Thursday, July 5, 2012

I Have Had It With NVR Mortgage


As other Ryan Home bloggers, buyers and owners know, you have to wait until drywall goes up before you can lock in on your interest rate.  Well, drywall went up on Saturday, June 30th.  I sent an e-mail to the NVR loan processor on Sunday night requesting a preliminary HUD1 (estimate) for each of the different loan scenarios, so we can choose one and lock our rate A.S.A.P.  The processor said that she forwarded it to our loan officer.  I sent the e-mail to the processor, because she has been much more responsive than our loan officer.  

Estimates only take a few minutes to draw up.  Everything is automated.  It is a matter of punching in a few numbers on the computer. 

Our loan officer e-mailed us at 10:30pm on Monday night stating that he was in the field all day and did not have a chance to put the estimates together.  He said that he would put the estimates together the following day (Tuesday).  Well, I never heard from him on Tuesday, so I sent him another e-mail on Tuesday.  He never responded.  Does this surprise me?  No, I've been dealing with this type of service from my NVR loan officer from the beginning.  Is it acceptable?  No.

If this was the first problem that I had with non-responsiveness from NVR, then it would not be as big of a deal.  We started off on a bad note with NVR Mortgage.  I escalated things up to the division manager.  We were given a list of excuses for the non-responsiveness... from personal problems (completely understandable, but someone needs to fill in) to being a really busy time.  I think the only reason that we have not had any problems with our loan officer lately, is because we have not tried to contact him.   

NVR Mortgage employees should really remove the following highlighted line from their e-mail signatures:

Thank you for your business!  Please remember to complete your mortgage satisfaction survey.

We strive for “10’s” and anything less is unacceptable by NVR Mortgage standards.

NVR Mortgage states the following on their website.  I say, "Yeah right!" to the statements in red:
  • Starting with your contract signing and initial application, NVR Mortgage works hand in hand with your builder to ensure you are satisfied each step of the way. Many of our competitors are not familiar with our policies and procedures regarding application and approval requirements which signal the start of your construction, lock-in confirmation, exterior escrow items, closing requirements and many of the fees associated exclusively with new home construction.
  • NVR Mortgage attempts to stay informed on every change you experience during the construction of your home. Every change order to your sales price triggers a resulting change in your loan and we continuously update your loan to help maintain the status of your loan approval. We understand that nothing can be more frustrating than waiting through your entire build cycle only to learn that you will not be closing on your home on time or worse, not at all.
  • You can be assured that when you make application with NVR Mortgage, we will be there until the day you receive the keys to your new house. 
I have noticed that a lot of the Ryan Home bloggers are not satisfied with NVR Mortgage.  I personally, would not go through NVR Mortgage if I did not "have to".  To clarify myself, they say we do not "have to", but we would lose $12,500 in closing help if we went with a loan officer of our choice. Pin It now!

37 comments:

  1. Why does it sound like we have the same loan officer? I have had problems with NVR from the start as well. The loan officer goes weeks at a time without any communication, and if I don't initiate nothing will happen. Don't want to put him completely on blast, but is his initials M.C.?

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    1. Yes, we sure do have the same loan officer! Robin, the processor is quick to respond. Mike on the other hand, I have no idea what the deal is with him. They either need a new loan officer or additional loan officers. The problem is that they don't have any competition. Not many of us are willing to give up the closing help to go with a better lender. #stuck

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    2. As others on here have stated before, it's all in who you get as a loan officer. Some have had good ones, some bad, but we got the bottom of the barrell! Nikki told me it was time to lock in our rate since we are within 60 days of settlement and the drywall doesn't go up until the 10th. I just emailed him on the 3rd asking when can we lock, and he gave me 60 day spill. I responded back, and of course no answer from him. Right now he's looking at an overall "3" from me!

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    3. Did you see CMM's response below? Their loan officer has earned 10's across the board. I would really appreciate that type of service right now. If Robin is your processor, she is excellent. You can email or call her anytime. She usually responds right away. She is really easy to talk to also. She gives straight answers. If she doesn't know the answer, she does the legwork to get it and get back to you.

      CMM July 5, 2012 12:37 PM

      "Also, when we were close enough to closing to lock-in our rate, our rep e-mailed us daily with the rates and what each rate would make our mortgage payment be. All we had to do was respond when we saw a rate we wanted and he immediately e-mailed us the papers to sign and send back."

