Report: #1014443

Complaint Review: Navy Federal Credit Union Mortgage Department

  • Submitted: Thu, February 14, 2013
  • Updated: Thu, February 14, 2013
  • Reported By: Lynora — Davidsonville Maryland United States of America
  • Navy Federal Credit Union Mortgage Department
    Vienna VA
    Vienna, Virginia
    United States of America

Navy Federal Credit Union Mortgage Department Navy Federal Credit Union Mortgage Officers are unprofessional and liars Vienna, Virginia

*Consumer Comment: New vs. New Construction

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In December 2012, I contacted Navy Federal Credit Union to apply for a 100% financing loan for a new construction condominium. I completed the information online. After applying through the online system I received an email notifying me that my loan officer would be Mr. Marcus XXXX.

I immediately contacted Mr.Marcus and informed him that I am purchasing a townhouse condominium in  MD and would like to use 100% financing. From the onset my relationship with Marcus has been tumultuous as he did not explain the NFCU loan process and the documents that he required. At one point I was so frustrated that I told him to contact another member of my family because he and I were not communicating well. He was very unprofessional throughout the entire process and I had a difficult time getting him to respond to my emails and phone calls.

As the process moved on I was stuck in the middle between him and the construction company-Ryan homes and their financing procedures. Ryan Homes does not provide 100% financing so I did not use their financing but decided to use NFCU instead. A few weeks ago I was notified by Ryan Homes that I was to pay additional monies for preconstruction/downpayment. I contacted Marcus and he informed me that he was not getting in the middle of the dispute between Ryan homes and I and that was something I would have to figure out myself.

I was confused because I thought that if I used NFCU 100% financing, I would not have to pay anything other than the down payment and closing costs. I was stuck in the middle because I was given instructions by Marcus and totally different instructions by Ryan Homes. I finally insisted that Marcus talk to the Ryan Homes sales representative and get the matter straightened out. I am not sure if he did because I called Marcus inquiring about the conversation he had or shouldve had with the Ryan Homes Sales Rep and he never returned my call. On Friday February 8th I received two emails from Marcus. The first email informed me that since 60 days had passed I would have to go through the approval process again 45 days before setttlement and to contact him then.

Then 4 hours later I receive another email  informing me that NFCU would not provide a loan for a new construction condominium. He asked for the Ryan home sales reps contact information, which I provided. At that point I asked Marcus to keep me abreast of the situation so that if necessary I can cancel my contract with Ryan Homes. Although he sent that message at 8:40pm and I responded at 9PM I have yet to hear from him. I am very displeased at the service I have received from Marcus and NFCU. From the beginning I told Marcus that I was purchasing a NEW condominium and never withheld any information from him. I contacted his supervisor Amanda and she was no help at all and told me that she didnt see what the problem was and that I would not be able to get a loan for a new construction condominium although Marcus said I would and there is nothing she can do and told me goodbye.

At this point I am working again with Ryan homes who is providing me with better financing but I am just disappointed and angry at how NFCU mortgage department dealt with this situation. I paid $400 for this loan to be processed but have not received a refund even though I was given erroneous information from Marcus. I will NEVER consult NFCU mortgage department when purchasing a home and will NEVER use their financing for anything. I have referred numerous family members to NFCU and I am sorry I did because the way I was treated was unacceptable.
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#1 Consumer Comment

New vs. New Construction

AUTHOR: RustyPat - (USA)

My experience with NFCU has been world class.  While the OP has had an issue, it would seem from the complaint that there was an apparent terminology issue that provided for the problem.


Simply put, buying a new condomimium is not the same as buying a condomimium that has not yet been built.

The former constitues buying a condominium that has already been built, but no one has ever purchased, titled, deeded, etc. and you will be the first owner.  Also, it could mean "new to you" as in different from your current situation.


Each of those are different from a NEW CONSTRUCTION PROJECT to build a new condominium.  Granted, that might sound like "splitting hairs", but in the former case, tangible asssets exist, whereas the latter case of new construction, no tangible asset yet exists.  This incurs different levels of risk, and accordingly there is a difference between the two.


I feel for the OP in this instance of what seems to be a terminology issue gone awry, but despite that, and his opinion of NFCU stemming from this, I must say that I found it incredibly surprising to find a member of NFCU complaining about NFCU in this manner.  Granted, I don't know the whole story, but it strikes me as one that seems founded in the OP not communicating the fact that it was going to be a NEW CONSTRUCTION PROJECT, resulting in a new condomium being built.

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