ComplaintsforNew American Funding

• Initial Complaint

  05/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I have a mortgage with New American Funding. I received covid forbearance initially until late 2023. I then--at New American's suggestion--applied for *** in the ********************. I informed them of that as well. They advertise that they work with each state's authorities, but in actuality they do nothing and don't work with them at all and refuse to communicate with them.I have been waiting 7 months on the District authorities to process the application. I informed New American by phone when submitted in October and November. They then sent a notice through an obscure out of state firm, ************************** P.C. that they are seeking to collect a debt while simultaneously providing a pro forma 30-day notice in the form of a one-page information of *** funds--the same funds I already applied for and informed them of. I then provided an official status letter from the District's *** administrator as to the status of my application. I never heard back after they said they provided the information to New American. The craziest part is that New American wants to reinstate payments which would eliminate any outstanding debt and make it impossible to receive the *** funds. Obviously, that's more money for New American in the long run, but it's costly to the applicant. So they provide info regarding *** funds but don't make any efforts to accommodate the process, despite advertising that they work with said authorities.Now I get a notice that they initiated foreclosure. The application has been in process for 7 months. yet they sent me a letter about *** funds a month ago. How can they make that recommendation a month ago, but not accept an application at their recommendation that's already been in the works 7 months? It makes no sense at all, except that it's a deceptive business practice and false advertisement.

  

  Business response

  05/22/2024

  New American Funding, LLC (NAF) is responding to the complaint filed by *********************** (Borrower).

  We have researched this matter and have determined that we did not properly process an April 12, 2024 letter from the DC ********** of ******* and ********************* that Borrower provided to NAF. This letter indicated that ******** was under review for assistance from the agency. We have now reached out to the DC ********** of ******* and ********************* and are attempting to work with them regarding providing the documentation they need; however, at this time we are awaiting further information from them before we can proceed. We have placed Borrowers foreclosure on hold for 60 days while we work with the DC ********** of ******* and ********************* for approval for funds.

  We hope this information has addressed all concerns in this matter and sincerely regret any inconvenience ************** has encountered. Please let us know if you have any questions or need additional information.

  Sincerely,
  

   

  **************************, CMB
  EVP, Chief Servicing ******** *******************************************

  Customer response

  05/22/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
  
  Regards,
  
  ***********************
  
   
  

• Initial Complaint

  05/07/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Lying Lying Lying So they say they offer loans for as low as ******? **** was a big joke along with ******* and the entire team at American Funding . IHDA ***** assistance was a subject they didnt want to discuss its on the Ihda southern map to use it was a joke . Rude nasty they need to be out of business .

  

  Business response

  05/15/2024

  May 13, 2024
  
  
  Better Business Bureau
  
  RE:Complaint No. ******** / *************************
  
  To Whom It May Concern,
  
  New American Funding, LLC (NAF) is responding to the complaint filed by *************************.
  
  In researching this matter, we have been advised that the assigned loan consultant, ************, reviewed Mr. ******** application, then informed ***************** by email that he did not qualify for financing based on debt-to-income limitations.  ************ suggested that *************** try USDA Direct, which was based on the area he was interested in and income restrictions.
  
  Our records indicate **************** called our ************************************* on 5/7/2024 expressing concerns about the loan consultant and preapproval process believing he was misled.  ************ reached out to ******************, who advised he wanted to speak with another loan consultant.  ****************** then placed another call to our ************************************* requesting not to be contacted any longer. This was after ****************** made two calls to ************ at approximately 5:30 a.m. that same morning for assistance.
  
  *********** states he had no issues with ******************, advising he did not mislead ***************** into believing he qualified for a $10k down payment. Based on debt-to-income ratios and income limitation, ****************** did not qualify for financing,which is why ************ suggested he try USDA Direct.
  
  *********** has been dispositioned in our system as a do not contact per his request to no longer be contacted by New American Funding.
  
  We hope this has addressed all concerns regarding this matter and apologize for any confusion there may have been, or any inconvenience caused.
  
  
  Respectfully,
  
  
  ***************
  SVP,Customer Service

  Customer response

  05/16/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
  
  Regards,
  
  *************************
  
   
  

• Initial Complaint

  04/13/2023

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  Date beginning 2/22/23 until present. Discriminative mortgage lending practices. Lack of communication with my listing agent and attorney. Deceptive advise given to me as well.

  

  Business response

  04/17/2023

  New American Funding is responding to the complaint filed by Mr. *****

  Respectfully, 

  Customer Service Management 
  

  Customer response

  04/17/2023

  I was told by ***** **** that i would not be approved as a 1099 he told me to ask if i could be hired as a w2 employee when i stated that i earned well over 120k he said he could preaprove me with the offer letter from my new employer 

  

  Business response

  04/19/2023

  New American Funding is responding to the rebuttal complaint.

