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Is New American Funding Scam?

They send me a letter that said they can lower my interest up to 3.5% under FHA Streamline without any cost. Is that true? I am very afraid but I need to lower my payments.
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March 11 2010 - Vancouver
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When I was a Account Executive they were one of my largest accounts. If you decide to choose them, I recommend you work with [promotional content removed by Zillow moderator, see our Good Neighbor Policy]. Tell [content removed] Rudi asked that he should treat you well. .... Happy funding, Rudi

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March 11 2010
Profile picture for michaelfoxx47
New American Funding has right now 4.9 out of 5 stars from 1,153 reviewers on their Zillow profile page.
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May 05
Profile picture for Kimberly Mayhle
Hi Mina, 

We had to remove the contact information from your post. But I am going to send you an email now to ask if there is anything with which I can assist you.

Regards, 

Kimberly
Zillow
Mortgage Support
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March 21
Profile picture for user6276173
I like to receive more information to became a member................mina rodriguez  
[Content removed by Zillow moderator, see our Good Neighbor Policy]
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March 20
Profile picture for trimarkent
I just financed a rental property and my home with NAF.  Because my loan balances were very low, my rate was what I could get any where else.  However, they closed my loan in less than 30 days and the experience was much better than any bank I ever dealt with.  They are definitely not a scam.
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February 11
Profile picture for user9461318
Not a scam. I have done 3 loans with these guys as rates were coming down (all 30 year fixed). They are fast, friendly, professional and very competitive. In contrast I recently used Wells Fargo to obtain a builder credit and found them to be extremely slow and frustrating to work with. Wells has so many departments, overlays and approvals that it took several months and even our loan officer couldn't tell us details until we went to docs 48 hours before closing. In my experience New American provides accurate information (and good advice) and it has never taken longer than 30 days to close. And yes we have typically opted for a rate that allows them to pay closing costs. No mystery here. They take it out of their end and disclose all of the numbers. They claim it's required by law but I can't recall another lender doing so. Good luck. It worked for us.
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December 30 2013
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i have called hem to get imformation and no one calls me back.
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September 13 2013
The Appraisal industry has changed.  We are no longer allowed to deal with the appraiser direct and there must be an in between company, called an AMC (Appraisal Management Company).  We send the order to them and they send to the appraiser.

Our Loan Officers do their best to look up comparables as we do not want a client to pay for an appraisal that they cannot use to get a loan - nobody wins.
New American Funding does not retain any fees for the appraisal as this is 100% the fee the appraisal management company charges.

If you ever feel you have an issue with the appraisal please call our customer service department.
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June 27 2013
Profile picture for TinaNorthcutt
[Content removed by Zillow moderator. Please refer to our Good Neighbor Policy for more details.] My appraisal was a joke - Woman walked around my house, walked in, took a couple pictures, all of under 5 minutes time. What a joke - ripped me off of $450
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June 11 2013
Profile picture for user73791415
We started our refinance loan application on 04/20/13. We have over $100,000 in equity, we earn over $100,000 per year, we bring home over $6,000 monthly, we have good credit (never late on payments), we have a long employment record, we have been in our home for close to 28 years, and all our property tax payments are up to date. We are still waiting................. In the mean time I am contacting other lenders
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May 26 2013
Profile picture for user5153282
I applied with New American Funding.  What a bad experience.  There was absolutely no communication, but just a lot of waiting and no answers on their end.  When I got fed up with waiting, I emailed and asked for a return email or call, but the only thing I got was a letter a few days later that my loan was declined and no explanation.  What a sham...
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April 19 2013
Each Client may have a different need for a loan and we will only offer the program that is right for our client(s) and is in their best interest. 
Our Continued 5 star ratings are a testiment to our committment to the client first.  You simply do not maintain the type of repeat clients, referrals and positive reviews  posted on the internet by providing poor service and putting people in programs that cause harm.

We stand behind our products and our ability to help educate our clients so they make the correct and informed decision based on their needs, not ours.

We encourage clients to shop around and to discuss their options with others as well.  In doing so our clients have found that we did in fact offer honest and sincere advise with lower rates and lower fees.

Thanks for taking the time to read and have a great day.
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January 04 2013
Profile picture for user7101077
Let me see,,,Smells like, looks like...So this company started @ 12 years aago, 2001ish,  at a time when lenders were going full speed ahead with the "get em on paper regardless and we'll make some fast money" mindset was sending us down Recession Ave. Now if I was a heartless sort I would volume advertise a "great deal" knowing I could pick up a large volume of ARM loans with the only difference between now and then being the majority of loans I pick up will be far less likely to go to foreclosure because of the new regulations and the fact that only those with solid payability are getting the loans. They will bank on people still not understanding how much the ARM will cost the homeowner later.  Legal? Yes  My advice is that if you are in a position to refinance, do so with your local bank/lender that you have a personal relationship with. 
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January 04 2013
Profile picture for sunnyview
"...it's not like these guys are going to pitch you on a 5-year arm and make you think its a 30 year fixed rate. If they did that, they would be out of business. "

That's a nice thought, but many banks did just that during the boom (and beyond) and are quite a few are currently the top 5-10 banks nationwide. In a fair world, that should not be, but it is.

