Consumer complaint received 2023-08-26
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: NVR INC. (FL)

WHO : XXXX XXXX and NVR Mortgage WHAT HAPPENED : I have been priced out of a new construction loan I signed in XX/XX/XXXX With XXXX XXXX, using their lender NVR. 

They are refusing to acknowledge this and trying to strong arm me into a home I can not afford and threatening to make me use my Retirement fund to fundthe loan when I made it clear to them at the beginning that my retirement was OFF the table and not an option. 

I told them from the start I wanted to use XXXX XXXX XXXX, a down payment assistance program that would give XXXX XXXX  of loan amount towards the down payment. A down payment assistance program was what was making it affordable. 

Later I learned about XXXX advantage and preferred programs that also gave up to XXXX XXXX  XXXX, but was forgivable. I relayed this information to XXXX and XXXX to see if I would qualify for a XXXX XXXX  XXXX w/them, Them being the professionals, I wanted them to look into it see if I qualify. So it was XXXX or XXXX ( Not to be confused XXXX ) XXXX that I would be using. 

At the start I was told that there was no locking in the rate w/XXXX b/c I was subject to their rate. 

I was told their lender, NVR wouldnt charge me Points ( % ) b/c again, I am subject to whatever rate is set at that time for the HTH program. There was no buying down the rate. 

They said they did not put XXXX XXXX XXXX XXXX on the loan estimate b/c they could not request the funds until 60 days before closing. 

I told them from the beginning that my retirement was not an option. When I originally spoke to XXXX Marin Loan Originator NMLSR ID # XXXXState License ID # XXXX, I emphasized that NO I was NOT touching my retirement. 

In XXXX when the Loan Approval conditions came out and saw they were requesting the Terms and Conditions for liquidating my retirement, I called XXXX XXXX the processor right away and questioned it. 

I emphases again that I was NOT comfortable with touching my retirement and that it was off the table from the start, that I already told XXXX this and I was concerned as to why they needed the liquidation terms. 

I wanted to know why they were requesting this. XXXX told me she would make a note of it again ( My retirement being NOT an option to get me into the home ) and that she was reaching out to XXXX as we spoke and that she would speak to her to remind her. 

I was told by XXXX XXXX the processor, that providing the terms and conditions of liquidating retirement was so in the event I lost my job I still had a way to pay the mortgage each month, implying that this was for an emergency, in the future, when Im already occupying the home and paying the mortgage, NOT as a way to qualify me, pay closing costs and give me the ability to pay the mortgage for a few months b/f the money runs out and I am still in a home that is not affordable which ends up defaulting. 

They deceived me into the purpose of having to provide to them the terms of my retirement. 

It was their job to responsibly qualify me or disqualify me based off of the documents I provided to them- My pay stubs and my Car loan. 

I believe I never actually qualified, they never wanted me to use HTH. It appears that they were going to play with the numbers for their benefit and my detriment to strong arm me into a straight conventional. 

With the rates going as high as they have, increasing the monthly mortgage, I dont even qualify for the XXXX program. 

It seems that from the start they thought they could set it up where I was faced w/having to use my retirement or loose my XXXX deposit. This is unethical. 

My Realtor and myself have reached out to them to resolve this and were only met w/resistance. They Manager, XXXX XXXX XXXX XXXX emailed her, speaking of things she knows nothing about and draws assumptions as to what I was told and conversations that took place with anyone involved in this transaction. She presents them as fact, when they are not fact. It's manipulative and bullish. They never encourage me or even mentioned locking in the rate back in XX/XX/XXXX when the interest rate was XXXX XXXX It wasn't an option w/HTH, again b/c I was told there was no locking in the rate. She also says in the same email that w/the HTH program I could only lock in my rate 45 days b/f closing which is XX/XX/XXXX. It is a flat out lie and it wasn't even spoken about or brought up as an option. She then offers me another home/lot so that my " deposit is not lost ''. How can they get away with this? 

I said NO. I dont want to live in another town/community. It seems that they offered this, hoping I would agree so that for sure they would be able to get the numbers to work for them, on a lower purchase price house to approve the loan. 

I sent the numbers to XXXX the loan officer showing here my DTI, based off of her own numbers she gave me ( Which is provided in the screen shots uploaded ) when she was running scenarios. 

I make around $ XXXX. I work my obligated hours of XXXX, unless they send me home early. 

I have an additional $ XXXX clinical ladder that gets applied to hours I work. 
It does not get applied to hours of XXXX used to bring my hours to XXXX. 

If I worked XXXX hours that week, I get the clinical ladder applied to the hours I worked The XXXX hours taken from my PDXXXX gets paid out at my regular rate of $ XXXX I am on call for XXXX hours once every XXXX weeks. If I get called in then I will get my time and a half for those XXXX hours. 

