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I have been a client of this bank for about 5 years, I pay monthly all my bills and don't bother them. Covid-19 hit and I was laid off my job, I found another that paid about 80 percent less and am barely getting by with it. I called asking for an extension on my credit card for 200 dollars so I could pay my lights and get food for me and my child. They declined and declined a pandemic relief loan. I cried and begged them to help and they could have my full 300 dollar check come a week from now. They still declined. This is a bank who is denying assistance to starving, struggling members amid a pandemic they did not create. They do not care. They will not help.
I should've known we were heading for trouble when the Buyer's loan officer began our conversation by telling me all the things her company couldn't or wouldn't do. "Our loans are taking a minimum of 60+ days to close!" she relayed from her script. "Thanks!" I replied. "I look forward to working with you too!" Back on February 20, 2020, one of my Seller clients (a nice active-duty Navy family) went under contract with some Buyers who also happened to be an active-duty military family. The Buyers were using a VA loan through Navy Federal Credit Union. Our transaction was scheduled to close by March 26th. We navigated through the home inspection, which revealed that the roof was at the end of its effective service life and needed replacement. Several qualified 3rd party contractors confirmed that assessment, and the Sellers agreed to have the roof replaced prior to closing.
On March 23rd, I received a text from the Buyer's broker stating that the appraisal had come in $22K below our contract sales price. I inquired about invoking Tidewater, an initiative that allows you to contest the appraiser's price opinion by providing additional comparative sales data (It's worth noting that the roof was replaced AFTER the appraiser toured the property).
After a week or so of waiting for NFCU to respond about invoking Tidewater, I called the appraiser myself and was informed that he had finished his appraisal around the 18th of March, and had attempted to contact the loan processor at NFCU several times regarding the low appraisal. The loan processor was the only POC (point of contact) on the file. Since he was unable to reach her, he had no choice but to submit the file to the VA.
I relayed this information onto the Buyer's broker. Shortly thereafter, I was contacted by the Loan Processor's Supervisor at NFCU. She assured me that she was overseeing the file, and would be working with the appraiser to explore any options. In passing, she shared that the loan processor assigned to the file had been out on vacation when the appraiser called about the low appraisal. So the reason Tidewater was never invoked was because the loan processor was off on vacation and NFCU had made no provision for someone to manage her files in her absence.
Obviously, the only option available to us at this point was to file an ROV (Reconsideration of Value). This is a formal process where you can appeal the appraisal directly to the VA. You fill out a form with comparative evidence that supports a higher value, and provide some limited commentary as to why the comparative evidence is more accurate. In that commentary, I also included the cost of the roof replacement. Once the ROV is submitted to the VA Regional Office it normally takes 7-10 days for them to reach a determination. I was told by the Loan Processor Supervisor that the ROV had been submitted on April 6th.
After two weeks of crickets from NFCU, I made some inquiries and was able to connect with the person at the VA Regional Office in Denver who is in charge of fielding ROV's. He informed me that an ROV for our appraisal had never been submitted to his office. On April 27th, I forwarded this information onto the Supervisor. Two days later, she called to let me know that the ROV had been submitted to the VA, and that it would take up to 10 days to process. She offered no credible rationale as to why it had not been submitted, and offered no apology for the added delays. The Buyer's Loan Officer has been conveniently absent throughout this entire ordeal.
In summary, I've never experienced a company that so intentionally sets up virtual roadblocks, making it literally impossible for you to reach anyone to pose inquiries or obtain information about a loan in process. And when you do finally make contact, their response is abysmally slow, accompanied by an attitude of indifference, and a total lack of culpability.
While Navy Federal Credit Union may offer reasonable levels of service for their traditional banking services, their mortgage department is clearly negligent in the way they treat the valued active-duty service members and honored veterans who entrust them with funding the purchase of their homes. It's sad when a mortgage company whose name specifically targets our valued active-duty service members and veterans fails so miserably to serve those who have faithfully served our Country!
Take it from me! Do not ever do a overdraft or line of credit that they call it with Navy Federal. It is my fault but when you need money and help because you're down and out and struggling you have no choice but to go to a bank. I have been paying on this line of credit since I was 18 and today I am 27 years old. No matter how much you pay Navy Federal charges 71.25 for a finance charge which is ridiculous. To be honest I will never be able to pay this off unless I hit the lottery and that is the truth.
When I pay the minimum they take that and then overdraft me again because of their finance charge then here is the kicker - they slap it on your credit that you are over your limit because of their finance charge. I do not understand how this credit union says they help active and retired veterans and their dependents but you might as well go to another bank if they are going to do this kind of stuff. I am really sorry I did this with them but like I said you do not have a choice when you are trying to make it in the world.
Due to Covid-19, I recently lost my job, withdrew my retirement account just to pay off the balance on the line of credit checking with NFCU and learned that NFCU only cares about charging their members interest during this unfortunate time. A customer service representative who handled the COVID-19 member assistance offered me to open another loan account with low interest. Unbelievable as we are not in this together since NFCU only cares about making their profits even when all of us are dealing with the horrible pandemic.
