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AWFUL customer service, inept loan officers, LIES
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I contacted New American Funding for a refinance into a conventional fixed mortgage in December. My loan officer was Hayden Bayouth, who started out very well. I supplied all my documentation and received loan disclosures on December 15th, which I signed that day. I paid for my appraisal, which was completed and received by New American Funding on December 18th. At that point, Hayden Bayouth stopped returning all my calls and emails. His processors also did not respond to any of my questions regarding the status of my loan. At the end of December, I finally reached Hayden and he assured me that he was too busy with the holidays, but my loans was "so far ahead of schedule, I had nothing to worry about." He also stated we would close by the first week of January. In January, the delays continued and no one would respond to my calls or emails. I kept asking when we would close and was getting the runaround. I was told repeatedly that Mr. Bayouth was out of the office and would call me back, but he never did. Finally, on January 14th, the processor emailed me that we were in appraisal review. Hayden reached out and said we are "at their mercy" but assured me there was "nothing to worry about." On January 21st, Hayden said there "were no red flags, but we are still at their mercy." On January 26th, the processor emailed me that they deemed the original appraisal to be insufficient and would order another appraisal. The second appraisal, which was done one month from the first one, came in at a value of over $200,000 different than the first appraisal. The appraiser did not seem as interested in being at my house during the appraisal. Despite again being told repeatedly that someone would get back to me, no one at New American Funding gave me any concrete answers. On February 17th, Hayden Bayouth emailed me an apology for their delay, especially on his part. Finally he called me with a very different demanor than any of our prior phone calls and he told me that the second appraisal stands, which was $200,000 less than the first. I submitted comparable properties to dispute the value of the second appraisal on February 20th and once again, no one has responded to me, leaving me in the dark. This has been an awful experience with unacceptable service. I have never had a company completely ignore their customer or fail to provide any answers regarding what was happening. It is examples like my story that give mortgage brokers a bad reputation. I only hope that customers avoid New American Funding and there is some consequence to their lack of communication, inattentiveness and injustice.
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