Consumer complaint received 2023-09-11
Company: NAVY FEDERAL CREDIT UNION
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-issue: Application denials

Complaint:
I applied for this loan XXXX  days ago. The loan representative was out of town, had system problems, did not return calls, was delayed in responding, did not make phone calls to me, I had to initiate all communications especially by phone. 

Finally, I began to call and spoke to other reps at the office I was told I did not qualify, based on my XXXX XXXX income. I spoke to a supervisor and told them that I did qualify based on my XXXX  distributions. When the loan representative was again delayed in processing the loan, I asked for another representative and was told that she was the best, and that I could not have another representative assigned to my loan application. Eventually, after more delays, I asked for another representative. 

I have been asked for an inordinate amount of proof of my finances. I have been asked proof that I sold a house a year and a half ago, by providing an escrow statement. After I provided the escrow statement and the final mortgage statement which showed that the bank sent me a final statement showing a XXXX balance, I was asked to submit a signed document attesting that I sold a house a year and a half ago. 

When I was asked for XXXX months of bank statements, I provided them. I was asked to provide statements before they were available because the month had not ended. I provided the statements once they became available. I was asked to provide statements from transfers between accounts, at the financial institutions where I am applying for a mortgage.

I explained that the reasons for the transfers were to show proof of funds when I my realtor and I made offers to buy a home, and that my realtor recommended I only show enough funds for proof of funds for each offer. I was asked to provide statements that show additional transfers between accounts which I had already provided. I was asked to provide proof where my transfers were from external sources. I provided a detailed account that showed the transfers, which I which I was asked to substantiate were not from outside sources into their institution. For that I received an angry and mocking voicemail from the rep. stating that they did not need me sending them that. I sent them an email stating the reason I provided detail was because they were asking for detailed external sources of funds, when there were none. 

The bank statements clearly show that I have more than enough funds for the down payment and closing costs and have shown that for almost XXXX months now. If funds are coming in from my other accounts, the transfers show that they are clearly in my name and not coming in with someone else 's name. Initially I was asked to provide XXXX months ' worth of information, now it is XXXX months ' worth of detailed information, from accounts which do not contain my down payment or closing costs. Additionally, I am now being asked for information from accounts which do not contain the down payment amounts, because there were transfers from them XXXX months ago. 

Every time I provide the information required ; I am asked to provide additional information. Sometimes with a deadline that I must reply within XXXX hours. At this point, I don't wish to provide additional information. Obviously, the accounts are in my name only and any transfers from my other accounts are in my name only. The funds have been available from the date that I applied for the mortgage. 


My credit rating is excellent, my down payment is 90 %, I am asking for a very small loan. 

I am XXXX. This is not the first time I have applied for a mortgage. This is the most extreme loan processing experience I have ever encountered. I feel discriminated against because of my XXXX  sources of income, my age, my marital status, my gender and/or my ethnicity. Perhaps because I complained about the first representative assigned to my loan for not being available to communicate or process the loan. I have never experienced anything like this. If they don't want to make the loan, why didn't they just turn me down. Competing against buyers who have approval or at least quicker response to a loan application has made it more difficult to make offers. Dragging this on while I have an offer that is accepted is just more and more stressful each day. What are these people trying to prove? Or do they want me to discontinue my loan application, give up and just go away.

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