Not sure how to report a company that promises loans "as low as" 4.625 and quotes a 80% LTV ratio on the website. But then when you get to closing the loan is 5.125.%. And they want your loan to be only 60% LTV not the 80% LIV they show on the website. That is plain an simple Bait & Switch.
This company is getting away with it on its members. The loan officers are taking advantage of members. When you complain, they either switch you to another loan officer or refer you to the corporate office. The loan officer will withdraw your application & absorb your $250 application fee After you have paid these fees UPFRONT. Appraisal $400, application fee $250. Total $650. They will only send out their approved appraisers and you have no voice in their selection.
As a 25 year member I feel I need to write to let the world know that NFCU Mortgae has a C - rating with the better business bureau and that I feel that their current practices are deceptive. There current loan application forces you to either lock in or "gamble" on a future interest rate possibility at the time you apply. Two of the selections cost no money a third selection costs you a quarter of a point. So they have leverage on your selection plus the cost of the $650 application fee. Which in terms of costs for military people is HIGH!
USAA & PenFed put the actual rates on their websites not some hocus pocus 'as low as BS. I have had 2 prior closed favorable loans with this company and 1 CC but never had I had such an unsavory experience with this company & a complete waste of my time & my wife's time for a month.
Busy people don't have the time to go through these shenanigans. All I want is a Refi not a Magnifying Glass going over every one of my but hairs and every piece of property we own. We aren't pledging any other property other then our house for the refi yet they want to see every asset that we have in order to Refi..! Nough is enough.
Someone from HUD and or the Treasury department needs to take a look at this company. Never again.
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