New American Funding Reviews

We are a home seller that accepted a contract based on an offer that was received that included a preapproval from Carlos. We had concerns about the financing and requested that the file be fully underwritten before accepting the contract and not just preapproved to eliminate the possibility of a situation where the credit portion of the transaction did not fall through. We received a supposed fully underwritten approval. The contract was extended and we agreed. Then when the extension was near expiration without warning we were notified that the file was declined by the lender. It was just simply a terrible experience as a seller having to deal with this lender.

My experience with New American Funding was extremely frustrating and disappointing. To start, the origination and processing fees were unusually high compared to what I’ve seen from other lenders. As a first-time homebuyer, you expect some costs, but the fees here were excessive and poorly justified. I even asked whether any of these fees were waivable or negotiable and was told no, which I find very hard to believe given how common fee adjustments are in this industry. What really crossed the line for me was the handling of my interest rates. I specifically requested additional down payment assistance in exchange for a slightly higher percentage of 6.525%, which we discussed and agreed upon. However, when the loan terms were finalized, they signed off at 6.625% as if I wouldn’t notice the difference. That lack of transparency seriously undermined my trust in the process and in your business practices. It is clear to me that this lender was simply trying to squeeze as much profit out of my loan as possible. On top of that, the final Closing Disclosure was not provided within the federally mandated 3-day window before closing. That’s a basic compliance requirement meant to protect borrowers and give them time to review their loan terms. Not receiving it on time added unnecessary stress to an already complex process. Ironically, the best part of working with New American Funding is their mobile app, which is actually easy to use and well designed. Unfortunately, a good app doesn’t make up for poor lending practices and a lack of transparency during closing. If I could go back and do this again, I would literally choose any other lender.

Another mortgage company claiming to give free estimates but then require an excessive amount of personal information at the end of the questionnaire. Their website even says "NO LOGIN, NO REGISTRATION REQUIRED" at the top of the pages as the bottom says your email address, phone number, and name are "Required". Bottom line, if they lie about their estimates, what else do they lie about?

My client closed three days late and even on closing day the documents were late. The cliebt was provided instruction very late after constantly trying to obtain cont to ensure she was good . Aftee we extended the closing the attorne's offic, the seller, and buyer became annoyed with the lack of urgency and care for the client as they prepared for their move.

Horrible experience she is not educated at all in anything she is saying or discussing, I would NOT recommend

I'm not even sure where to begin.

Your agent, Shannon Gutierrez, has persistently forwarded numerous emails and made frequent phone calls originating from her organization, attempting to solicit my participation in financing or purchasing a property through her services. I have issued nearly a dozen cease and desist notices requesting her to desist these actions. Regrettably, she has disregarded each of these notices. Currently, I am in the process of drafting a demand letter to your organization, with the hope that seeking compensation will compel your company to address this matter. Your organization is in breach of the Spam Act enacted by Congress, as I have never provided my information to your company nor solicited your services; nonetheless, I continue to receive incessant emails and phone calls from this individual. I have exhausted all polite requests and now intend to escalate this issue to legal proceedings. I advise others reading this to exercise caution and avoid engaging with this company. Furthermore, her unsubscribe button appears to be nonfunctional, yet she persistently sends three to five emails weekly, accompanied by multiple phone calls.

This was one of the worst and most difficult lending experiences my clients and I have encountered while working with Michael Viveros and Kenzy Reed. The closing was delayed by over three weeks due to poor coordination and a lack of urgency throughout the loan process. Document requests were made at the last moment rather than identified early, and the same documents were requested multiple times despite already being delivered, causing unnecessary delays and confusion. Communication was consistently poor, with little alignment between Michael Viveros, Kenzy Reed, underwriting, and the clients. The process was reactive rather than proactive, with foreseeable issues only addressed as deadlines approached. This experience created significant frustration for my clients, and based on this transaction, I would not recommend doing loans with Michael Viveros or Kenzy Reed!