Your advice for people to read everything carefully and get all the details is sound. However, you cannot count on bad businesses to fold. Often, they don't and even if they do eventually they take advantage of many consumers along the way. Just like every professional service, mortgage shopping is buyer beware. Smart consumers get the details writing and read EVERY word.
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July 19 2012
Profile picture for user5100094
New American is no different from other direct lenders; they are not trying to be predatory in offering a low 5-year arm rate in their mailings. They obviously offer the best lowest rate in their ad so that you call them, and they get you on the line. Its the same thing with all advertising whether it be automotive (leasing special ads), furniture (they'll put prices in ads for the worst possible products), garage doors (the price they advertise is for a single plain garage door). I don't think you can fault their advertising for trying to entice you to call them, I'm pretty sure that's what "advertising" is all about. As a consumer, it is your job to read the fine print, and it's not like these guys are going to pitch you on a 5-year arm and make you think its a 30 year fixed rate. If they did that, they would be out of business. The one comment about the loan officer not responding in a timely manner is a problem, and it all depends on the individual loan officer that you're working with; in that case, I hope you complained to that loan officers manager, because people that offer poor customer service in an industry like this won't stick around very long.
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July 19 2012
We do offer several different type of loan programs.  Each program is carefully explained with full transparency up front and throughout the process. 

We are approved through FHA and HUD.

Each Client may have a different need for a loan and we will only offer the program that is right for our clients.
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June 22 2012
Profile picture for enigma_cipher
This company claims to be operating on behalf of FHA/HUD, but offers an ARM.  This is the same confusing double-speak and predatory practice that got our economy into the mess that it's in now. 

I just received a letter from them today suggesting that I may be eligible for "an FHA Loan through HUD" with a possible interest rate of 2.875%.  The fine print then shows that this is for a 60-month ARM.

I can guarantee that I will NEVER EVER do business with this company.   

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June 15 2012
Profile picture for user206240
i filled out an on line mortgage application as boone nc based angela mclean's instructions, had my wife fax her 61 sheets of tax returns, pay stubs, driver's license copies, etc. on 06/31/12. i called to varify that she had gotten her requested info. she never answered so i left her a message asking her to varify reciept of said info. no call back. i called 6 times that day, 8 times the following day, and still no answer. i called the following monday and she answered. said she was getting ready to look over my application but that it hadn't all come through on the fax. meanwhile, the house i was trying to buy was sold to someone else. that's my experience with her.
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June 04 2012
No, New Americna Funding is not a scam. We are a Direct Lender with hundreds of great reviews on the BBB - you do not get an A+ rating with the BBB by being a scam. We would be happy to talk with any client about our licensing and credentials.
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February 07 2012
New American, How about addressing why your first review on your profile  is meant for a different lender.
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October 25 2011
Although New American has been around for a little over 12 years I am new to Zillow. 

I read the Good Neighbor Policy so shoudl be better equipped to provide advise.

Thanks for the feedback.
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October 25 2011
Our loan officers are not paid based on the rate or loan that you take

well, they did take a law that applied to each loan officer in the country and try to twist it into their value added proposition. 
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October 23 2011
Profile picture for wetdawgs
@Justin: your comment provided the best chuckle of the morning!   Thanks!
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October 22 2011
To be fair, they did have two full paragraphs in between the contact info spam and the comment that they don't spam.


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October 22 2011
They will, apparently, use an advice forum as a PR blog, though.
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October 22 2011
Profile picture for wetdawgs
Dear New American Funding poster:

You wrote "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."

Yet, please note that all  of your posts today have had your contact information deleted by the Zillow moderator because contact information in posts is consider spammy - not allowed on the advice section. 
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October 22 2011
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 sunnyview
I would think that if it were bait and switch that they would have more complaints here or here. I know nothing about New American, but usually bad companies don't have reviews that look like that.
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September 19 2011
Profile picture for justbefair

It's a classic bait and switch at New American Funding.  Surprising they get away with it.  They advertise underwriting that most people cannot obtain and rely on a volume of calls or that you'll just take what they give you.  I chose to do business with people that are more honest and up front. 

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September 19 2011
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content removed by Zillow due to violation of Good Neighbor Policy
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September 12 2011
Related Questions
Is New American Funding Scam?
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