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NFCU Mortgage Process (with updates)

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Anonymous
Not applicable

NFCU Mortgage Process (with updates)

This is my current situation with the NFCU pre-approval mortgage process if anybody is in the same boat or looking to apply with them. I'm well aware that everybody is different and we will likely not have the same loan officer but I've read countless posts about how slow they are (which is accurate in my case!) so I figured this may benefit some people.

 

-April 4th: Initial application submitted, majority of documents uploaded

-April 5th: Loan officer made first attempt at contact. This was via e-mail in which she asked for me to tell her a good time to call because she had some questions. I replied instantly with a time as well as an issue with one of the required documents (it was a questionaire that should have been emailed to me but I did not receive it). 

-April 6th: Credit Approved

-April 7th: No word from loan officer so I called. No answer, left a voicemail. Received a call back 5hrs later.

-April 9th: Last documents submitted (my 2020 tax return and paystubs, all my husband's documents were submitted on the 4th)

-April 13th: No word from loan officer. Sent an e-mail asking if she knew an estimated date of when to expect a pre-approval letter along with other questions.

-April 14th: Still no response, called with no answer and left a voicemail

-April 15th: Still no response, called office and personal cell phone, no answer. 11 days since initial application was submitted so I called the mortgage office for NFCU. The guy mentioned everything was submitted but there were documents still "pending review". He spoke to a supervisor who told him to escalate my application due to the length in time since it was first submitted. Escalation apparently means an e-mail will be pushed out to everybody in the department so that someone will HOPEFULLY have my pre-approval done within the next couple of days.

 

Annnnnd thats where we are at. I've been with NFCU for over 7 years and have loved them up until this point. I will update when something changes!

 

***Update***

 

4/16: Called both office and personal phone, no answer, left voicemails. Sent an email about 2 hrs after last voicemail. An hour later I finally got a response from her stating she will check with underwriting and get back to me in a moment. Hour later, no response back yet.

 

Message 1 of 10
9 REPLIES 9
MauiMan85297
Established Contributor

Re: NFCU Mortgage Process (with updates)

We have many of cards from them and have ALWAYS had great customer service (even their branches) but that would send me over the edge if it took that long to get a pre-approval.  I'm a veteran and my company is veteran owned and I get my clients a pre-approval the very same day once I have all the requested documents in.  Going with big box banks is the killer here!  I have a friend that's an underwriter for Chase and they're telling people it's 90-120 days to close a loan from start to finish.....Yikes



Message 2 of 10
Anonymous
Not applicable

Re: NFCU Mortgage Process (with updates)

My whole family is loyal to NFCU because they've always been amazing! Part of the reason we wanted to go with them for our mortgage but this has been so frustrating on top of an already frusting process! We've seen so many houses that fit all our criteria sell before we could even get a chance to look because I don't want to look at something without a pre-approval letter. Our realtor is a family friend so he wouldn't mind but the last thing I want is to fall in love with a house and then something falls through. But this experience so far isn't setting a good tone for what closing may be like if this keeps up!

Message 3 of 10
Anonymous
Not applicable

Re: NFCU Mortgage Process (with updates)

I submitted my pre-approval application on Monday 4/12 and received instant pre-approval and pre-approval letter with NFCU! I work with someone , he is on top of everything!

 

@Anonymous please do not use any identifiable information for yourself, or others (as it was the case here). 

Message 4 of 10
brk1971
Frequent Contributor

Re: NFCU Mortgage Process (with updates)

My experience was a very quick and very communicative one also. I occasionally read stories like yours about delays or hiccups with NFCU mortgage folks, but I cannot echo that experience.  Honestly, I found them above expectations throughout my process, so it may just be that some LO and processors are good and some are not... 