How a company with 1 and a half stars overall on this site can get first 5 reviews on this site at a perfect 5 stars tells you a lot. The bad reviews are the same problems I had 2 plus years ago when I first signed up with them and applied for a HELOC, Home Equity Line of Credit. They still haven't learned or refuse to correct their mistakes and keep making them. A recent call confirmed they're the same horrible customer service when a Representative decided to argue with me over the phone. He wanted me to put my concerns in writing...I'm now doing so, but not for them as I'm supposed to be recorded. Doubt it. They are the worst credit union in the country and all you have to do is look up their reviews. Do it.
The ABSOLUTE WORST EXPERIENCE with Navy Fed refinance/mortgage/loan department I could have possibly imagined. We started the refi process in October 2019 with a 60-90 expectation for completion. After 4 loan officers, several times resubmitting our paperwork because they kept losing or misplacing it, paying for an appraisal, paying for a termite inspection, two credit checks later because they took so long to process our loan that the first one had expired, so many phone calls with no response, waiting, waiting, waiting not to mention the lack of availability of the loan processing department to even discuss our refi....
Our appraisal comes in insanely low, we request reconsideration of value, get an additional $30,000 added to the value (which was still under value), we finally get sent to the review board in March 2020 and are denied. Superior credit, never late on any of our Bills, perfect credit history and we are denied and no one will discuss (because they are sending us a letter in the mail to explain). Such a disappointment to work with. We had such high hopes considering they are supposed to cater to the military community.
I would have thought Navy Fed would honor their members with better service but they are an embarrassment to the military community and should be immensely ashamed of the quality of service they provide. We should have known when we were initially moved to our second loan officer that we should have bailed but we tried to give Navy Fed the benefit of the doubt. Do not work with them and if you already are run away now before you waste half a year waiting on their lack of professionalism and integrity. Wow just wow Navy Fed????
NF really hated their 1 customer, the military. I know this because when I deployed last year I had a crap experience with them. I contacted my lenders and every one of them adjusted my rate to be in compliance with the SCRA law except one. Yep, you guessed it, Navy Federal. I called them over 10 times and emailed them 23 times to correct but got no ones here during the entire deployment. When I did get them on the phone l, they said they were " seamoed" and didn't have enough help.
I contacted my congressmen and he initiated a congressional inquiry. Eventual NF gave me back the 1000+ dollars they had overcharged. I recently called them to discuss why the interest rate was never adjusted, they were dismissive and tried to " educate" me on the SCRA, I told them it is ironic they tou want to tell me about a law that only tour company did not comply with. I am in the process of moving all my accounts from Navy Federal to USA@, I would do the same if I were you.
NFCU was outstanding! As a US Navy veteran, I was very pleased with the professionalism of the loan processor department. I and my wife filled out the paperwork according to their instructions-which they communicated very clearly and within a week we had a new mortgage. Much, Much better than TIAA Bank (which was terrible in my opinion)! NFCU offered better rates and less hassle!!
I am always wary of negative reviews for any product or service. I will start by saying, I never write negative reviews - ever. I just went through a terrible experience with NFCU for a refinance and want to warn anyone else considering it. I have excellent credit. Have owned my home for 10 years with NFCU holding the mortgage. I have never missed a payment and have an excellent loan to income ratio. I applied in January 2020 for a refinance. Over the course of January - March I have been extremely frustrated with the communication or lack of from NFCU. NFCU uses 2 applications for their mortgages. HomeSquad and Document Delivery. These two applications do not talk to each other. They send conflicting information via emails on a daily basis.
When I tried to talk with my loan officer she would take 2 days to respond and would not answer any of my questions. She would leave me voicemails but would never answer any of my questions. So I continued to try to talk with her and even asked if we could setup a meeting so we could have an actual discussion since up until that point we communicated by leaving each other messages. She acted and responded like she didn't have time for that. It may not be her fault - she may be dealing with hundreds of applications - I don't know. Either way, as a consumer I was left confused and frustrated for over a month.
The final straw was when I received an email that my application has been denied because of incomplete documentation. So now I have a hit to my perfect credit because of NFCU inability to communicate or have a well designed process for mortgage loans. I will be taking my business to another lender. Shame on NFCU for not putting the customer first. I have been a very happy member up until this point. I really appreciate NFCU for having ATM's and branches close to my home. After the way I was treated I will be moving to another bank.
No special offers to veterans. Not even a better interest rate of the loan, no different from other lenders though some lenders have better offers. Their customer service is as bad as their interest rates even with a good credit score.
Navy Federal Credit Union Company Information
- Company Name:
- Navy Federal Credit Union
- 820 Follin Lane SE
- Postal Code:
- United States
- (888) 842-6328