Consumer complaint received 2020-03-10
Company: NAVY FEDERAL CREDIT UNION
State: AZ
Product: Mortgage
Sub-product: VA mortgage
Issue: Closing on a mortgage

Complaint:
Hello ; We applied for a VA Streamline Refinancing Loan with Navy Federal Credit Union on XX/XX/XXXX. It was to be a 15 years loan, at a rate of 2.625 %, which we had to pay {$6400.00} to buy down the points/rate from 2.875 % to 2.625 % which we were told had to be done or the loan would not be allowed. Please keep in mind from Day 1 forward we were ALWAYS told and reinforced, that if the rate drop ; we would not have to buy points. However, we would have to start the loan process all over again. Having to only pay for another credit pull or fee for the both of us for a little over {$38.00}. We were fine with this and not in a hurry. I always checked their rates almost every single day. 
For whatever reason, our Loan processor changed 3 times and we were last with XXXX XXXX at XXXX # XXXX. 
There were several bumps along the road with the numbers and on the 9-Loan Estimates documents we received along with the 2-Closing Disclosures notices. From the beginning I noticed the numbers were not right/off and not what we were told. Id call and mention this, theyd redo the Loan Est Form again and then they would change another or different number in a different area. Im kind of a numbers person, so I felt forced to watch this all the time. 
Anyway, we finally signed on Monday, XX/XX/XXXX at XXXX XXXX. On XX/XX/XXXX Tuesday the Feds lower the rates again. I did not get too excepted because I know the bank dont always follow suite and certainly not this quickly ( or at least in the past ). 
However, when I checked NFs website the next day ( XX/XX/XXXX Wednesday at XXXX ) I noticed the rates had dropped to our 2.625 % ; which we had, had to pay extra points for just to qualify for the loan or for NF to do the loan ( not sure which ). 
So we had decided to cancel the loan ; using the 3 Day Right of Rescission ; I went through every piece of paper in our closing documents and there was nothing there for this. So I started calling, emailing, and even NF contact on line messaging service ; and everyone I knew at NF that we had touched in the loan process. Because we were only about 37 hours from the signing and I wanted to take advantage of the falling rates. 
I had talked with at least 8 people at NF on XX/XX/XXXX in the am ( via phone, email, & messaging at NFs web site ) and all said the same ; yes you can do this. But all were warning me ; wed have to start the process all over again, and paying the {$38.00} fee again ; pushing out the closing again ; and probably having to pay an additional monthly payment or two in the process, etc. 
I told them all, no problem ; it was worth it all ; they all understood and noted they would have done the same. The next to the last person I spoke with at NF at apx XXXX XXXX  mentioned that NF had dropped the rates again and now they were down to 2.50 % and if we purchased points again wed be down to 2.25 %. Then at XXXX XXXX  the very last person I spoke with mentioned that they dropped to 2.375 % and if we did a buy down on the points it would bring it down to 2.125 %. I immediately started the new loan process over again. 

We were elated with this news ; I mentioned to her that both my husband and I were XXXX Veterans, that my husband was also a XXXX  Veteran and we both worked in XXXX XXXX  for many years and were preparing to retire. Thus, this whole refinancing effort to lower our monthly mortgage payments and just help make our lives a little easier.

I had also talked additionally with our Mortgage Broker from the title company XXXX XXXX and she sent me an email noting we had time ; the loan had not been sent or funded and that she was pulling it all back and doing nothing till I told her otherwise, this was at XXXX hours XX/XX/XXXX. 
So of course, we were thrilled ; however this ended in the pm on XX/XX/XXXX when a 10th person XXXX XXXX ( our loan processor ) calls me and tells meyou cant do this, the loan is done and already funded. I explained to her what Ms. XXXX had told me, and the other 8 contacts from the am and she said she would check on it and call me back. 
Much later yesterday on XX/XX/XXXX Ms. XXXX called me back ; however, I was on the road traveling to XXXX for work and could not answer. She had left a message that this was now going up through her management for a decision and she would know by XX/XX/XXXX in the evening. 

XXXX XXXX XX/XX/XXXX Ms. XXXX called back ( she was on the smug side with me, a little rude and matter-of-factually ) ; I can only guess because in her mindshe had won now ) I didnt see this as a win or lose ; She said that NF had decided to not change the rate. I again told her I did not expect them to do that. I told her all along NF told me if the rate went down, wed have the right to start all over again and we were fine with that. She stated no NF would not allow us to do that, and the loan stands. 

Well at this point my husband I gave up, beaten, so we were ready to let it go. Friday morning XXXX I received a call from NF Title company saying there was one form we did not sign and that they would need it to completed and fund the loan. I told them thats great, you know we dont want to complete this loan and noted that to everyone with the required 72 hours ; which I was informed againwe dont have that right and had to complete the loan papers. I told her ( which was true ) I had no way to print it out, sign it and scan it back till Monday. 

My husband and I decided to look into this further ; I call researched on line about the 3-Day right of Rescission ; CFPB, Consumer Financial protection Bureau and felt we needed a 3 party to tell us our rights. Ive got to say there was no one in authority with NFCU to do that, so I turned to several people. In this process Ms. XXXX would call and kind of threaten us ( I guess with the nicest voice ever ). Tuesday XX/XX/XXXX her latest threat was you are risking your VA Funding if we dont complete the process and return the form signed. So I called VA XXXX XXXX XXXX @ XXXX and was told that was not true and that there should have been a 3 Day Right of Rescission in our signing packet. I mentioned their was not and also that one of their other reasons why NF said we could not do a Rescission the loan was because it was a NF loan to NF Loan. 
You know if we have to buy down the points again ; thats fine ; if we have to make a couple of payments till its refinanced ; even thats fine. We are hoping for our rights in this situation, and we are having trouble finding them.

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