- Report: #1241331
Complaint Review: Navy Federal Credit Union - internet
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Navy Federal Credit Union
internet, USA
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Navy Federal Credit Union NFCU APPRAISAL FRAUD Nationwide
My wife and I have excellent credit ratings; We initiated a mortgage refinance with NFCU solely based on lower interest rates. The loan specialist assured us that with our Credit Rating there would be no problem. He required us to prepay an appraisal and told us we were required to have a termite inspection performed. Months later after a very poorly conducted appraisal (around $40,000 lower than a post appraisal we had with a qualified appraisal service) In spite of my efforts to appeal the bad information used in their appraisal, my efforts fell on deaf ears and we were ultimately denied the loan.
Most disturbing was that an appraisal from another Mortgage refinance company came in at a 40 some thousand $$ difference just weeks apart from NFCU ordered appraisal, and we closed the refi/loan with another mortgage company with no problems whatsoever. Upon doing so we discovered that the termite inspection NFCU ordered was false and not required whatsoever. I have tried to reach out to several departments at NFCU requesting a refund of the faulty appraisal and a refund of the termite inspection fee and no one will respond.
So it's pretty obvious that information was inappropriately shared and the main emphasis for NFCU was to take my application and appraisal money and run!
I have since researched NFCU for complaints similar to ours and was utterly shocked to discover there are thousands of complaints identical to ours. I now realize it's a scam and fraud of the highest level. Do we just chalk it up as being duped and taken unfair advantage of or do we demand our money back?
1 Updates & Rebuttals
Jacob
Reston,Virginia,
USA
Three years later, NFCU patterns are the same
#2Consumer Comment
Mon, July 11, 2016
After leaving this bank nearly three years ago, I kept tabs on their activities to see if anyone else was having the same negative experiences which befell me. Having spoken to dozens of people, the majority of them Navy service members, the sinister nature of this bank continues to truly amaze me. From what I have experienced myself and from what close associates have also gone through, there appear these main areas about how Navy Federal Credit Union operates.
1) Targeting on Loans: NFCU actively engages in trying to promote loans with junior enlisted service members, often tricking these young and inexperienced people into high interest rates. When the service member separates from the military, usually with a drastic pay cut, NFCU targets the individual with fees and fines resulting from an inability to pay back the high loans and interest. Yes, the person is ultimately responsible, but NFCU engages in active searches and pressures loans on people who cannot really afford them.
2) Severe violations of consumer credit rights: Pretty much every law about collections NFCU has broken. If a person is behind or delinquent on a debt, NFCU collectors will engage in illegal collection methods to include calling at all hours (personal experience, I was called well after 9/10PM sometimes as late as 1AM and as early as 3:30AM), threats of criminal action and jail time, profanity and general threats to the customer and their family, calling employers, calling family members, as well as general snide and unprofessional remarks regarding the customer's personal life and integrity.
3) Dedicated Rebuttal Department: Getting NFCU to help a person with most problems and misunderstandings is almost impossible (they never return phone calls or provide a central person or point of contact for most issues), yet in response to online complains against their bank, NFCU has an *entire office* dedicated to damage control and rebuttals. On this website along (Ripoff Report) there are obvious accounts manned by NFCU employees aimed at discrediting negative reports. One in particular is well known as stating to nay-sayers about NFCU "you should be ashamed of yourself" in response to almost every negative report. Search the comments...you'll see.
There are other issues with this bank to be sure, but I have not personally experienced them. Even so, this is a bad bank and one which is not there to help the consumer but rather take advantage of them. Stay away and use another bank.
