Navy Federal Credit Union

Once the VA appraisal was completed, he notified me, verified a a couple of more things, and informed me that my loan packet was going for final review. This is where things slowed down considerably. I was about a week from my scheduled closing date (15 July 2019) and still had not received final approval. The Thursday before closing, Mr. ** sent me an email at 3:15pm informing me that the reviewer had began working on my packet.

At 3:37pm I received another email from Mr. ** congratulating me on being approved. Mr. ** called me and apologized for the delay and explained that they were a little backed up because so many people were applying for mortgage loans due to the low interest rates. I completely understood. I read a lot of negative reviews about the NFCU mortgage process but I can honestly say that Ms. ** and Mr. ** kept me informed every step of the way and made this a very smooth process for me. I highly recommend NFCU!!

Coming from a woman who expects nothing but the best out of the companies that I give my money to, they meet, if not exceed, my expectations. They are exactly how banks and credit unions should be, and to be honest, how other companies should act. Professional, knowledgable, and courteous. I have never gotten the runaround from any representative, they are all on top of everything, and if they were in trouble financially as a credit union, they are someone I would invest in. Also, note the fact they have never had to have a government bailout unlike SOME banks which I shall never do business with. Absolutely nothing bad to say about Navy Federal. Will DEFINITELY be with them for life.

I've always stayed on top of my finances and saved for emergencies in case I didn't have a paycheck. I also didn't use my credit card or checking if the money wasn't there to pay off a bill. It doesn't work for everyone, but it's interesting how many people want their banks to give them money with little to no collateral. NFCU (like many institutions) has so many notification tools to keep you updated on the status of your accounts. I guess it's no surprise when certain media outlet report that on average 40% of adults don't have enough savings to cover a $400 emergency. If your expectation is for this credit union to give you money for nothing (no interest or collateral)--then you might want to consider looking elsewhere. If you're on top all your finances and are looking for competitive rates, offers/promos, good phone app/security features--then you won't be disappointed.

To my pleasant surprise, they not only came through with the funding but were able to close the loan within three weeks. The closing went smoothly and was completed in about 90 minutes. I will offer a couple of my insights to those considering NFCU: Their response time can tend to be slower than a local bank. I made sure I called and emailed early in the day so as to get a response by late afternoon from them. I got the sense that my loan officer was extremely busy and handling a high volume of loans. There were a couple times I called and she didn't recognize my name (even though I was in contact frequently via phone or email). I also felt a bit rushed when on the phone with her. That being said, she was very knowledgeable and always answered my questions. I would suggest email as a primary way to interact with your loan team.

I live in a state where they do not have a physical branch. Therefore, I had to ensure I downloaded, signed, and then uploaded all their online documents. After that, I ensured I faxed them too (just to be sure). If you're someone who needs lots of guidance, then this is probably not the best lender for you. Personal diligence is imperative. They accept anyone from any of the military branches (not just Navy). That being said, you have to become a member of their credit union. This was pretty simple. For example: Open up an acct for $25 and you're good to go. They'll then review your credit and determine if you meet the specifications for your requested amount.

Overall, based on my experience, I'd recommend NFCU to any service member (former or current) who is looking for an excellent interest rate and isn't intimidated by having to be a little more independent in terms of having to get the paperwork completed. I can see why some get frustrated, but for myself, NFCU was a very good fit. I hope this was helpful. Best of luck.

On 7/15 I went to the branch to speak to the branch manager as this was an inconvenience and it is MY MONEY. The assistant manager was the only one in and too busy to speak to me so I ended up with someone else who didn’t have the authority to release anything. I asked them to release the check which they would not and I had to BEG them to release at least enough of my money to get my truck out. After keeping me waiting almost half an hour they released just enough for me to get my truck.

That same night 7/15 at 10 pm while I was out in town and my bank account switched to saying I was overdrawn by $-4300. I was stuck with no access to my money and no way of ordering a ride home. I had to call and wake up a friend to come pick me up. I talked with a rep and they said there were no notes put on my account saying I was authorized the release. I had to explain to them that if a limit on a card is $3000 I would have had to have called and spoken with someone to have it upped for the transaction. This person did not help at all and my account is still stuck overdrawn on 7/16. I now have to wait until the bank is open to go in and deal with this AGAIN. After this is done I will never visit that branch again as they are not about customer service at all.

It took them 72 hours to contact me about my documents (supposed to be a 24 hour turn around). They ask for more documents. I submit them very timely (within 24 hours again). I am in my contingency window and begin the normal things such as ordering a home inspection and having contractors come out to do estimates for repairs to negotiate my price down further. I also put an earnest check down of 2300 that's required. I try contacting them on Monday morning to start ordering the appraisal to get the ball rolling and ensuring there will not be any contingency issues that will not fund the loan. I don't get a call back till Friday (96 hour turn around) and finally get the appraisal ordered.

It took 20 days for the appraisal to come back and the underwriting department to review it. I submit multiple counter offer changes and amendments (change in price, seller closing costs, among other amendments) with minimal contact from the loan officer, they never sent me new loan estimates with increased seller contributions or reduced price on the home. I ask multiple times about point buy downs spreadsheet to lower my interest rate and it took a week to get that. Finally all said in done I'm in the home stretch and I'm 7 days to close. I had to submit a new closing date as I would not be in the area to sign documents but have not sent that to Navy Federal quite yet as I am waiting for the sellers to sign it.

I get a call from Navy Federal 7 days before my initial close date that they have contingencies?!?! This is well outside the contingency window time frame. They need the leaks in the basement to be repaired that are not listed in the appraisal, the appraisal says there is minor standing water with no structural issues. So now I'm supposed to contact my realtor and tell them this, this is potentially going to cost thousands of dollars to seal a few minor cracks and then get another dampness certificate to get this to fund.

At this point the seller has the option to walk away with my 2300 earnest money and just say "no". My family was moving back in country from Japan and I was about to be homeless. I managed to find another lender that offered me a 4.0% interest rate with 5% down and willing to fund within 10 days of my closing date with no contingencies as standing water in basements is common in the state I am purchasing a home.

I send a very detailed letter about my frustrations to my loan officer, her assistant, and her boss hoping to rectify this and help me out, I never received a response. They lost 200k in interest payments and didn't even bother to contact me back apologizing for anything. I have shopped around for rates for my next vehicle loan and found other lenders to be much lower. At this point I am only keeping my checking account, CD's and credit card (due to 13 year credit history account on the cc) with Navy Federal and will be taking all of my business elsewhere. Very sub par customer service and communication for a 200+ k loan. I will never be using them again for lending needs.

The IT department, which I presume the web manager is under that umbrella, should have a reorg to find the simple ways other financial institutions use to keep their websites up and available. They should quit advertising on most sporting TV events and invest our money in sound backup and management practices. Already the world’s largest Credit union, what more do you want at the expense of members you already have?