Consumer complaint received 2021-06-06
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: NAVY FEDERAL CREDIT UNION (GA)

I applied for a mortgage through Navy Federal, and was prequalified for {$400000.00}. We found a home we like and signed a contract to buy it for {$280000.00}. The Navy Federal Loan Processor, XXXX XXXX, NMLS # XXXX, advised us the anticipated closing date of XX/XX/XXXX would be " no problem '' and that she would get everything processed. 

She then handed off our loan to XXXX XXXX XXXX, NMLS # XXXX, who appears to be junior to XXXX based on their titles. This was the first inklilng we got that there might be trouble - XXXX immediately started backtracking and claiming they may not be able to close on time, and demanded additional documentation even though my loan had already been approved. One of the additional items she demanded was a copy of my bank statement showing the earnest money check had cleared. I sent it to her, redacted showing only the relevant transaction, and she demanded an unredacted version showing every single transaction through my account in the prior month, and proceeded to threaten me - if you don't send it immediately your closing will be delayed. Even though it is none of her business, we had nothing to hide so I immediately sent an unredacted copy. 

That wasn't enough, however. Despite us signing a contract in early XXXX, they didn't get around to ordering the appraisal until XX/XX/XXXX, and she claimed they were doing everything they could to " rush '' the appraisal, but in actuality they did nothing - they never assigned the file to an appraiser, blaming an intermediary they hire for the delay. 

As it became closer to the closing date and XXXX was still making excuses, I reached out to her boss, XXXX XXXX, MLS # XXXX. She seemed to be trying to help, and said that hopefully although they couldn't get an appraiser willing to do their job, she would work with the appraisal underwriter to get them to accept an electronic appraisal. Finally I had hope of actually meeting the closing date - appointments had already been made for the closing, utility connections, driver 's licenses, etc. that I didn't want to have to cancel. Unfortunately, she emailed back and said they would not accept an electronic appraisal, and not only that they would be closing my file. This after running a second credit report on BOTH my wife and I, because they had a typo in a single digit of my wife 's ssn the first time around, that did not prevent them from getting the report. 

I emailed XXXXXXXX XXXX boss, an individual named XXXX XXXX, but he was too busy or too lazy to bother answering my inquiry, so I'm filing this complaint. In the meantime, on a Saturday no less ( yesterday ) I received an electronic denial of credit letter - informing me that my mortgage was denied due to inadequate collateral. The collateral is NOT inadequate, nor do they have any reason to believe it is inadequate, they made no effort to determine it's value other than supposedly listing a request for an appraisal that none of their appraiser 's picked up. 

This is clearly a false reason for denial, and they did not make sufficient effort to obtain an appraisal.