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Report: #1201400

Complaint Review: New American Funding - Irvine California

  • Submitted:
  • Updated:
  • Reported By: Mark M. — Yorba Linda California
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  • New American Funding Irvine, California USA

New American Funding DID ME WRONG WITH A BAIT AND SWITCH Irvine California

*Consumer Comment: Similar Experience

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 New American Funding never provided me a GFE.  Instead of using a proper and legal "Good Faith Estimate" (GFE), they used a Closing Cost Worksheet.  This way, they are avoiding the legal constraints and protections a GFE provides.  I have absolutely no evidence of a GFE from New American Funding. 

The Closing Cost Worksheet (CCW) they provided showed New American Funding would give me a "$3500 dollar Lender Credit" on March 27, 2014.  On April 3, 2014, upon closing we saw New American Funding renegged on the $3500 dollar lender credit and instead, slid in over $2600 dollars worth of broker fees.  Not only did they NOT give me a $3500 credit, but they added $2600 broker fees which was a $5100 turnaround, which calculates to a classic bait and switch RIP-OFF. 

My real estate agent pointed out the obvious rip off to a manager at New American Funding and the manager is stonewalling us.  She of course is taking the company line putting it on me that I agreed to the extra charges and lack of Lender Credit.  Hogwash.  

I double checked with the escrow company and confirmed that there was no signed GFE from New American Funding.  I also checked every single e-mail I received from New American Funding.  No GFE. 

I am a police officer and have many ties with the media.  I am going to reach as many people as I can, including my partners which number about 20,000 sworn officers.  After I tell every person I know about New American Funding fraudulent ways I am going to talk to an investigative reporter.  Last stop, will be a real estate lawyer, who I am sure can find more than 3 clients who have been victimized by New American Funding in Irvine California.  I think the only way to stop corrupt companies like New American Funding is to nail them with a class action lawsuit. 

If anyone else has been ripped off similarly as me, please let me know. 

Thanks 

This report was posted on Ripoff Report on 01/13/2015 01:04 PM and is a permanent record located here: https://www.ripoffreport.com/reports/new-american-funding/irvine-california/new-american-funding-did-me-wrong-with-a-bait-and-switch-irvine-california-1201400. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Similar Experience

AUTHOR: Dennis C. - (USA)

POSTED: Monday, August 17, 2015

I had a similar experience with New American Funding.  I would very much like to speak with you about yours, because I'd like to prevent this from happening to others in the future.  415/8577400.  thanks.

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