Fico8 = EQ 779, TU 802, EX 771 (6/22/2022), util = 6.5% ish
INQ in 12 mo: EQ 4, TU 4, EX 7
Cards: NFCU: Flagship VS $45k, Plat $24.3k, Plat $10.7k | Amex: Delta Reserve $50k | Citi: DC WE MC $28.8k | Discover: It $22.5k | Barclays: Juniper $15.25k | USAA: PCR VS $15k, RA $5k | UMB: SR VS $15k | PenFed: Path VS $20k, Plat Rew VS $15k | Synchrony: Lowes’s store $25k | Truist: Bright $10.5k, Bright $6.5k | Cap1: Venture1 Plat MC $10.3k, Kohls store $3k | Comenity: MyCash MC $17.5k | Wells Fargo: AC $10.3k | TD Bank: Target MC $6k (Reports as retail card despite now being MC) | BoA: CCR VS $30k | Affinity FCU: Premium VS $25k
Message 5 of 10
rockstar53
Valued Member

Re: NFCU Mortgage Process (with updates)

I would have to agree, for me from start to finish on a second home loan conventional- applied on 2/1, under contract 2/15, closed on 3/31

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Message 6 of 10
Anonymous
Not applicable

Re: NFCU Mortgage Process (with updates)

We are currently in the process with NFCU, set to close on Thursday. My best advice, stay ontop of them! 

 

We recieved instant approval 24 Feb, went into contract 27 Feb and had conditional approval 16 March. I stayed in constant contact with them, to the point where  I was likely annoying. The house we are moving to is vacant and all we wanted was to close early.  Our initial close date was set to be 28 April but we are closing a week early. I think mostly due to my communication. I will admit, our first mortgage loan office was bad, but she was let go during our file and our new mortgage loan office is amazing. She answers an email in 10-15 minutes and is very sweet. I think you'll be fine, just like I said, stay on top of them, you'll likely need to escalate to supervisors a few times, I had to, too. UW may take a bit because they go in order based on your closing date. So, that could be part of the problem, too. 

Message 7 of 10
Anonymous
Not applicable

Re: NFCU Mortgage Process (with updates)

Well it does plainly state on their Mortagage page: 

Due to a high volume of applications, it may take us longer than normal to respond. 

We’re working to process applications to the best of our ability.

Thanks for your patience.

 

And given the Housing market this past 8 months it's kind of expected for Lenders to be backlogged, not to mention construction aspect and those companies being booked for months and well into next year.

 

Heck, my local CU states that due to high demand it will take 90+ days to close. And with how quick houses are getting sold who's to day if there will be anything by the time tehy approve the application..

 

 

 

Message 8 of 10
JVille
Valued Contributor

Re: NFCU Mortgage Process (with updates)

Does your LO have a Processor? That who you need to get ahold of. That is the person who knows everything about your file. 

Message 9 of 10
brk1971
Frequent Contributor

Re: NFCU Mortgage Process (with updates)


@JVille wrote:

Does your LO have a Processor? That who you need to get ahold of. That is the person who knows everything about your file. 


This. Is. The. Answer. 

Loan Officer / loan originator = sales person.  Loan processor = the person actually working your file. 

 

Fico8 = EQ 779, TU 802, EX 771 (6/22/2022), util = 6.5% ish
INQ in 12 mo: EQ 4, TU 4, EX 7
Cards: NFCU: Flagship VS $45k, Plat $24.3k, Plat $10.7k | Amex: Delta Reserve $50k | Citi: DC WE MC $28.8k | Discover: It $22.5k | Barclays: Juniper $15.25k | USAA: PCR VS $15k, RA $5k | UMB: SR VS $15k | PenFed: Path VS $20k, Plat Rew VS $15k | Synchrony: Lowes’s store $25k | Truist: Bright $10.5k, Bright $6.5k | Cap1: Venture1 Plat MC $10.3k, Kohls store $3k | Comenity: MyCash MC $17.5k | Wells Fargo: AC $10.3k | TD Bank: Target MC $6k (Reports as retail card despite now being MC) | BoA: CCR VS $30k | Affinity FCU: Premium VS $25k
Message 10 of 10
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