Consumer complaint received 2024-11-20 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: NAVY FEDERAL CREDIT UNION
State: VA

Complaint narrative:
On XXXX - XXXX started the refinance/HELOC process with Navy Federal Credit Union , I was given an interest rate of 5.75 % ; I was signed the right to proceed, provided the borrower 's certification and authorization, tax use consent, uniform loan application, along with a host of other documents and income ( see attached ). 

On XXXX - the process moved into a straight refinance of my condo/townhome, yet the interest rate changed from 5.75 % ( even though the same credit report was used ) to 7.75 % ; 7 days later the interest rate decreased to 7.375 % ( see enclosed ) - during this timeframe, I am also providing Navy Federal Credit Union with all the required documentation. 

On XX/XX/year> my refinance loan application was conditionally approved. Requirements for the conditional approval to move to final approval were met. 

During the entire month of XXXX, the Loan estimates continued to fluctuate between 7.25 % to 8.375 %. Not sure what was causing the drastic increase in interest rates as the Fed was lowering rates during this time and my credit was not coming into play. Nevertheless, during the month of XXXX the application stalled, and was told, the Navy Federal Credit Union was hit with an enormous increase in loan applications for refinancing and they were working my application. 

The property was appraised on XX/XX/XXXX at $ XXXX ; yet I was told by the Navy Federal Credit Union the appraisal came in lower than expected ; which I believe it was estimated at $ XXXX but came in $ XXXX lower. So I was told in order to stay within the 95 % LTV the Loan amount would change from $ XXXX to $ XXXX ; the application during this timeframe is still moving slow if at all ; and I am constantly being told its due to an increase in applications. I had to send numerous emails and left voicemail messages to inquire about the status. The representative handling the title was subjective in her email regarding the amount of cash-out even though I informed Navy Federal Credit Union , I would be paying off debt and doing repairs to my home and another property. 
During the entire month of XXXX, I have been placed in a holding pattern, even after all the conditional approval requirements were met ; on XX/XX/year> I was told by Navy Federal Credit Union another story, that my Loan Estimate per the Underwriter had to be decreased using the 70 % rule versus the 95 % LTV rule. Additionally, Navy Federal Credit Union purposely chose not to use the $ XXXX in income from Quality Healthcare ; and continues to question my ability to pay the loan even though I have shown a 12-month continuous payment history with my current lender and earn over $ XXXX in income annually. The payoff amount changed from $ XXXX to $ XXXX unsure why ; costs that I incurred ( appraisal/HOA ) is showing as part of the closing cost and not showing as being returned to the borrower. 

It has been over 4 months and the loan still has not moved from conditional to final approval nor has a closing date been provided. Navy Federal Credit Union uses XXXXXXXX XXXX XXXX and XXXX  who take subjective and discriminatory actions by making and denying older Americans who are more cognizant about their financial capabilities and the need to clear debt as the ability to age and built wealth becomes vital. 

Navy Federal Credit Union is continuously practicing bias and discriminatory behavior towards people of XXXX. My XXXX profile has been viewed more than XXXX times since submitting this application. My guess is all Navy Federal Credit Union representatives were waiting to see the results of the election to determine how this loan application would fair. Most are from out of Florida. 

The CFPB must address Navy Federal Credit Union and its lending practices towards minorities ; otherwise CFPB is just as guilty towards the injustices and unfair lending practices. This is likely the 10th time I have undergone scrutiny from Navy Federal Credit Union when trying to acquire a loan or credit of some sort.

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