Consumer complaint received 2020-07-18
Company: NAVY FEDERAL CREDIT UNION
State: WI
Product: Mortgage
Sub-product: VA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I have had a tremendous amount of issues with Navy Federal trying to secure a VA mortgage and conventional mortgage. I was pre-approved for a mortgage in early XX/XX/2020. I in an abundance of caution reached out to Navy Federal to ensure there would no issues regarding my income. I was assured by 5 people, XXXX XXXX, XXXX XXXX, an underwriter, and two people at the mortgage helpline that the approval would stand based on the honest and accurate information I provided them. I was assured that everything would go through smoothly. I then found a great house, and sent in my purchase agreement on XX/XX/2020. I received the first set of 3-day documents a few days later with the incorrect information. I attempted to reach out to Navy Federal and XXXX XXXX and received no response. Finally, I got a call back about 3 days later, it took them nearly a week to send me the corrected 3-day documents for a total of 10 days to receive them. I was also told the rate was locked which was a lie as it quickly went up later. Things seemed to be straightened out despite no communication from them I though we were moving forward. Turns out nothing had been done on the loan for days. Finally a month filled with 10+ calls a day, and multiple emails and texts I hear back. I submit the same paperwork again because somehow it all got lost. We are now only a few days from closing ( 44 days after the contract was received by them ) and I find out we may not be closing on time. They told my realtor this Friday at XXXX. I get told and it is to late to cancel moving trucks and other things so we pack up and have everything stored at {$50.00} a day. Assuming they would be quick from this point I hear back the next week that they denied my income ( only when I called 7-8 times ). They request more information which is returned in a day and they send it for review again. The underwriter sent my loan information to the VA. Who I later learned does not review these requests ( because I called them ). They had us waiting for days to hear back from the VA even though they don't comment on individual loans. Fed up with the VA and Navy Federal I decided to go with a conventional loan they promised a response within 48 hours and we could close the next week. No such luck. They raised my interest rate nearly a full percent and told me they require an additional 10 % down! I reluctantly agreed because I already invested thousands of dollars and weeks into this process. XX/XX/2020 comes and it is the end of our extended housing contract. I plead with the seller to hold. They have been threatening to walk for over a week now but they want me to release earnest money if we don't close in a week. I can't agree because Navy Federal has dropped the ball at every possible chance and now will be losing the house. My only option is to risk another thousand dollars in order to save the deal. I have reached out to everyone possible at Navy Federal. XXXX XXXX the loan agent, XXXX XXXX the processor, XXXX XXXX the loan agent supervisor, XXXX XXXX the processing supervisor and have gotten next to no progress or responses. I have made upwards of 5 complaints to Navy Federal outside of these people and have received no responses. I am at a loss both figuratively and financially. For those that read this I would avoid Navy Federal at all cost!

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