Now that my ire has subsided and lassitude has set in, I can write about how inept the NFCU San Diego mortgage department is. As an adult I have heard the word NO more than once; so having a loan denied is not an issue for me. But when the reason for saying no is known to the loan officer on 8-6-15, then two letters of approval are sent by the same loan officer, and her supervisor, to the me and the realtor during the month of August, and then the letter of denial was e-mailed to me on 9-22-15 (dated 9-21-15), by the same loan officer in the same loan department, co-signed by the same supervisor, I had reason to become incensed! Forty-seven days were wasted!
On 8-5-15 I set out to purchase a home, asking NFCU to finance $70K on a 15 year VA loan, after I paid 35% down and would pay all closing cost cash. After speaking with the customer service person, who only took a small amount of the abundant info I brought with me, I was told I'd have an answer on pre-approval within 72 hours.
Hearing nothing, I called the loan officer, Nicole Randazzo. After several times on hold, she finally returned with a 'you're approved' (based on the income and other information provided and a review of CREDIT) and she sent me a 'pre-approval letter, on 8-14-15. Then the grueling mortgage process began. I received a couple of dozen forms to read; signed some electronically and had to print others out, sign and fax back.
A week later when I had still heard nothing, I called to see if anything else was needed. Nicole said she didn't know where Linda Allen (her processor) was in the process cause Linda was out of the office and would not be back until the following week. When Linda got back she wanted more info, some of which I'd already provided, but I sent all to her.
In the meantime, Nicole authorized an appraisal be done and I arranged for the required inspection of the property. With credit bureau reports in hand, an appraisal coming in over the purchase price, with a home inspection done and the seller handling the few repairs required, a 'Loan Approval' letter was completed by Nicole and her supervisor on 8-25-15. The proviso per the approval was "NFCU shall have the right to withdraw the commitment should the terms of the application as submitted and approved be changed without the prior knowledge and approval of NFCU." (NOT ONE THING CHANGED FROM 8/5 TO 9/21!) Upon receipt of this letter the realtor got the title company to agree to a 9-19-15 closing date.
Soon we were into the Labor Day Long weekend. So I sent an e-mail to my loan officer Nicole, only to receive a 'robo' e-mail back saying she was OUT of the OFFICE and would return 9-25-15, (six days past my assigned closing date). Nicole must have thought the 8-25 approval letter that she and her supervisor signed was good. Needless to say, I was not shocked when Linda Allen engaged a third person to help her with Nicole out, oddly enough it was Nicole's (and I assume, Linda's) supervisor, Narda Mc Farland, who signed the 'Mortgage APPROVAL Letter' on 8-25-15.
All of a sudden Ms. McFarland required electric, water, phone bills for several years past (in two other states) to confirm that I had paid my utility bills. Naturally I could provide everything from the current year. Don't know how many of you keep utility bills from 2-5 years back, but I didn't. So I did what I thought was the next best thing and provided her Utility Company names, addresses and phone numbers as well as my previous account numbers. This didn't seem to satisfy her, so she and Linda kept asking for additional info.
Mc Farland was so inefficient and incompetent, that on Wednesday 9-17 when my realtor ask for the documents for the 9-19 closing, she told him he would have to wait for Nicole's return (9-25) as she would be out of office herself from 9-18 until the middle of next week (9-25) then scurried out on vacation. So to recap, I started the process 8/5, got pre-approved 8/14 then one week in the processor took a week off, then the loan office was out for 2 weeks to return after closing and finally the Supervisor overlapped her week off with the last week of the loan officer.
Mc Farland knew at that time that she would be denying the loan. When it became obvious to me that the paperwork would not be ready for closing on 9-19, the realtor came to the rescue and asked for a one week extension from the owner, who had her veteran husband (co-owner) of the house in Hospice dying of cancer. She granted the one week extension so that I would not have to forfeit my $1000 earnest money.
Per Nicole, she was checking her e-mail so she was able to generate the denial letter; but oddly enough both Nicole and Narda Mc Farland's actually signed it on 9-21 and she e-mailed it on 9-22. So were both women out of the office as they said, or were they just sitting there waiting for my purchase deal to fall through? As I said at the beginning, I can handle the word 'no' or 'no we can't make your loan'. I cannot tolerate inept, disorganized, deceitful, ineffective, supposed customer service specialists who do not know their product who set out to deliberately hurt a client financially, by making them loose their earnest money.
It's too late to save me. Although their effort to cause me to forfeit money and lose my purchase deal failed, they still managed to injure me financially. They caused me to put my belongings in storage (they knew the house had been pre rented after I gave notice) and there was 2 sets of movers to pay, and there was extended stay and eating out expenses. And please understand that all three of them knew our circumstances, cause my wife literally begged that they just make a decision instead of putting two seniors with medical issues what they thrusted upon us!
I'm old and tired and one of the seniors who is on a fixed income. But if there is an attorney out there who does contingency work and wants to take on the NFCU, I'd be happy to talk to you. My out of pocket expenses was a lot to me, may be a drop in the bucket to you, but the damages for intentional pain and suffering should be large. As diabetics both my wife's and my sugar levels stayed through the roof due to stress, and they are still in the rafters six weeks later.
If you got to have a mortgage seek out Fairway Mortgage or Wells Fargo Bank and get treated like a valued customer instead of a joke with NFCU.