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    4. My loan processor is Jennifer. She is good, whenever I ask a question she is quick to respond. If she doesn't have the answer right away, she will find it. If only she handled every aspect of my loan process...

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    5. oh no I was hoping we were the only ones with this issue. my hubby and I are Not chasing mike anymore. so it's kind of a joke new we want to See exactly how long it will take for him to contact us. what kind of professional emails you at 1 am when I asked for a call. he said I'm sorry its too late to call. really???? more that he's moved I hope we get to deal with someone better. it can't get any worse

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  2. I absolutely loved our loan officer. She was wonderful to work with, but our loan processor was another story. I was so excited the day that we closed that I would never have to hear from her again! Hopefully, you can get some response soon from one of them and lock your rate. At least you only have 41 more days to deal with them.

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    1. Rachel, I am so glad to hear that there are good NVR loan officers out there. If we could only pair your loan officer with my processor, we would have the perfect match! 41 days and counting! :-)

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  3. I've been going through the exact same non-responsiveness and delays from NVR from day one. Anything they could screw up, they did. They promise you this perfect, quick, streamline process. In reality you have to constantly stay on top of them ir they'll forget your loan even exists. They screw up everything, give you wrong answers, lose paperwork, etc....Without the incentives from them there is no way I would have ever gone through NVR. Good news is they sell off your loan to another bank right after closing, so you're not stuck with their incompetence for the next 30 years.

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    1. Charlie, I am sorry to hear that. I feel the same way. I had refinanced our current house with BB&T right before we decided to buy this house and it was a breeze.

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  4. YIKES!! Perhaps you should request a change? I love the quote of "10's" because I have said the same things. It was mentioned in our pre-construction meeting. Then no one tells us that the clearing was delayed. Communication is so vital in all aspects!! So far at least when we contact them they get right back. Hope it works out!!!

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    1. I don't think another loan officer exists in our area! I dealt with the loan officers manager early on in the process. It seemed to help at the time, but then things went right back to the way they were. Yes, communication is definitely vital!

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    2. I can't say who our loan officer is! We've had Chris, Alex and a 3rd a woman that communicated the NVR settlement stuff. New email from yet another that says when we get the letter for settlement to contact yet another person!
      They still have not asked for the appraisal monies. We got everything together ready.
      Have you heard anything yet?

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  5. I continue to knock on wood as I say this, but we have been lucky enough to have a positive NVR experience (so far). Haven't gone through re-approval yet, but the initial approval was one document dump, and then approved in days. Our loan officer was helpful, even going over our tax obligations with us, and responsive when I've reached out on other things. It does seem that this is another step that is so colored by the individual you have to deal with. Sorry your experience has been so bad. As a side note, both my SR and PM have mentioned that RH does take that "nothing less than 10s" thing seriously.

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    1. I hope you are knocking on real wood!!! I am glad that you are having a positive NVR experience. If things went that smooth the first time around, you should not have any problems. 10, 10, 10!!!

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  6. We locked in our interest rates last week and drywall is going up this week. Tuesday they had all the materials out there so I'm guessing either Thursday or Friday. I'm sorry you are having problems. The team in my area is great and we haven't had any issues with RH or NVR. *knock on wood* The only problem we have had was with the VA not getting the appraisal back in time so RH could start building. I hope things get better for you.

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    1. You are really lucky or should I say that I am really unlucky! I am glad that you are having a positive experience with NVR.

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  7. I guess this is an example of its just a matter of who you get. My NVR experience has been good, in fact its been so easy I didnt bother shopping around since the rate was good. But I still think I'd rather have a PM who would give me his phone # as many of you do.

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    1. Now, that is a hard choice... I don't know if I would be able to trade my PM for my loan officer. I absolutely love my PM. I deal with the loan officer a lot less than my PM, so I'll take my great PM! You know, it is really a shame... Ryan Homes customers should be getting great service across the board. Have you talked to the sales manager to see if this is standard for your PM not to give out his phone number? I would think that he would be expected to take your calls while on the clock during business hours.

