Please stay away from New American Funding. 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 $1,935 and had $30,000 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 hands. One of them Steve Torres a supposed branch manager, told us in writing that everything was ready but they need to unlock the files under the license of previous VP Chris MacNaughton.
Chis MacNaughton assistant Tara Lichtenwalter also sent an email to my accountant, without notifying me, asking him to provide a letter with specific words.
I only found out when 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 and lost the home.
The sellers put an offer on their new home in Arizona and the sellers of the seller escrow was also pending on my escrow.
Not only this company VP delinquent behavor caused me financial and emotional damages but also dragged two other families.
It goes beyond comprehension. While New American Funding VP Chris Garza recognized their employees mistakes and asked for all receipts of my expenses caused by the deliquent behavor of his company VP Chris MacNaughton, I have received nothing.
It is unfortunate that a lender company like this one can causes so many damages to honest people, and it is still in business.
Please stay away from this company and look for ethical professionals who can provide to you what they commit to.
I am taking further legal actions to make sure they will correct their VP delinquent behavior.