New American Funding Reviews

Too many gray areas not clearly explained throughout the process. My loan officer ( Ms. Perez) is unexperienced and had to rely on her Manager to answer my multiple mortgage questions. Many of my questions were not answered by her and I almost pulled out of the transaction twice because of this. Please look for other Mortgage Companies if you are planning to purchase a new home. Save yourself frustration by completing this delicate transaction with another Mortgage Company.

There was a complete lack of communication throughout the process (I had to constantly reach out for updates on my loan status). There were multiple errors during the process. I notified New American about my raise and increased income twice, and they did not update my file, which put our DTI too high, resulting in us being told we needed to increase our cash to close and pay off multiple outstanding balances in order to close. It was only one week before closing that this was finally remedied when they did the final employment verification, and they acted surprised that my income was higher. Our closing was delayed due to New American waiting until the last minute to ask for information, and the title company and builder both expressed that it was extremely difficult to get ahold of New American whenever they reached out. I had to call and email multiple times within 24 hours of closing to get any info on the status of our loan, and took off work for no reason since New American would not tell us if they would be ready for closing. When we did finally get to our (rescheduled) closing date, the amount for cash to close was wrong, so we had to go back to the bank and get a new cashier’s check. I have been a New American customer for several years and have had good experiences in the past (Steve Lascano was great), but this was an incredibly stressful and frustrating experience.

Not enough communication with info! Didn't know where we were closing, didn't know how much money we were suppose to bring to closing, Didn't have info on where to send money transfer to

Communicate accurate updates to all parties. During the transaction all parties received different updates provided by Loan Processor, therefore losing all confidence and trust with New American.

We would like to have had much better communication and updates of the status/needs of our loan application. There were multiple errors and mistakes made throughout the process that were not corrected even after requested, leading to 3 credit pulls for one application. While we understand some things were out of her control, we received excuses instead of explanations for why the process was taking longer than stated in the beginning. Overall, we are happy that the loan went through, we would just like to communicate these concerns for future development.

Communication I just got emails to sign stuff but nobody went over ANYTHING!!! Got to the closing and they didn’t tell me the closing amount had changed and why.

There seemed to be a breakdown in communication between Brady and those assigned to approving this loan. This was my buyers first experience buying a home, and they told me the lack of clear and concise communication from the lender made it a terrible experience. The night before closing they received the following email from Brady: ----------------------------------------------------------------------------------------------------- "Hello Samantha, I see their number is off. According to the Closing Disclosure that was last sent to you, the closing costs is $7335.41 We could be off a bit too, What I would put on the check is 7335.41 and if it turns out to be less then you will be refunded the remainder! Also, I did not hear back from the underwriter for the Clear to Close. I believe she will get this done tomorrow morning and we will have documents out to be signed at the appropriate time. I included many people on an email chain to get an answer and didn’t get a set expectation just yet, but I am very confident we will get word tomorrow morning." ---------------------------------------------------------------------------------------------------- My buyers learned shortly before closing that there was an issue with their employment verification that needed to be clarified. This should have been communicated to the buyers in a more timely fashion. Based on the uncertainty of the information available, Brady should not have communicated the night before closing that he was confident it would be done before closing. Unless this is a common occurrence. Throughout the day the buyers made repeated attempts to call the individual, Samuel, reviewing their loan application to get this corrected, but he he didn't answer their calls. After waiting over 5 hours the closing had to be rescheduled for the following day. Brady informed the buyers that evening the loan had been cleared to close. However, it took an additional two hours on the rescheduled date because the title company still had not received the wired funds from the lender. While I don't think the breakdown in communication should fall completely on Brady, he was my only point of contact that I dealt with during this process.

Better communication regarding the status of the loan, especially when it was time to close. The appraisal happened quickly and buyer was informed but I wasn't. Underwriting took a very long time and there was very poor communication at the end of the process. Buyer had to come back a second day to complete the closing.