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How legit is New American Funding?

Profile picture for vicenteO
I have a reverse mtg. loan. I received a letter from them saying they 'may' lower the rate to about 3.25%.
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September 14 2010 - Casselberry
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Answers (9)

Profile picture for sunnyview
"I did notice one post that said we spam?"

You did in this post. That is why the mods removed your contact info.
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October 23 2011
Profile picture for MikeEmery
They didn't say 'spam'

They said 'scam'

There was another posting regarding your company that said your company was 'spammy' and 'scammy'.

I'm not drawing a conclusion as to your honesty. But I would be more concerned if someone called me a 'scammer' as opposed to a 'spammer'.

Big difference.
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October 22 2011
Profile picture for New American Funding
Hello from New American Funding.

We are a true direct lender and we have a fantastic staff of experienced, qualified and licensed loan officers. We would be happy to answer any questions about FHA, VA or conventional loans. [contact information deleted by Zillow moderator.  Please refer to our Good Neighbor Policy for posting guidelines]

With an A+ rating withthe BBB and in excellent standing with FHA as well as VA - we are very legitimate and very customer service oriented.

I am seeing a lot of good, accurate and quality advise on here from other loan officers and other lenders - thank you.

I did notice one post that said we spam? Not at all what that is referring to as we do not spam anything nor anyone, ever.

We do offer fixed rates as well as ARM's. We do our best to provide our clients with accurate information so they can decide on what best meets their needs.

If the loan does not have a benefit we will tell you and.... Our loan officers are not paid based on the rate or loan that you take. There is no incentive to have an agent put you in one loan vs the other, none at all.

Thanks for reading and have a great day. Please email or call if you have any questions as we would be happy to help!
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October 22 2011
Profile picture for DBaller
NEW AMERICAN FUNDING is a scam!  STAY AWAY
[contact information deleted by Zillow moderator.]
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October 16 2011
Profile picture for palmbeachmortgage
Never heard of them before.  Check the bbb.
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June 16 2011
Profile picture for Tom Mack eXp Realty
Sounds like a solicitation to refinance, probably not a good idea on a reverse mortgage.
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May 14 2011
Profile picture for LUXURY HOME LOANS CA
I don't know your financial situation or your goals. The largest part of your expense for a reverse mortgage was when you first received it. Usually, a refinance is not a good idea.

Consult with your family, trusted advisor, financial planner, attorney or maybe the counselor you had initially, prior to funding your reverse mortgage. ... Happy funding, Rudi
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September 15 2010
Profile picture for funds2
A rate of 3.25% would be an adjustable rate and is likely to increase over the years.  I would suggest you discuss your current program with your loan servicer (they send you statements periodically on your loan balance etc..) and determine your current rate and type of loan. If you have an adjustable rate is likely lower than 3.25% currently, and if you have a fixed rate it would eliminate future increases.
New American Funding likely has no idea the details of your current program and is sending a mass mailing off a reverse mortgage list. Do not proceed with obligating yourself to any potential expense or changes in your program until you are completely aware of comparison of current program vs any change of program.
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September 14 2010
Profile picture for Gene Neal
If you prefer, I can review your offer to confirm it is proper and not a scam.
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September 14 2010
 

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Profile picture for sunnyview
QuestionHow legit is New American Funding?
  • Latest answer by sunnyview
  • October 23 2011
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