Consumer complaint received 2020-12-15
Company: NAVY FEDERAL CREDIT UNION
State: KY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/2020, we applied for a home mortgage loan through Navy Federal, and we were supposed to close on XX/XX/2020. XXXX XXXX, our mortgage processor, failed to acknowledge our final purchase price, which was given to her by our builder seller in several email communications. We didn't get closed in time, nor did she communicate efficiently to keep us in the loop. We didn't know we could not close until the day of closing and after which the closing time would have taken place. We were told by XXXX XXXX that our home 's final sale price was not taking into consideration for the appraisal, which would cause a ripple effect of us being upside down in the down payment and closing cost. Meaning we would have to bring an additional {$27000.00} to closing. Which is insanity and totally irresponsible as doing business. By not closing within the contract agreement signed by us and acknowledge by our mortgage processor and officer. We were charged late fees and daily charges by our builder XXXX XXXX for not closing specifically by XX/XX/2020. 


XXXX stated it would be only 2-3 business days. It has been weeks and months later, and we never did get a response from Ms.XXXX  to get and determination of the reconsideration of our appraisal from the appraiser. As the buyers, this process was longer than expected It has been past 60 days to date since our application has been submitted. We had to pay the late fees and more money because we applied with a different lender. With all the loan processing and duration, we would not have made it in by the deadline with our contract to close with our builder XXXX  XXXX  ; a financially binding contract that we had with the sellers. In which we couldn't afford to lose because we had five percent down. And, we feel the financial institution Navy Federal, whom we bank with, didn't care! As the buyers, we feel that someone from Navy Federal could have more clarity!

From mishaps, switching processors in the midst of our loan, to very little or no communication from our financial institution, unless we call in several times a day, or unless we incinerate the email communication. Navy Federal has not been very much proactive or honest and clear from a lending standpoint. 

Also, the Navy Mortgage team not acknowledging purchase prices in the beginning stages of our loan on new construction to final prices. Not transferring information over to those who need it. Many back and forth with our closers on sent over already gathered information multiple times from the seller, and gathering info from ( us ) as the buyers. Sending information over at the end of the business day after XXXX XXXX Est. Mainly on Fridays. 

And to top it off, the day of closing, two hours after our initial setup time of closing, we get a first-time call ever from our processor XXXX XXXX, that we will not be closing after we have taken off from work and had set up pre-scheduled movers. We find this all very unprofessional on Navy Federal part! 

We digress in the way this whole experience has been! It has not been pleasant and is very much stressful!

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