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.

The reviews, complaints and scams posted about New American Funding is permanant record located at https://dirtyscam.com/reviews/new-american-funding/ Search for all reviews, complaints, scams and lawsuits about New American Funding
The reviews, complaints and scams about New American Funding is posted by anonymous. We at dirty scam are not liable for the content posted about New American Funding. If you have any concern about this report, you can contact us by using this email.
Is New American Funding legit? Is New American Funding quack? Is New American Funding fake? Is New American Funding a fraud website or business or person? Please write down your review or report a fraud on dirtyscam.com to raise your voice, you might not be alone who was ripped off by New American Funding.
The reviews about New American Funding are no way affiliated with Yelp, BBB, Glassdoor, RipoffReport, Avvo, ConsumerAffairs, Realself, Vitals and Wikipedia.

Rate and write a review on New American Funding

Your email address will not be published. Required fields are marked *

40 reviews on New American Funding

  1. Bad Service Provide.

    They advertise on the radio no closing cost but that’s not true, they were even charging a lender fee.

  2. 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.

  3. 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.

  4. 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!

  5. 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.

  6. 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.

  7. 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

  8. 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

  9. 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!

  10. 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.

  11. 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.

  12. 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.

  13. 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.

  14. 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!

  15. 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.

  16. 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.

  17. 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..

  18. 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.

  19. 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.

  20. 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”!

  21. Awesome experience!!

    Awesome experience!! Highly recommend Rochelle and her team!! Definitely will use them again!!

  22. 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.

  23. 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.

  24. 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.

  25. 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.

  26. 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!

  27. 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.

  28. 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.

  29. 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!

  30. 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.

  31. 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!

  32. 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.

  33. 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.

  34. 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.

  35. 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!

  36. 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.

  37. 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!

  38. 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…

  39. 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 !

  40. Bad Service

    They were very aggressive with us!

Dtc Boulevard 5299
Greenwood Village 80111 CO US
Get directions
Reviews:40
Reported Loss :1599 $
Severity of Scam :High
Reported by : Anonymous
Views :