Consumer complaint received 2026-01-08 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: NVR INC.
State: FL

Complaint narrative:
I purchased a new home with XXXX XXXX and financing had to be with NVR Inc, the builders Lender. The Loan Officer assigned was not knowledgeable and did not disclose important information about the lock/loan process. When it came to locking the loan, I was told I would be able to get a float down in the rate option, assuming if the rates were lower than lock rate, I proceeded with locking at a 5.99 % rate. When it came time for me to exercise this float down option, I was told that the lock length period that was chosen prevented me from taking advantage of the lower rate. I pointed out to them that I was not aware of this, was not disclosed this information by the Loan Officer and in fact other builders in the area were advertising 4.875 % rates. Subsequently I purchased a smaller unit in a different lot and block. The Loan Officer did not know how to transfer the loan information to the new property and was told he would check with management. This took a couple of weeks from when I resigned the new contract to obtain new loan documents. At this time, I was told that I had to keep the same rate of 5.99 % which was at a substantial cost, and took up quite a bit of my closing cost incentive offered by the builder. Once I received the Loan documents they appeared to look the same as the initial ones I received, so I proceeded in signing. My home is now about XXXX days from being completed, and was told that I was cleared to close. I informed the Loan processor that I had to help my grandson get a new vehicle due to his truck becoming undriveable. I co-signed for him, but knew that this was not an issue with me still qualifying based on my income and having very minimal debt obligation. The Manger at NVR called me and told me she had good and bad news. Good news was, I still qualified but not under the program they placed me under because that program had income limitations which supposedly helped keep my rate at 5.99 %. Apparently, backed out my Social security income I receive to keep me incme low and now that I cosigned for my grandson, they have to add back in the income that they knew about from the beginning of my loan application. But at no point in time was I told about this program and what it entailed. Now they want to give me a higher rate or pay {$1100.00} more in closing cost to keep the 5.99 %. It is absolutely ridiculous getting a {$230000.00} home that my closing cost would be almost {$18000.00}. I feel like this was a bait and switch program to cover for the initial issue with the float down of the lock issue. I understand that obtaining new credit during a loan application is not something that should be done, but if you do not know about what they were doing behind the scene to cover up mistakes, how can you know how to proceed correctly NVR should be held accountable for mistakes and do right by the consumers. Thank you for your assistance and hearing my issues. XXXX

Company response to consumer: Closed with explanation