Consumer complaint received 2018-07-08
Company: NAVY FEDERAL CREDIT UNION
State: CO
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
I write you today to provide with you with information regarding our recent experience with NFCUs loan department. Specifically the level of service we received from XXXX XXXX. After much research about what mortgage companies were available when purchasing our new home, we were excited to learn of the competitive terms that NFCU provided along with the pride in being presented with the opportunity to be a member since both of our Grandfathers served our country in the armed forces. 

XXXX XXXX was was our initial contact and she has been very helpful in providing loans estimates, monthly payment estimates, etc. She provided us with mortgage rate quotes in the mid 4 % s. 

The housing market in Colorado is very competitive, so we wrote up more than 5 contracts before we finally and successfully went under contract on our home. Once we had an executed contract, our file was assigned to XXXX XXXX. Our closing date was nearly 60 days as a result of the sellers moving date. 

We provided XXXX with the documentation for our file that she requested as timely as possible and items ( such as an insurance quote ) that couldnt be sent right away were explained and updates were sent to XXXX almost weekly about the status of the documentation and when to expect it. 

Our loan had a float lock built into it, which gave us the option to monitor interest rates and float down to a lower interest rate within 2 weeks of closing. Over the phone, XXXX said that NFCU would monitor interest rates and let us know should they decrease so we had the opportunity to lock at a lower interest rate. She also asked us to sign disclosures and intents to proceed with NFCU as our lender. In those disclosures, there was language that said that NFCU was no obligation to monitor or notify the borrower of any interest rate changes. I contacted XXXX to get explanation on this issue, because we were told one thing and the paperwork said another. She still said she would monitor the interest rates and let us know. I asked about how we, as the borrowers, could watch the rates ourselves and she directed us to the website, which showed an interest rate 8 percentage points lower than our current one. We asked again for clarification and no response. We were only provided interest rate upon inquiring about them and the float lock passed with radio silence from NFCU. Id go so far as to say we were LIED to about our float lock. Attached is the Fair Lending Compliance Best Practices for Federal Credit Unions. Youll see that the very first bullet under prohibited practices is : Fail to provide information or services or provide different information or services regarding any aspect of the lending process, including credit availability, application procedures, or lending standards. 

When the appraisal of our home, came up short, XXXX sent off a very curt email without sympathy or regard with what that meant for us. You may imagine how heartbreaking it is to get bad news like an appraisal short fall in email from without a phone call or options let alone a little sympathy. XXXX was a great resource for us to talk through our options, etc. 

We emailed XXXX about appealing the apprasial and she failed to send us the form required to do so, even after we asked if there was anything else she needed to process said appeal. After our agent contacted NFCU, XXXX finally sent over the required form to initiate that process. We initiated the appraisal appeal because the appraiser failed to include comparable and negotiated the sale price and worked with XXXX to adjust the downpayment on the loan in order for us to purchase the home. 

Fast forward 2 weeks to late XXXX. We hadnt received any response from XXXX or an update on the status of the file. We traveled over the week before XXXX XXXX and we were going to be out of service range so we sent an email to XXXX and XXXX as a courtesy. At the last minute, XXXX responded that she needed another bank statement from me. I sent it immediately. 

The last week of XXXX, I hadnt heard anything ( and it was a week before closing ), so I reached out to XXXX via telephone and she said that the file had been sent to closing and they didnt need anything from us. 

On Friday XX/XX/XXXX, the deadline for the closing disclosure to be sent, we contact XXXX and XXXX only to learn that XXXX was out of the office. Prior to her being out of the office, she didnt tell us who to contact in her absence. 

As someone who is also in the XXXX XXXX industry and thrives on clients and provided a good experience, I cant tell you how disappointed I am with how XXXX conducted herself, her level of communication ( or lack thereof ) and the fact that she blatantly put our file on the back burner knowing that we had a longer closing. That leaves us scrambling and neurotically checking our email for the final piece of our closing puzzle. How embarrassing does it look for us to not have this Disclosure in to the Title Company on time? 

When I sold my home at the end of XXXX we had a 28 day closing and their disclosure was in 10 days prior to closing. There is absolutely not excuse for how long this has taken. 

As a professional myself, had I conducted myself the way XXXX had, Id have been sued for my conduct if not fired. 