  Respectfully,

  Customer Service Management

• Initial Complaint

  04/02/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  6/2020 partnered with mortgage broker ***** from Minnesota to purchase my home. Gave instruction that I would pay 40k down on my home. Wrong numbers were provided at closing but was assured I could have the loan recast immediately. I was only required to have. 9k down on paperwork. Within 3 months I Called to have this ‘recast’ completed and was told that I was given wrong information and to review my loan after 1 year of on time payments at which time I could remove the mortgage insurance. 11/2021 ***** reached out to have my loan adjusted and remove my required loan insurance. Paperwork was signed by myself and *****. I was told that Jan 2022 I was to see a change in my payments, and the total monthly would be the same interest rate but no mortgage insurance. 1/2022 - 2/2022 no change made. Called a supervisor ***** who explained to me that the paperwork I signed was never filed and that ***** no longer worked for the company. I have been over the budget I was promised by approximately 300+ dollars monthly. No resolution offered. Only an apology.

  

  Business response

  04/13/2023

  We are responding to the consumer complaint.

  Respectfully, 

  Customer Service Management

  Customer response

  04/14/2023

  I will be asking ***** BARR if he has the paperwork still that was signed and agreed upon. The fact that you do not keep notes on things is not a consumers fault. I have provided names and timelines of real people I spoke with at your firm. I even had a recorded call at one point with a payment officer where I requested the recasting. She referred me to talk to ***** again. ***** was let go due to his behavior and from what I understand this was something that happened to multiple people. I will be seeking legal council. 

  

  Business response

  04/19/2023

  New American Funding is responding to the rebuttal.

  Respectfully,

  Customer Service Management 
  
  

• Initial Complaint

  03/30/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  So very frustrated and disappointed that I was led on by the start from this company as they have not be upfront from the start. I was told that I would have no problem getting my home refinanced and that everything would be finalized by end of March. There were so many red flags from the start, for one, they continually asked for papers that they already had or out of blue they would ask for papers that they told us that they did not need. Moreover, they were informed from the beginning that we would not have our 2022 taxes done as they had an been filed with an extension by our tax agent, they told us that would not be a problem and could use the previous two years. Obviously, that was not the case and they lied, and they went back on their word. Suddenly, towards the end of the process, they stated they suddenly needed these taxes. We were nothing but upfront and honest with them from the start, hence why we told them about our taxes from the get-go, so why did they wait until the very end to spring this on us? My problem is, if they had told us that they needed these taxes and had been honest or upfront from the start, I would not have gone through with everything and wasted everyone’s time. I for one would not have gone through with the appraisal which they also dropped the ball on. The appraisal was delayed by a week as I was sick with covid, so why did they not inform me in that whole time that it was delayed? They should have let me know about these taxes that were needed and I would have not paid over $500 to an appraiser to waste my time and their time. All of this they should have informed me from the start, so I definitely feel like I was taken advantage of and misled. I paid money and spent time on this just to get half way through the process to be told another lie. I would just like my money refunded and given back to me for all this headache. Another issue and icing on the cake, the appraisal had come back with multiple inaccuracies and mistakes to which anyone I spoke with refused to fix. This is NOT ok, I paid a lot of money for this individual to do their job and to do it right. When having my home appraised, I expected everything to be absolutely correct and accurate. They neglected to fix missing square footage that was left out and they refused to fix the additional apartment and neglected to include that as part of the square footage. All of these factors I feel were a substantial mistake, and they should have been remedied from the start. New American Funding did not want to advocate for us to fix this issue either. So, I’m done with this whole ordeal and would like for my money to be refunded to me after all of these problems that could have been avoided if they had been upfront from the start.

  

  Business response

  04/13/2023

  New American Funding is responding to the consumer complaint.

  Respectfully,

  Customer Service Management

• Initial Complaint

  03/18/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  On 04/05/2022 our house was destroyed by a lightning strike and fire. Our insurance company issue a settlement, which, due to the amount, was signed over to New American Funding, who was the lienholder on our residence. We began repairs in August with the assistance of the Loss Drafts Department. All was well until 02/22, when we called to request an inspection for disbursement of additional funds to complete repairs. On 03/08, I called to inquire about the status of reimbursement and was told they had not yet received the inspection report. On 03/14, I called again to inquire about the status of the inspection report and was told they still had not received the report, but was provided with information on how alternative reimbursement may be obtained if they report was not received by close of business on 03/15. On 03/16 I contacted NAF again to inquire about the status of our reimbursement and was told the inspection had not yet been received and all information received on 03/14 was incorrect and no funds would be disbursed without the inspection report. When asked how to contact the inspection company, NAF's rep, ******, told me they only have an email, which they had already attempted contact through twice. When asked how to contact them outside of an email address, I was told it wasn't possible. I asked for a supervisor, which I was told "wasn't available" and would call back "within 24 hours". As of 03/18, no supervisor has contacted me regarding our inspection, nor has payment been issued. I'm now nearly 30 days past when we asked for inspection so timely payment could be made to repair our damaged home, and no payment has been issued. Interest is now accumulating on outstanding balances. Further the rep's statement of "I understand" is cold and callous unless she, too, has lost her home and had difficulty with her mortgage company assisting her in repayment of outstanding debt. Our mortgage is also current as of this complaint.

