| 08/24/2020 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Hi there, I have a mortgage broker who reached out to NewFi prior to submitting the loan to them for a cash out conventional ReFi. The process started on XX/XX/2020 when the loan manager at NewFi stated they are a " No Nonsense '' lender. The broker asked for all the necessary mortgage info ( W2 's, utility bills, tax returns, etc ). We submitted everything. Now, I'm not sure on SOP for banks but they seemed to only respond to us every 14 days without giving much info or a conversation. What got to me was the banks ability to mishandle documents. We submitted our W2 's / Tax Returns four times with them, which has me worried that they are mishandling our documents with all of that sensitive information. The straw the broke the camels back for me was the 4th time asking in XXXX for information we sent in XXXX. They basically told our broker after that they find our loan too risky ( despite meeting all requirements, having perfect credit, etc ) and that they will not submit an official denial of the loan, that they'll continue to stretch this out and ask for random items. It felt melicious and that they were agists to us given we are a young couple purchasing a home. I feel they were judging my fiance because she is XXXX as well. Always commenting about how the income is from XXXX, etc. She is an American citizen, bottom line and that should not be of concern to them since we file tax returns in USA every year.
I tried calling NewFi myself to file a complaint and the secretary mentioned there is no way for me to make a complaint. I asked for a leadership position and she mentioned that there is no way since no one is in the office. I asked for her to send my number to someone and about four hours later, I called again, told her I really needed to speak to someone and she said she'll send it through. Someone called eventually and this guy basically was a brick wall. I couldn't get anything out of him, no empathy to the situation at all, just said I have to talk to my broker. I told him the broker can't get a response out of the loan managers unless there's a full moon out ...
The whole process was a waste of time when we could have been filing with an organization that would fund the loan at another bank. They however deliberately wasted out time, mishandled documentation, unprofessional, horrible SOP, and bad leadership team. Their communication policy needs a serious overall and I want to complain about anger they have put us through. We were always professional, responding with request within 24 hours and wanted to help push this along. It seems to me the banks are more than willing to take the money from the Fed at a cheaper interest rate but aren't interested in funding loans and will make up excuses to not fund them ( just like what happened to us ).
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| 12/10/2016 |
Yes |
- Mortgage
- Conventional adjustable mortgage (ARM)
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- Credit decision / Underwriting
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Web |
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I wanted to refinance an existing ARM mortgage that was at 3.25 % and was to expire in late XXXX, with a new XXXX ARM at a lower rate. A company called Newfi finance offered a new XXXX ARM at 3.00 % in XXXX XXXX. My loan was less than 70 % loan to value.
I provided every information they needed or asked for. They then requested that I pay for an appraisal to " lock in '' the rate. That appraisal cost me {$440.00}. I was assured that the loan was a go and was sent and E-signed all the the documents. Meanwhile the mortgage rates started to rise and suddenly the company rep was not returning my emails and phone calls. After a period of two months I finally called their corp headquarters and asked to speak with " some one in charge ''. At that time the gentleman informed me that there was a problem with verifying that I actually live at the residence since I use my business address as a mailing address on my utility bills ( I have used this address for over 25 yrs. It is safer for mail and identity theft as the mail is brought in to my business and handed to me 6 days a week ). I informed them that I can simply have the mailing address changed as I only get e-bills any more and did so right a way and sent them the information. I have never heard from them since, with the exception of a letter from a law firm claiming that I had not sent them the needed information. This firm has NEVER sent me a piece of mail. No " denial of credit '' or any other communication regarding my loan. They just hoped that I would go away.
It is either discrimination ( I am an XXXX ) or greed as the mortgage rates ahd gone up. Either case is inexcusable.
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| 12/16/2021 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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Starting on XX/XX/XXXX I received communications from XXXX XXXX ( NMLS XXXX ) along with a dozen other lenders based on an inquiry on lending tree. On XX/XX/XXXX I did more paperwork to pre-qualify. At this time I was still talking and working with at least 6 companies. We had discussed locking a rate understanding they change daily. On XX/XX/XXXX he sent me an email saying he locked my APR rate at 2.681 %. When the paperwork arrived it had an APR rate of 2.862 %. When I asked why I was told XXXX rate and the documents had another XXXX XXXX said he made a mistake and switched the numbers and I should have assumed the quote from 2 days earlier was the current quote even though they change daily. When I wrote back that I expected this quote to be honored he eventually emailed back they have a 2.5 % interest rate for me, that he will resubmit my application on my behalf. Three days went by, I had to keep emailing that I wanted the updated documents. Today I got another email that they dont actually have the 2.5 % rate he quoted me. So twice he has quoted me in writing in email then when I expect to see it in official writing he says actually no. Starting with the original 2.681 APR quote I stopped communicating with other brokers. Ive now spent 8 days of fluctuating rates waiting for Newfi to honor the quote and am now told actually no. This is highly unethical practice. I allowed Newfi to pull my credit and have missed all this time because I expected a mortgage company to honor its written quotes.
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| 09/11/2023 |
Yes |
- Mortgage
- Conventional home mortgage
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- Applying for a mortgage or refinancing an existing mortgage
- Delays in the application process
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Web |
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I applied for a mortgage at NewFi via XXXX XXXX XXXXXXXX. We had a 45 day escrow, the lender failed to produce disclosures. We got a 2 week extension. The vendor produced disclosures just 2 days before close. I was forced to start a new loan with a new lender to earn back the seller 's confidence and save the purchase. They were going to otherwise walk away with my deposit.
NewFi and XXXX, however, now refuse to release my appraisal for over a week after I asked them to close my file intentionally jeopardizing my purchase for the 3rd time in the hopes I would keep my transaction with them which I have repeatedly said is not possible.
My deposit and all the time and money spent on the deal are at stake. I paid for the appraisal out of pocket and am entitled to its transfer. This is beyond unprofessional or unethical. Buyers beware!
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