Here is a timeline of events : XX/XX/XXXX-Borrowers ( we ) become members of Navy Federal Credit Union XXXX-We go under contract on our home ( we expected to lock interest rates on this day and we do not believe this was the case ) XX/XX/XXXX-Receive an email from XXXX about the process and document delivery system XXXX-Appraisal was ordered XX/XX/XXXX-We are introduced to XXXX as our Loan Processor XX/XX/XXXX-XXXX sent us an email that she was reviewing our file. She contact me via telephone to discuss XXXX-Rosa sent us an email about signing the disclosures, additional documentation, etc in order to complete the file. 
XX/XX/XXXX-We sent the additional documentation via email and included a few questions that we had regarding how to monitor interest rates ( we never received clarification on our questions about interests rates ) XXXX-Additional documentation was sent to XXXX. In this email, I again asked how we can monitor rates? 
XX/XX/XXXX XXXX XXXX, Borrowers call XXXX, left a message, no return phone call XX/XX/XXXX-We emailed XXXX copies of the inspections and amendments to the contract. 
XXXX-She acknowledged this email and said we could monitor rates online, we checked and those rates were not accurate. ( the screen shot she sent showed a 4.291 % interest rate and we were locked at 5 % ). In this email, she also noted that there was plenty of time until closing XXXX-We emailed XXXX back because the interest rates online didnt seem to be accurate and we wanted to be able to monitor our own interest rate. XXXX never responded to this email. 
XXXX-Provided another update on the documentation and when the insurance quote was expected ( 30 days prior to closing ) XXXX-provided more documentation to XXXX via email as it became available XXXX-We emailed XXXX again asking for clarification on how we could monitor our interest rates. XXXX still failed to respond. 
XXXX-Rose sent email that appraisal came in lower than sales price XXXX-We emailed XXXX that we wanted to submit a request for reconsideration of value for our property and asked her to let us know if she needed anything in order to initiate that process. 
XX/XX/XXXX XXXX XX/XX/XXXX Borrowers called XXXX, Left a message, no return call XX/XX/XXXX XXXX, Borrowers calls XXXX to discuss XX/XX/XXXX-XXXX responds only after our agent intervenes and discusses with XXXX. XXXX sent a form that we were required to fill out. 
XXXX-We responded to this email with the attached form within 15 minutes of receiving it. 
XX/XX/XXXX-XXXX responds with an acknowledgement nearly an hour later on a terribly time-senstive issue. 
XX/XX/XXXX-We receive copy of new appraisal from XXXX XXXX- We send XXXX an email, please give us an update on interest rates because we didnt get an update last week. 
XX/XX/XXXX-we received response from XXXX that rates didnt change, emailed XXXX back asking about changing the downpayment XX/XX/XXXX-XXXX responses and said XXXX would provide those figures XX/XX/XXXX-emailed XXXX about insurance quotes XX/XX/XXXX-XXXX emails us the revised Loan Estimate document with the new sales price XX/XX/XXXX-Borrowers reach out to XXXX via telephone to discuss, ask if she needs anything further, she says no. 
XXXX-We email XXXX advising that we will be out of cell range over the weekend 5/21/2018-She acknowledges email XX/XX/XXXX-XXXX emails that she needs another bank statement XXXX-Borrowers email her needed statement XX/XX/XXXX-She acknowledges receipt XX/XX/XXXX-ONE WEEK PRIOR TO CLOSING, nothing from XXXX, called her to get status, she said they have everything and they are waiting for Closing Disclosure XX/XX/XXXX-emailed XXXX in the late afternoon, she responds she will have it by end of day or latest XXXX. She doesnt inform us she will be out of the office or who we should contact. 
XX/XX/XXXX-We contact XXXX via telephone and left message. Contacted XXXX and we were informed that XXXX is on vacation today and that the needed an additional statement XX/XX/XXXX- Emailed XXXX and XXXX that we need Closing disclosure today XXXX-emailed deb the statement, she acknowledged. 
XXXX-received automated email that the loan is ready to closeno explanation or phone call. 
XXXX-Borrowers called XXXX XXXX, no answer Borrowers called XXXX at XXXX, XXXX answered the phone XX/XX/XXXX -- ESTIMATED CD ( not the official copy ) was received at XXXX. Borrowers acknowledge it as that is required in order to close on time the following week. 
XX/XX/XXXX-XXXX Borrowers called XXXX , left her a message. XXXX did not return phone call XX/XX/XXXX XXXX Borrowers called XXXXdiscussed with her. 
XX/XX/XXXX-XXXXXXXX borrowers called XXXX office Busy signal, not able to leave message. called XXXX on cell phone and left XXXX a message on cell phone, no call back XX/XX/XXXX-XXXXXXXX, called XXXX and asked where the final numbers are. she indicated that they sent the numbers to the close department at XXXX ( she didnt indicate what time zone ) and they have an estimated 2 hour turn around time. Asked what they expect me to do in terms of getting a check for a closing tomorrow, she said the numbers would be ready later today. I asked how she can ensure that the wire got delivered and avoided answering that question. 
XXXX-the 2 hours timeline I was quoted passes, I wait another 30 mins to be reasonable and call XXXX at XXXX, went to voicemail, left message. call XXXX at XXXX, left a message. also sent status email at XXXX. 
XX/XX/XXXX-XXXX  texts Borrowers that the CD was approved, responded that I still dont have the numbers to know what I need to bring to closing, she states that she doesnt either. then she texts the final number at XXXX. She follows up with an email XX/XX/XXXX XXXX, receive final numbers from loan processor XXXX recd email that loan package has been sent to title company XX/XX/XXXX-XXXX, confirmation that wire has been sent to title company XX/XX/XXXX-We closed on the home, Navy Federal didnt have the correct closing time and was asking for the signed documents hours before closing and then it took them an hour to review after we finally signed. 
XX/XX/XXXX XXXX-Borrowers emails XXXX supervisor, XXXX XXXX, in an attempt to resolve the poor experience and questions that were unanswered by XXXX and XXXX Throughout the process. 
XX/XX/XXXX-XXXX XXXX-XXXX Responds requesting phone call to discuss XX/XX/XXXX-XXXX XXXX. Borrowers respond to her email with times and dates I am available to discuss. 
XX/XX/XXXX-XXXX XXXX responds confirming phone call for XX/XX/XXXX at XXXX MST XX/XX/XXXX- Borrowers calls XXXX at XXXX , because XXXX didnt call at the agreed upon XXXX time. Phone call lasts 12 mins. XXXX is only interested in improving service for future customers. Explained that I appreciate her taking our feedback, but that doesnt change our experience. She wouldnt help us additionally in any way. She was very surprised that only and Estimated Closing Disclosure ( CD ) was sent. She explained our freedom lock, etc. Again, said there was not anything else she could do for us to make our experience right except take our feedback and make improvements and further educate XXXX.

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