Consumer complaint received 2018-04-27
Company: NAVY FEDERAL CREDIT UNION
State: NV
Product: Mortgage
Sub-product: VA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Subject : Request For Refinancing of House mortgage with Navy Federal Credit Union ( NFCU ) Application number XXXX for VA limit of {$450000.00} Loan official : XXXX XXXX XXXX ext XXXX Florida XX/XX/XXXX I applied to refinance my VA Loan with Navy Federal Credit Union ( NFCU ) at 3.85 % no points. NFCU denied my loan request based on insufficient. income and excessive Obligations. MY credit score is XXXX and have over {$900000.00} in XXXX and Federal Thrift Saving Plan ( TSP ) stocks, bonds, and mutual funds and TSP. Also XXXX XXXX of .999 pure gold in safe deposit box. 

Of the $ XXXX I have approx. $ 6000/every mo automatically withdrawn from XXXX every month to NFCU and XXXX XXXX XXXX XXXX XXXX ( XXXX ). 

In addition, I also have SS, XXXX XXXX pension, XXXX XXXX XXXX and $ XXXX/mo. VA XXXX for XXXX war. totaling XXXX/yr I sent them Tax returns, all documentation required. 

$ XXXX +XXXX = XXXX Income that should be counted towards obligations Plus I still have the XXXX in my assets. 

XXXX XXXX 's Supervisor advised me she will not even explain to me what standards they use to determine who they loan money. Just to resubmit a loan application at a much high interest rate 4.25 % vs 3.8 % when I applied. 

Supervisor also said they may have made a mistake but could not disclose. 
I suspect they made an error because when I spoke with XXXX XXXX 's Supervisor, she told me she will not disclose anything about the evaluation process to me, what standards they use. Example : she said she don't know the guidelines and I am not allowed to talk to the underwriter to ask any questions So I have no choice but to get you involved. 
I asked her Is 30 % the standard for loans? 40 % for total debt? She refused to even discuss anything about the process and my time for appeal has expired ( I had a death in the family and had to go to Tenn. to take care of matters ) she passed away suddenly. 3 pack a day smoker ) she said there is no extensions or waiver for a loved ones death. 

Original 100 % loan amount $ XXXX XX/XX/XXXX ( VA appraisal was {$410.00} XXXX ) Real estate agent said in XX/XX/XXXX MINIMUM sale price should be XXXX and a fair market value of XXXX is very realistic Many upgrades completed such as new real hardwood floors, new carpet, new paint, landscaping, and much much more so make XXXX should be no problem There are many data points indicating 1-Does n't sound like they know what they are doing, not fully competent for their job. 
2- They are discriminating against me because I am XXXX yrs old, 3- just trying to increase my interest rate. It appears maybe 4- Maybe they didn't count my XXXX yr automatic withdrawals for my retirement and non-retirement accounts Again she would not even explain that. Almost like she was hiding something I have documented enough money in accounts everywhere totaling $ XXXX. 

5- When I asked how is it I was approved for in XX/XX/XXXX for XXXX but not XXXX with upgrades? Again the supervisor refused to even discuss this. 
6- The only obligations I have is my house payment and car loan $ XXXX I owe about XXXX and retail value is about XXXX. XXXX XXXX XXXX Best contact is XXXX XXXX at XXXX ext XXXX he is suppose to be the loan official

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation