taken the day off from work and had friends also take off to help me move.
I had also made it very clear that I absolutely could not take off from work any other day that week because it was both the month-end and quarter-end closing at my company.
At 4 PM on Friday, Perry called to tell me that he wouldn’t be ready to close at 9 AM on Monday and he had moved the closing to 3 PM.
So that meant I would not be moving on Monday as I had been planning for a month.
On Monday, I waited all day for Perry to call and tell me the final amount of money I needed for closing so I could get a cashier’s check from the bank.
At 2:30 PM, I finally called him since the closing was supposedly in 30 minutes. He said he still didn’t know.
I asked him, “Is this closely going to happen today?” He said, “Yes, absolutely.”
So he told me to get a cashier’s check for an arbitrary amo8unbt that he was sure would cover the closing costs and just come to the closing location.
The Title company would refund me the difference. So I did. And so did my realtor, the listing agent and the seller.
And there we sat for 3 hours, waiting for paperwork that never came through. At 6 PM , the Title company kicked us out and told us they were locking the building.
The seller had to sign her power of attorney over to her listing agent because she was unwilling to come back the next day to sign paperwork.
I can’t blame her. They rescheduled the closing for the next day at Noon.
The following day, I called Perry at 11:30 AM to make sure he had all the paperwork before I left work.
He said yes. But that was a lie. I got to the Title company and they still didn’t have all the paperwork So I sat and waited again. I finally closed at 1:30 PM.
The following week, I got a call from New American Funding telling me I needed to resign some paper’s and get them notarized.
I was at my company’s annual meeting the whole week, so this was very difficult. But I got it done.
A couple weeks later, New American contacted me again to resign more papers.
This time, I put the brakes on and decided to examine what they wanted me to sign again.
I discovered that there was one form that I had already signed with 2 different interest terms and maturation dates and now they wanted me to sign the same form for a third time with yet another different maturation date.
I refused and decided to consult my lawyer. New American Funding then threatened me with legal action because I had signed something agreeing to sign any necessary paperwork after closing.
I finally ended up speaking with a lawyer at New American Funding who apologized profusely for the mistakes they had made on these forms and offered to send a notary to my house to get them signed and notarized again.
A month later, New American Funding sold my loan to another lender and I was hoping that would be the last I would ever hear from them.
Unfortunately, the worst was yet to come. Five months after I closed on my house, my mortgage still was not showing up on my credit report.
I was pursuing this only with my new lender, since New American Funding had only owned my loan for the first two months.
I was therefore shocked when I received a notice that my credit score had dropped from 799 to 520!
Five months after I closed, New American Funding reported my mortgage as five months delinquent!!! I was devastated.
I called New American Funding nearly every day trying to get them to fix it and I sent disputes in to all 3 credit bureaus.
New American Funding was completely useless. They kept telling me they had sent a correction to all 3 credit bureaus, but that was a lie.
Day after day, my credit score remained at 520. The disputes that I filed finally worked and the loan was removed completely from my credit report after six weeks.
What a nightmare. If I had wanted to buy a car or get a job or do anything that required good credit during those six weeks, I would not have been able to do so.
Now my mortgage shows up on my credit report now as having been opened by the new lender and it looks like I bought my house 2 months later than I actually did because the New American Funding loan is not on my credit report at all.
I wish I had been able to get it accurate on my credit report, showing the date of my initial loan and my two payments made to New American Funding, but it is best to just let sleeping dogs lie.
I would select 0 stars if I could.
I would select 0 stars if I could. I found there processes redundant. Their requests for data did not make sense and they appeared to make up issues where none existed.
do not trust in what they say!
Celia is right, don’t be fooled by this guys. They offer you a very low rate but then they increase it once you have no other choices.
This happened to me and my friend as well. do not trust in what they say!
This company customer service is horrible
This company customer service is horrible, they do not return calls, Hector in Tustin straight lied to me. The operator was on a call cursing in public over the loud speaker, for all to hear over the phone. I would not recommend this company to anyone,
I am glad some people had good experiences, mind was terrible!!! and do not listen to Ken Michaels, he must get some kind of kick back from these people, because I listen to him before 4 years ago with a referral and the same thing happen, bad business.
HORRIBLE is an understatement.
HORRIBLE is an understatement. I’ve never worked with a more poorly organized, yet demanding lending outfit. These morons were demanding I send them bank statements AFTER the loan closed.
I used them for two loans simultaneously and it was the worst financial experience of my life (and I’ve gone through a divorce!. I have NOTHING good to say about them.
To me seems like a big scam
They denied the loan for no reason. Very unprofessional, they keep asking for documents that I already sent , over and over again. The agents we worked was Roberto Gonzales and Kerissa, both did an awful job, they are impossible to reach. They just never respond their emails or return the calls,
if you insist a lot, after a week they will respond and ask one more time for the same document and say they are working on that istead to tell you they wont give you the loan, they keep you waiting for nothing.