I have car payment that I pay about $ XXXX on. I have included a PDF of my payment history. 

I have uploaded my recent paystubs to support this These are the numbers the loan officer gave me herself. 


MI XXXX XXXX XXXX +Mortgage XXXX {$3700.00} DTI= XXXX XXXX All of this has made me distrust them and their ability to do honest ethical business. I feel like they will manipulate the data/number whichever way they want, to suit them. They want to intimidate people who are not skilled/educated/trained in how this process works and all the ins and outs. I by no means are an expert but I know that {$430.00}, after taxes, a month to pay livings expenses, utilities ect is NOT affordable and should not be approved. 

DETAILS : XX/XX/XXXX I put an EMD of XXXX Days later they called and said that since I was using a government program ( Home Town Heros ) and had the funds, they wanted a full XXXX XXXX  down payment. So I paid the difference right away. 

Total EMD paid in XXXX : {$21000.00}. 

I have never gone through this process b/f so I didnt know any better but my Realtor was alarmed. 

I told XXXX XXXX at the beginning that I only had XXXX to put towards this whole transaction. Whether it was now or later I thought, made no difference. So I paid. Which they knew, b/c they saw my bank statements, left me w/bare bones emergency money. They did not care. 


The rate on the loan estimate from XX/XX/XXXX was XXXX XXXX the projected mortgage was {$2900.00} ( included P/I ) The rate as of XX/XX/XXXX is now XXXX XXXX, the projected mortgage now {$3300.00} This is a $ XXXX difference! 

The closing costs also went up from {$17000.00} to {$21000.00} The {$4400.00} Credit that was to go towards the loan from the builder is now nearly obsolete. 

No XXXX amount points were on the XXXX estimate and now they appear on the XXXX estimateXXXX XXXX XXXX  = {$3400.00} additional fees The rates have made the mortgage unaffordable. Myself and my realtor sent requests for the loan to be decline since I have been priced out and for my EMD of {$21000.00} be returned to me along with the XXXX fee paid XXXX XXXX and and lender have refused. They are saying that I have my retirement that I can liquidate to make the loan work. 

I agreed to use their lender, NVR d/t to the incentive of XXXX toward closing costs. 

I told them that I was eligible, since I was a Nurse, to use the XXXX XXXX XXXX XXXX XXXX, who would give an additional XXXX XXXX XXXXf the loan amount toward the 10 % down payment that was required to make the loan work. 

Loan amount : {$390000.00} 5 % from XXXX : {$19000.00} The rate at the time XX/XX/XXXX waXXXX XXXX XXXX with a projected mortgage of {$2900.00} My only debt was a $ XXXX {$420.00} car payment a month. 

Mortgage : {$2900.00} + Car payment $ XXXX {$3400.00} Total Debt My MI was around $ XXXX {$7000.00} ( I am a nurse so the income varies ) Making DTI XXXX %. 

My EMD was {$21000.00} ( XXXX XXXX of the purchase price of {$430000.00} ) + HTH XXXX XXXX of the loan amount $ XXXX Total Down payment of {$41000.00} 10 % down payment on purchase price would be {$43000.00} - My EMD and XXXX The amount I was responsible for to make up the difference at closing was {$2100.00} 10 % down payment {$43000.00} + Closing costs $ XXXX {$60000.00} Subtract the XXXX the builder gives towards closing, minus the {$21000.00}, EMD, minus the funds from HTH {$19000.00}. 

They did not name/reflect HTH in the estimates, I was told it was b/c they werent able to request those funds until 60 days b/f closing. 

The first loan estimate the Closing Costs were estimated at {$17000.00} XXXX homes applying their XXXX incentive I was told they would give me the difference and credit me {$4400.00}. 

This has been the most stressful season of my life. Risking loosing my savings of XXXX by being bullied and intimidated into taking a loan that is going to fail b/c I can not afford it. Having to pay legal fees to get this resolved. 

Just having to put together this Narrative of what happened has taken days to prepare. 

This is not Ethical. 

Myself and my Realtor have reached out to try to resolve this w/o any luck. 
I have had to get legal counsel. 
Because of this I am jammed up on all sides. 
I dont even know where I am going to be living next month. 

To Sum it up once again. 

My Complaint is with both NVR and XXXX XXXX. 

I have been price out of this loan b/c of the Market rates, no fault of my own. My retirement was NEVER to be used to make a house temporarily affordable and get me into the home. I trusted them to be fair and honest with their business practices. My request is for them to rightfully disqualify me for this loan and return to me the EMD of XXXX, the appraisal fee of {$550.00} and the legal fees it is costing to resolve this.