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.
After reading this review I just deleted the message from New American Funding inquiring to ref-finance my house.
Your review looks like it will save me hours of heartache refinancing my house. I just deleted the call from their company New American Funding responding to my inquiry.
I appreciate this review. I’m in the process of a refinance with New American Funding - and now just prior to closing? Nothing seems legitimate.
All seemed normal for my refinance with New American Funding. I esigned the closing disclosure documents and was notified that it would be a minimum of three days following prior to scheduling a closing. The very next day, I started receiving a barrage of calls and emails from the loan officer and senior loan processor telling me I had to close the following day or day after – (the 22nd of January) as this was the final closing day of the month. (?). No documentation or conference to review the finalized refinance financials, no discussions. Just sign your investment away. I then forced them to relinquish all documentation they had to prove outstanding debt on my current mortgage, payoff balance, and my escrow excess. I agreed to close Sunday which then somehow became okay to close in January (hmmm). But following, they mentioned I could not provide a bank cashiers check or money order for closing cost payment – I had to wire my payment to their account for funding! There is no written documentation when that takes place as to what that is for!! That is 99% why I am cancelling today. The final 1% is that the title agent they have opted to call at 9pm – and the 2 people at New American Funding know I work very long hours of which I told them I use do not disturb at 6pm. I told them my specific schedule and not to call after 6pm. This title agent called back to back to get through the do not disturb function intentionally as one does in an emergency to tell me about our Sunday appointment. All combined along with over (30) phone calls in the last 3 days and at least (30) emails – in duplicate to both my personal and business accounts? Definitely appears to be a scam.
Person answering phone unintelligible and rude
I called to inquire about a refinance. The person answering the phone was not only unprofessional, but was unintelligible and rude. I could not understand her and when i asked her to please repeat what she said she seemed to get angry. When I asked if there was a loan officer I could speak with she yelled WHAT STATE. If this is who they have representing their company, I can’t imagine what loan officers are like. No way would I trust them with my mortgage.
DO NOT DO BUSINESS WITH THIS COMPANY
On September 25th I contacted New American Funding for a refi cash out loan after having a nightmare experience with Carrington Mortgage. I spoke with Antwaun Dawson and told him that one of the reasons I didn’t go with Carrington is because of the poor communication, he assured me this would be different with NAF and after providing him with my financial information, I was told I was approved. I uploaded all the documents they requested, signed the paperwork they sent me and waited. On October 9th, after inquiring the status of my application via email, Antwan told me that they were “still pluggin away” and that it would take a couple of weeks and we should be at closing. On October 23rd I received a Loan status updated that explained that I was on step 1 and they would be in touch. On October 24th I received another update that I was on step 3 (there are 5 steps to completion), and again on October 26th I received a notice to sign documents in my portal which appeared to be the exact same documents that I signed originally in September.
November 2nd, I sent an email to Antwaun asking on the status of my loan, he did not reply so I called that following Monday, left a message on his voice mail with no reply. I called back later that afternoon asking to speak with someone, they told me Antwaun was not in the office, would I like to speak with his manager Jeffrey Keter who just happened to be on the phone as well, so they left him a message. I waited a few hours and called back when they told me that Jeffrey was on the phone and they would leave another message. Finally, about an hour later Jeffery called me and went through my application with me like he had never seen it before. Jeffrey told me that I was not approved for this application and apologized for the mix-up, he told me that Antwaun should not have proceeded with this application and said he would talk to him about it, he also gave me a few options like adding a signer and I told him I would have to think about it. He told me that he would email me more information as well as his contact information. I never received that email; I never received a call from either Antwaun or Jeffery the following days.
I had contractors on hold to repair my home and waiting on approval from this loan, I put off repairing a leak from my HVAC system thinking I could save some repair money by purchasing a new one with the money I received from my refinance. I had no idea that it was going to take as long as it did and mold started growing inside my walls waiting to hear on this loan in which I passed on this information to Antwaun asking him to check on the status of my loan several times only to not hear anything from him. NAF put me off for nearly 6 weeks. I am very angry and disgusted on the way I was treated by this company. I HIGHLY suggest not doing business with them.
Disappointed by professionalism
I had a pretty lousy experience with a loan officer at New American Funding named Patrick Rowles. I inquired about a refinance and he was handling my file. It was in the early exploratory stages and I specifically instructed I did not yet want him to run my credit (hard inquiry) but he did so anyways. His response to his mistake was “sorry, I was on autopilot.” I had a hard time accepting that as an apology so I took my business elsewhere. To add insult to injury there is nothing he can do to rectify the situation. I’ll take my business elsewhere. Do not recommend!
Bad Service
They were very aggressive with us!
I feel very let down, and surprised since we did everything right !
I was persued by marcbrown,with newamerican funding. I was told that i would get a 4. interest rate, no appraisal or credit check fee, and he would give me the list of everything I needed to get the loan rollin, and it would close in 30 days..
This loan would be under the HARP 2 which should have been a very easy refinance to do since there is no loan to value on my refinance. My husband and I have above average credit rating, no bills except for utilities, and insurance, and have never had a problem paying our mortgage. We have done everything right.