If I could I would give zero star.
If I could I would give zero star. These guys are a joke, my husband credit score was 650, making 60k a year, he got pre approved to refinance our condo, we spent 500 on appraisal, then after waited for more than 2 months, they denied the loan.
Also NO ONE apologized for the erroneous misquote!
At the end, they wanted A LOT more money ( at the last minute) than they first quoted. And EVERYTHING with them is Rush, rush, rush. A person doesn’t even get time to breathe. Also NO ONE apologized for the erroneous misquote!
It was quick,short and sweet. Thanks again
I was in the market to refinance at a fixed 10 year loan and my co-worker had just refinanced with New American. Thanks to Cameron Pinphert and New American Funding I got what I wanted. It was quick,short and sweet. Thanks again
Worst EVER
This place was completely incompitent sfter initial qualification we never heard from our loan officer again he completely ignored us the only reason we even closed on time is because.
my waife qorks in mortgages and she emailed and called everyday to make sure aomeone was atleast attempting to do their job worat experience ever for a first time home buyer wouldnot recommend this place to anyone ever
My word is don't do it to yourself.
To keep things short and sweet my refinance loan was started first of may with Vince Mariz who called me at my home.Everything he asked of me he got and during this time my fixed rate went down as he told me which was also great as he said .
my credit rating was great and had funds in the bank also. things couldn’t be better, countless paperwork passed between he and I. I thought I was heading for a close soon, but then for three months…(3 Months) and after emailing vince mariz to find out how things were going in June I heard nothing back from him. I let it stand and waited but nothing. After three months On august the 1st I got a three page letter stating that my loan was denied because my property was worth less than the loan amount.
New American Funding could have figured this out in a week or two but instead they strayed me out there for three months. Do yourself the biggest favor and don’t use this so called company unless you could care less about waiting and waiting. they wasted three months of my time when I could have trying with another company. and the worst part is they said nothing to me…I should have known. My word is don’t do it to yourself.
WORST COMPANY EVER- USE ANYONE ELSE
This company is unethical, careless, unprofessional, corrupt, and will steal your money. Gave this company 15 months notice of a new home I was having built. Gave them everything they could possibly need and 2 days before closing they tell me that they will only fund the purchase is I buy it as an investment property.
They basically waited till the last minute to call me a liar and then forced me to start over with a REAL BANK which thankfully was able to close in 21 days. Because of their unethical trade practice and deception, I had to pay the builder $4400 out of my own pocket because I didn’t close on time. If it had been 1 more week, he would have sold my house to someone else.
This company is negligent and unprofessional.
This company is negligent and unprofessional. I have a mortgage with them, or at least had one. They rejected my November mortgage payment, sent me and escrow check, and notified me that my mortgage was paid in full. They even forwarded a “reconveyance” notice to me saying that the lien was satisfied and my home was owned by me free and clear.
Five days later they said they had made a mistake and send threatening e-mails about my needing to make my mortgage payment and return the escrow money. No explanation or apology. Time to sit down with my attorney!
I am sharing this review which usually I don't to bring awareness of their delinquent behavior.
I received from the VP officer Chris MacNaughton my pre-approved loan letter on October 24th. After delivered all requested docs, on November 14th I received a written full loan approval letter which also stated go ahead to “remove all contingencies” for my home purchase contract.
Upon receipt, I performed my due dilligence and obligations pursuant to the purchase contract and removed loan contigengy. I would not have done so without the writen full loan approval. I had sent all paper work, locked rates, paid for appraisals and inspections and had $30k on earnest deposit at Chicago Title.
Unfortunately days from escrow, I was told that the VP entitled of my loan quit the company; although nobody informed me and my agent. The loan passed to different loan officers who told us in writing that everything was ready but they need to unlock the files under the license of previous VP Chris MacNaughton. His assistant also sent an email to my accountant, without notifying me, asking him to provide a letter with specific words.
I could not recommend this company.
New American Funding just finished a loan with a home I had listed for sale. What a disaster! The mortgage lender was rude. The home did not close on time. The buyer had to postpone a trip in order to finally close the home. Mike Kariko NMLS# 1387724 was the mortgage loan officer.
I wouldn’t use him. He couldn’t have been more rude to myself or the buyer’s agent. We both spoke of how rude he was to each of us. The general attitude was of one of “I just don’t care.” Buying a home is stressful. When it doesn’t close on time then it just brings more drama to the table. I could not recommend this company.
Bad Service Provide.
They advertise on the radio no closing cost but that’s not true, they were even charging a lender fee.