Consumer complaint received 2022-05-31
Company: NAVY FEDERAL CREDIT UNION
State: MD
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XXXX, my NFCU refinancing was conditionally approved, Enclosure 1. Enclosure 3, on XX/XX/XXXX, XXXX XXXX, Mortgage processor, confirmed that underwriting requested my bank statements in homesquad. Enclosure 4, states the underwriter request my bank statements on XX/XX/XXXX. Enclosure, 6, on XX/XX/XXXX, via email shows the underwriters were in receipt of my bank statements with no request for me to mark up deposit from the business. Enclosure 5, I had a conversation with my loan processor and she made no mention of marking up bank statements to show show deposits in the business. I explained to the under that my business is not incorporated and does not have to be for a business on XXXX. I also explained to the underwriter that the 1099 -revenues reported by XXXX is in my name and not the business name. On XXXX, Enclosure 8, I complained about the lag time of them reviewing my information. On XX/XX/XXXX, Encloser 8 my processor asked for a bank statement with no mark up differentiating revenues from XXXX business versus other income. Enclosure 6, XX/XX/XXXX, my processor explains the profits & loss statements needed for the business and no mention of business statements via bank statements with markings for deposits.. On XX/XX/XXXX, 4 days before the interest rate expires of XX/XX/XXXX, my processor expects me to produce : 1.We will need a copy of your extension fi led for XXXX taxes we have the approval for them to be extended, but we will also need the copies of theextension request, which is also known as the Form 4868 and/or Form 7004. 
2.3 months business statements because you do not have a separate business account for your business, the Underwriter requests that any business related deposit be marked accordingly on the bank statement so they can decipher between what business related and not. To try to helpmake this easier for you, I can send the bank statements to you via XXXX for you to save them and mark accordingly. If you have your XXXXStatement, just to cover ourselves, you can also add it in with them, since we have your Profi t & Loss now through XXXX. 
3.Form 4506-C We will need to send a request for your XXXX tax transcripts, even though they have not been fi led. We just have to have confi rmati on the XXXX Tax Transcripts are not available yet. I have added the updated Form 4506-C for you to e-sign via XXXX for me to senda request to the IRS. 
4.Your Credit Report is set to expire on XX/XX/XXXX because we will not be able to close by XX/XX/XXXX, we will need to re-pull your Credit Report. Do Ihave your authorizati on to re-pull your Credit Report for your fi le? 
5.Lastly, I will need proof of your business entity I know you do not have to have a business license for your XXXX business XXXX therefore, could you provide me with the name of your business on XXXX so I can look it up and provide proof of it for the Underwriter? 

These demands are unreasonable based on the following : 1. I requested the extension form through XXXX XXXX and gave them the information stated the IRS approved the extension. I do not have to sign a form because the form was generated via automation for XXXX XXXX XXXX. See Enclosure 11. NFCU can contact the IRS to verify this information. 

2.NFCU removed all of my uploaded bank statements from the XXXX file which is a deceptive, See Enclosure 2. Yet on XX/XX/XXXX the underwriters were in receipt of the bank statements, See Enclosure 6. 

3. I requested an extension form the IRS in XXXX. See Enclosure 11. My processor never requested to me sign a form regarding the extension until XX/XX/XXXX. That's over 40 days after she was receipt of the extension email. 

4. Throughout the process, the NFCU never required me to authorize a credit check in order to request the request the rate extension be extended. The rate extension has occurred at least 2X.I am aware throughout the refinancing process lenders check your credit at least 3 times. Since you don't have newly requested information from me, stating a request for rate extension is contingent with a credit pull is unnecessary since you stated you will not be closing by XX/XX/XXXX. 

5. The profit & loss statements contain the business name which is the uploaded documents in XXXX XXXX XXXX, See Enclosure 2.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with non-monetary relief