After about three weeks, he dropped the bombshell that I would have to get an appraisal, and it would cost about 450.00, even though he knew that my home was underwater, he asked for us to get a realator to say it was worth 165,000.000.
Knowing it would never appraise that amount I decided not to appraise, when he then said my husbands credit rating had to be 700 and that was what Fannie Mae was demanding. Even though my credit rating is 800, my husbands is 680 due to two small disputes on his record, we are still considered above average.
He proceded to blame Fannie Mae. Well, inorder to get an appraisal, I would have to make an appointment, and that could take weeks, even a month or two…there goes the closing in 30 days I was told would happen.I must say marcbrown was very professional, but he was really full of promises he could not keep. I feel very let down, and surprised since we did everything right !
the average Joe, who is no more than a number to them...
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”!
I was jerked around for 9 months on a simple refinance, being told my loan was good to go while being run in circles chasing this and chasing that, running to emails and fax machines as if I was racing the timer on a bomb,
shelling out over $35,000+ in out of pocket funds based upon the fact they told me my loan would be and was solid. This continued for, I repeat, 9 months until I was told I could sign this very week. It went from “what day do you want to sign?” to the real shocker,
the very next day, having them suddenly tell me that my loan was dead with no further reconsideration because the VP, some clown called Christy B, eye-balled it and said no. She decided nothing previous mattered. Because NOW, she didn’t “like” the loan, so she personally refused to do it. This is a loan that crossed her same very desk for approval on day one!!!!!
Now if this isn’t the most ridiculous loan experience in the world, add to the fact I’m an immediate family member of one of their employees (at the time.) If they treat the family of their employees like this, imagine how they will treat you, the average Joe, who is no more than a number to them…
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!
Not a great experience.
Not a great experience. I turned in my paperwork and was informed I’d have to pay for an appraisal, no problem. Signed the credit card authorization to go forward. However, it turns out I don’t have enough income for the refinance. Why would they have me pay for appraisal when I can’t even get past the initial qualifications!
On top of that, my credit card statement showed I was overcharged $100 for the appraisal. I reported it to American Funding who said they’d take care of it. A week later I asked again. Finally, I reported it to my credit card company as a dispute. Wouldn’t use them again.
I already have all the required paperwork handy...that's for sure!
Wow….reading this now makes me wish I had read it earlier. I just signed docs after two long painful months of putting more and more paperwork together. It seemed like the requests never ended even after sending in paperwork after each request.
I also was told I didn’t qualify for a free loan as advertised on the radio because of my low credit score, but it could be done for $1250.00. Well….signing the docs I noticed the $1250 fee turned into over $5000 in fees…..what’s this I am now asking? I have a few days to cancel, but wanted to wait to hear an explanation.
Don’t just love surprises like this? I can’t tell you how frustrating it is to be told one thing and get charged another. Makes ya wonder.
All in all, my new loan amount is lower than my previous loan, but the surprise of the large fee involved in the process takes the appreciation away from the savings. It’s still over $5000 added to my loan amount when I was told it was only going to be a cost of $1250.
According to Federal Law…..we all have 3-4 days to cancel at no cost…..depending on their explanation, I might just cancel and eat the $450 appraisal cost and do another loan with someone else. I already have all the required paperwork handy…that’s for sure!
Eek! Methinks not. That is if you want to keep your sanity.
Eek! Methinks not. That is if you want to keep your sanity. This company has fools for employees and cannot write a simple packet of loan docs for an escrow closing to save their lives. They almost cost us an eight day penalty (which, thank goodness, didn’t happen because we squawked like a barnyard full of chickens) due to their carelessness.
They also have some mighty strange underwriters there who keep losing documents which we sent them in support of our loan three times. We had done 4 loans with them and yet, they still needed the same supporting docs again and again and the process did not finish for almost 6 weeks.
How efficient is this? Our credit score is in the 825 range and they kept saying that they didn’t have enough stuff…..even with the inch and a half of paperwork we sent them. You could grow a tree!!!! We almost withdrew and said we would go with another company and that’s when they decided to backpedal because they did not want to lose our business.
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.
Never Again
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. We started with va and then went to 80 10 10.
FIND ANOTHER COMPANY!!! RUN FAR, RUN FAST!
If I could give ZERO stars, I would! Where to start?? The refi process took over 3 months, the errors were ridiculous, the service was horrible, it would sit on someone’s desk for weeks due to a problem, but no one would tell me what it was,
I never knew exactly how much I would have to pay until the end of the three month period, at one point they wanted $6,000 because they charged me twice for taxes in escrow, and there’s more, on and on.
Today, they sent me a Hazard Insurance Warning Letter telling me that if I didn’t get insurance, they would do it and it would cost what it cost. I actually HAVE good insurance, my insurance company HAS sent them the invoice, New American has been taking $79 out of my monthly mortgage payments for this purpose, but not paying the insurance company,
and my insurance company told me my insurance actually went DOWN $134, yet New Am is charging me $6 more per month for some unknown reason. I have many times considered notifying the Better Business Bureau, and if this kind of nonsense continues, I certainly will. FIND ANOTHER COMPANY!!! RUN FAR, RUN FAST!