Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #6149429
Complaint Overview
Complaint ID: 6149429
Company: Navy Federal Credit Union
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Florida
ZIP Code: 342XX
Date Received: 2022-10-31T12:00:00-05:00
Date Sent to Company: 2022-10-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American, Servicemember
Consumer Narrative
After receiving roof damage during Hurricane Ivan, I submitted an online application with Navy Federal Credit Union ( NFCU ) for a Home Equity Line of Credit ( HELOC ). My intention was to repair the roof using the funds from the HELOC while I await my insurance settlement. I received an email requesting a telephone interview from XXXX XXXX, Equity Processing XXXX | XXXX XXXX XXXX, XXXX XXXX XXXX | XXXX, VA | XXXX Telephone : XXXX | Fax : XXXX Email : XXXX, On Friday, XX/XX/2022, during our very first conversation, XXXX XXXX outlined that there would be approx. {$2000.00} in closing costs and that the roof would probably have to be replaced BEFORE they could approve the loan. I immediately responded by instructing her to withdraw my application. She replied " okay ''. She agreed to withdraw my application. She then called me back a few minutes later and stated that " by law, they must record my loan as declined ''. That is absolutely untrue. My loan was not declined, nor had they even offered me the loan or completed the interview. It was in fact withdrawn. She then stated that it would not be reported to credit agencies, but would be marked as declined only in the NFCU internal records. I advised that his too is unacceptable. So, I am requesting your assistance in having this matter resolved. I have a long-standing and blemish-free relationship with Navy Federal. I have referred dozens of borrowers due to the professionalism I experienced with NFCU, until now. I will not allow my record with NFCU to be tarnished because I withdrew a loan application. I'm not trying to be unreasonable but, I take my credit extremely seriously and they are threatening to disrupt my years of hard work by fraudulently recording my application as declined. They DIDN'T decline my loan, I WITHDREW my application. I am a XXXX, XXXX XXXX veteran and I rely on my credit in the event of emergencies. What NFCU is doing is not only deceptive and destructive, but I believe it is fraudulent and illegal. Please help, XXXX XXXX
Frequently Asked Questions
What is Complaint #6149429 about?
Complaint #6149429 was filed against Navy Federal Credit Union regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-10-31T12:00:00-05:00.
How did Navy 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 Navy Federal Credit Union?
Yes, visit the Navy Federal Credit Union company profile at readthecomplaint.com/company/navy-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.