Mortgage -- Closing on a mortgage -- Complaint #4556361
Complaint Overview
Complaint ID: 4556361
Company: Pentagon Federal Credit Union
Product: Mortgage
Sub-Product: VA mortgage
Issue: Closing on a mortgage
State: North Carolina
ZIP Code: 28792
Date Received: 2021-07-19T12:00:00-05:00
Date Sent to Company: 2021-07-19T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
Hello, I contacted Penfed ( Pentagon Federal Credit Union ) credit union early XX/XX/2021 for a refinance on an existing VA loan to lower the interest rate and payments on the existing loan. I was incline to take a Interest Rate Reduction Refinance Loan ( IRRRL ) with the Credit Union for two reasons ; 1. I was already a member and 2. The Rate Quote and the no closing cost. During the process I was told about closing cost .. and I usually corrected them with I believe there are no closing cost, and I was told ; by the refinance agent right " no closing cost ''. As the date came closer to the closing date I saw closing documents that had closing cost from {$1100.00} to {$45.00} and again I asked the loan agent, I have not been told about closing cost, nor did I ask to roll over any closing cost into the refinanced amount. I was again reassured that there would be no closing cost. The closing documents were corrected and it came down to closing cost, which came out to be {$45.00}. This refinance will create income for the Credit Union just by collecting the interest from the new loan. So I could see the Credit Union not having Closing Cost. My complaint is that at anytime the agents could have said, there are closing cost but it was not straight forward and that is the complaint. I pushed hard for no closing and I reviewed the closing statement very carefully, and would bring the issue of No Closing Cost at every bend of the refinancing process. The document attached lead me to believe there would be no closing cost and even with all the disclaimers on it I went ahead with the processing of refinancing our VA loan, the credit union agent could have said anywhere in the processes there is going to be closing cost, and they didn't. Either I was lucky, or I pushed enough and as a result we only had {$45.00} in closing cost. Perhaps others can benefit from knowing this.
Frequently Asked Questions
What is Complaint #4556361 about?
Complaint #4556361 was filed against Pentagon Federal Credit Union regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2021-07-19T12:00:00-05:00.
How did Pentagon Federal Credit Union respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Pentagon Federal Credit Union?
Yes, visit the Pentagon Federal Credit Union company profile at readthecomplaint.com/company/pentagon-federal-credit-union to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.