  

  Business response

  03/23/2023

  New American Funding is responding to the consumer complaint.

  Respectfully,

  Customer Service Management

  Customer response

  03/24/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********* and find that this resolution is satisfactory to me.  I will consider this complaint resolved.
  
  Regards,
  
  **** **********
  
   
  

• Initial Complaint

  02/16/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  My family and I were involved the tornado that came through Butts County, Ga on 1/12/23. We filed a claim with our insurance company and received a check. New American Funding’s name is on the check as well. We called, received documents/ overnighted check and emailed back. We received an email confirming documents were received on 2/2/23. Email advised 5 business days. I emailed back on 2/9/23 requesting and update. I then was told it would be 10 business days. It is very frustrating when you’re involved with a disaster and there is no urgency to have funds sent back to owner. $24,000 of it is for tree removal from our structures. It has now been over a month since damage and I’m sure more damage has accrued due to waiting on funds. At this point, I’m thinking of refinancing with another company in the event of another disaster and maybe they will act quicker. Don’t get a mortgage from these people. You will have to wait and wait to get funds back if you file an insurance claim with another company.

  

  Business response

  02/21/2023

  New American Funding is responding to the consumer complaint.

   

  Respectfully,

   

  Customer Service Management

  Customer response

  02/21/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
  
  Regards,
  
  **** *** ******* ********
  
   
  

• Initial Complaint

  02/10/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Loan in progress - ********** I have a loan in process with this firm, and we were told 5 days before closing that our loan was denied with the current product due to income calculations. It's frustrating as the sellers are to be flying in for a closing that may not happen, and they chose us based on our preapproval and the fact that our loan had already gone through UW. Our sellers have already had financing fall though on two other buyers, and for their sake also I didn't want to be the 3rd. I provided documents in a timely manner, communicated, and frequently asked in anything else was needed to prevent this from occurring. This complaint is not about our denial, or the fact that we had to change products 5 days before closing (still undetermined). Its solely about timing, and consideration. This is not the first time your company has done this to us, when we purchased our last home (**** ******* ****) with you the day of closing the processor told us we would be unable to close. If it wasn't for me voicing our frustrations that closing would have been delayed also. I'm not sure where the issue lies, and I don't. I believe it is our loan officers' fault but somewhere the ball is being dropped.

  

  Business response

  02/14/2023

  New American Funding is responding to the consumer complaint.

  Respectfully,

  Customer Service Management

• Initial Complaint

  10/07/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I refinanced awhile back an I called this company because I’d dealt with ***** **** in past an explained I refinanced an remodeled home but decided to buy a trailer for lake lot we do everything like normal appraisal came in great basically I was waiting on money I called me **** *n he asked when I refinanced I told him we talked about that I think July he said loan would cost me alot more now I asked why he said because I had refinanced same year well for one he knew this from begging an two loan was already costing way more an I asked if he would have superviser call me now he won’t respond to call an he didn’t tell anyone what’s going on I’m taking them to small claims court if they can’t make this right I feel like I got scammed all he said was it’s gonna cost you more no thanks payment was gonna go from 850 for 15 years to 1150 for 30 to borrow an extra 40 thousand lol well until closeing when he said it would cost more I’m quessing they make a cut of appraisal because who in there right mind would get robbed on a loan like this I call company an him gave the two hours to respond they didn’t seem to worried about it no one bothered to call back please be careful with these guys even when they screw up they just say it gonna cost you more money…..

  

  Business response

  10/12/2022

  New American Funding is responding to the complaint filed by Mr. *******

  Respectfully,

  Customer Service Management

• Initial Complaint

  09/01/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Back in june I applied for a heloc line of credit with ******** ****** **om new american funding. I was told my monthly payment would start at $50 a month and decrease as I paid off the balance on the line of credit. I was informed the interest rate could change but that it would not substantially affect my payments. In actuality my payments are over $200 a month. I feel Jonathan withheld pertinent information regarding how high my payments could become simply to insure I would follow through with the loan. All information on possible payment scenarios/interest rates should be thoroughly gone over with the consumer.

  

  Business response

  09/13/2022

  New American Funding is responding to the consumer complaint.

  Respectfully,

  Customer Service Management

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