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.
If it isn't criminal, then it's terribly unprofessional.
I can’t give this company even one star. I inquired about refinancing my house on a 30 fixed loan. I created a detailed spreadsheet with all my information and sent it to them, saving time for both of us. They sent me an email with a 10 year and 20 year fixed offer. First thing I thought of was this was not what I asked them to do.
I went ahead a opened the first document and realized it wasn’t a quote at all. It was the entire life history of another customer including social security number, address, banking information, etc. I was shocked. I called the company and let them know what they had sent me. They didn’t seem to be very concerned about it and they blamed it on a early morning power outage.
I did contact the other customer and let him know what had happened. After all, I had his phone number, address and everything else. He was not very happy. I got a call back from company telling me that they had heard from the other customer.
Then, appearing to blow it off as a minor issue the loan representative started talking to me about my application. I informed them that there was no way I could do business with them. If it isn’t criminal, then it’s terribly unprofessional.
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!
I let it stand and waited but nothing
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.
Scammer
It took us many phone calls and lot of stress to get escrow papers. My agent tried to talk to a bramch manager and we were introduced to another VP, Chris Garza who on December 2nd told us could not fund the loan.
As my duty I canceled the purchase agreement as the seller could no longer wait. They put an offer on her new home in Arizona and the sellers of the Seller escrow was also pending on my escrow.
I decided to call mine and got straight forward answers with no runaround!
I started working with K. Coleman, first he made it sound like it was the most easiest loan he could work on. A few days later I called him to get answer after he said he would call me the next day and the run around started.
At first he stated that he would have an answer for me right away and now 3 weeks later keeps giving me excuses and the run around with no answers. My advise, stay away and just do business with your mortgage company. I decided to call mine and got straight forward answers with no runaround!
This way of doing business , everyone loses.
I called them for refinancing . I was part employee and part self employed in 2011 and 2012. I told the agent about this. Stillhe contnued with application process, ran the credit etc. he he talked to his manager and let me know that they need 2 year returns for self employed, My 2012 returns are not ready yet.
I told them i will contact when they are ready. I got a credit denial notice for me and my wife today from them. This is going to affect my credit rating unfavourably. I spoiled my credit just for talking to them.
The agent could have got this information by asking me few questions but he was more interested in logging a sales call than seeing for welfare of the customer. I am never going to dela with them. This way of doing business , everyone loses.
We love working with Phil Martinelli for all matters real estate.
We love working with Phil Martinelli for all matters real estate. He and his team were great communicators so we could process the documents correctly, and he helped us move through the steps at lightening speed. In 3 weeks we were signing final papers with the notary, who came to the house at our convenience.
Phil makes life’s milestones a walk in the park! His professionalism is the reason why we continue to work with Phil Martinelli and will work with him in the future.
Bad Services
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.
Don't waste your time.
I only found out because my accountant responded her and cc me. I experienced many unethical behavior from many employees. It took us many phone calls and lot of stress to get escrow papers. My agent tried to talk to a bramch manager and we were introduced to another VP, Chris Garza who on December 2nd told us could not fund the loan.
As my duty I canceled the purchase agreement as the seller could no longer wait. They put an offer on her new home in Arizona and the sellers of the Seller escrow was also pending on my escrow.
While New American Funding VP Chris Garza recognized their employee mistakes, asked for all receipts of my expenses due to the deliquent behavor of their VP Chris MacNaughton.
Awesome experience!!
Awesome experience!! Highly recommend Rochelle and her team!! Definitely will use them again!!
Scammer
I’m writing this review right now to express my extreme displeasure with New American Funding and to hopefully deter you from using the company and having them treat you like they treated me.
The fact that this can even happen at all speaks volumes about the incompetence and insensitivity levels of this “company.” Hopefully you will pass it on to anyone in danger of using their “services”!
NOT recommended.
So first off let me say I can see where Anila is coming from but the way she dealt with the situation was very sneaky and totally wasted my time and now we may lose our home we have an accepted offer on due to Anila’s non performance.
So I had gotten this ladies name from a real estate agent I was working with and was told she would be great. Well we ended up not using her. But about a year later, right now, my wife and I are looking to purchase another home for her to live in. So we will have mine that I live in in San Diego, I’m in the military, and hers that she lives in in the bay area.
Anila knew this from the first time I spoke with her a couple of months ago. She said it may not work to have two mortgages but I’ll run the numbers and let you know. Well she got back to me and said the va loan would work or doing an 80 10 10. Cool.
I would not recommend this company to anyone,
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.
I had a wonderful experience..
I called New American Funding regarding a home loan after hearing an ad on KTLK. Tony Haydel contacted me that same day. Tony was honest and upfront with all the information. He and the wonderful staff at New American Funded were able to get me a great rate and expedite my loan!
I did not, like the contracted Appraiser that was sent to appraise my new home. He was very rude and arrogant. I will be taking action and reporting the appraiser to the appropriate agency. Other than that, I had a wonderful experience..
I called them for refinancing.
I called them for refinancing. I was part employee and part self employed in and . I told the agent about this. Stillhe contnued with application process, ran the credit etc. he he talked to his manager and let me know that they need 2 year returns for self employed,
My returns are not ready yet. I told them i will contact when they are ready. I got a credit denial notice for me and my wife today from them. This is going to affect my credit rating unfavourably. I spoiled my credit just for talking to them.
The agent could have got this information by asking me few questions but he was more interested in logging a sales call than seeing for welfare of the customer. I am never going to dela with them. This way of doing business , everyone loses.