• Report: #841140

Complaint Review: New American Funding

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  • Submitted: Fri, February 17, 2012
  • Updated: Tue, February 21, 2012

  • Reported By: Got Burned — San Bernardino California United States of America
New American Funding
16808 Armstrong Avenue, Suite 215 Irvine, California United States of America

New American Funding Promised low rate in writing, then raised it by .625% AFTER promising to lock in lower rate!!!!! Irvine, California

*UPDATE Employee: Customer Care wants to hear from you.

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Based on a radio advertisement for a no-cost 2.75% fixed rate 10 year loan, I called New American Funding and talked with a very polite and helpful person who gave me a big laundry list of documents I would need to apply for my loan, but gave me some bad news:  Due to the small size of my loan (under $100,000), he could only offer me a 3.25% loan.  This rate was not what I was hoping for, but still reasonable and I proceeded to submit in excess of 100 pages of documentation to support my credit worthiness (Last time I checked my credit score, it was over 825!).

My loan rep called and emailed me that everything was good to go and that my loan was being locked in at the agreed upon 3.25% and that there would be approximately $1567 in 'Third Party Fees' plus an additional fee of approximately $400 for an appraisal.  Hmmm... Sounded high, but I agreed.

Then, all of a sudden at 4:00 pm on a Friday night, he calls back in a big panic and said that there was some misunderstanding or confusion with their loan guarantors and that the rate had magically changed to 3.875%!!!!!!  That represented THOUSANDS of additional dollars in payments over the life of the loan!

The company has not responded to my requests for canceling my authorization to pay for the appraisal which hasn't happened yet, or for my request to have them destroy all copies of my personal and financial records or to not sell my personal information to any other companies, ore even for the contact information for their President/CEO to file a formal complaint to hem/her.

This company uses DECEIT and LIES to try to sucker you into ridiculously high loan rates AFTER they have obtained your most sensitive personal financial information and then refuse to properly destroy it.  I am deeply concerned that I will have my identity stolen as a result of them gaining access to my information.  

Please do NOT let this happen to you - Stay as far away from these amoral and deceitful people as you possibly can!

This report was posted on Ripoff Report on 02/17/2012 07:23 PM and is a permanent record located here: http://www.ripoffreport.com/r/New-American-Funding/Irvine-California-92606/New-American-Funding-Promised-low-rate-in-writing-then-raised-it-by-625-AFTER-promisin-841140. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Customer Care wants to hear from you.

AUTHOR: New American Funding - (USA)

We take your claim seriously and want an opportunity to research it, take action if necessary and resolve it immediately.  Please contact Customer Service at 800.450.2010 x 100 and ask for Dori, Customer Care Liaison.

New American Funding is committed to superior customer service before, during and after the loan process.
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