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    2. It is policy in my region, at least, that you cannot call the PM. Had I known that before signing, I absolutely, positively would NOT have built a Ryan home. I need way more attention that once a week phone call. In fact a couple of the "Issues" I had could have been avoided had I had direct communication. I had common issue with Rachel, which I am literally not allowed to discuss on the blogs, which could have been cleared up before it became a "Costly" incident to my wallet. So yeah NVR has been great for me. Am I a happy Ryan customer, no. My house did however come out really good in the end so I'm excited to move in soon and be done with the Ryan folks...until warranty :)

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  8. We have had a great experience with NVR so far. We received our initial loan approval within a week. Also, when we were close enough to closing to lock-in our rate, our rep e-mailed us daily with the rates and what each rate would make our mortgage payment be. All we had to do was respond when we saw a rate we wanted and he immediately e-mailed us the papers to sign and send back. You had to wait until drywall to lock-in your rate? We locked in a week and a half ago and we still have at least a week and a half before they even start our drywall.

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    1. Can I borrow your loan officer? I wish that my loan officer cared enough to take those initiatives. Obviously there are no repercussions to his behavior, so he continues to operate in this manner. Your loan officer has definitely earned a 10+!

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    2. WOW, you are really lucky! We have to beg our loan officer and ask when we can lock in our rate. I am still waiting for his response. You had an awesome one who was willing to send you daily updates on the rates. If only we did...

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  9. Our experience has been terrible. Our loan officer, although very nice and friendly in person is NEVER in the office. Every time I email her I get an out of office message. Underwriting was missing all sorts of documents that I sent already and I didn't get asked to provide them until underwriting "had" had the package for two weeks. She also called and asked for our $450 application check after NVR cashed it a month prior and now when they should be asking for followup documents underwriting asked for with the approval, she forwarded it to our processor who has yet to respond to my questions. That was 27 Jun. Certainly no 10's here. They may go out of business if it wasn't for the incentives...

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    1. Leah, I am so sorry to hear that. That is awful that you got stuck with two bad apples. There has been a lot of confusion throughout our process also.

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  10. Our NVR experience has been good. I guess it just depends on who you get.

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    1. I am so glad to hear that the NVR reps are not bad across the board.

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  11. I had problems with my mortgage, but not NVR. The problems I experienced, which delayed closing by 3 weeks, were caused by my bank. NVR actually fixed the problems for me as I was beyond 'yelling' at anyone willing to listen to me. Thanks to NVR for helping me out of a sticky situation.

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    1. That is great news. I wish I had your NVR team on my side right now!

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  12. I'm sorry you've had issues with NVR. Sometimes I think people feel like they have locking issues because they aren't in close enough yet to get the daily updates from the loan officer.

    I can say without reservation that dealing with NVR was the nicest part of our whole house building experience by far. Everything was easy and stress-free. (I stressed one time, but it was because I was afraid everything would go wrong after reading other blogs. After talking to Kelli I was a-okay)

    NVR did make a mistake when doing our calculations, causing us to remove a few things from the house. They said our closing day payment would be $7000 higher than we had figured. It turned out that we could have left everything on the house. Our calculations were correct, not theirs. So, on closing day we took less than we expected. That's the worst thing to happen to us because of NVR and we're living happily even without all the stuff we removed. Some days I really regret the crown moulding over the cabinets and the surround sound, but mostly I'm fine.

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  13. What happened to Freddy Kruger? Made me smile! Hope things are better with NVR. I would guess my husband would be asking for someone else.

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  14. Our experience, so far, has been really good. Our loan officer and his assistant are extremely prompt when replying to inquiries and they answer all of my millions of questions. I've double checked everything they've done and asked questions on things I didn't understand clearly. They've both been very nice and patient while I figure things out and gave me "free" education on the whole loan process. I literally have read everything word for word and questioned most things. When my DH lost his credit score out of now where, my loan officer gave me the bad news but then told me he had already researched how to help fix the problem and told me what to do rather than leaving me to figure it all out on my own. The loan officer stayed calm and assured me that things will be fine ...which is exactly what I needed him to do. He was right. We close in a couple weeks so there is still time for mistakes but from my past experience...everything has been really great so far. There has been no pressure to use NVR (just the knowledge of the incentive loss) and we've been encouraged to make the best decisions that we feel comfortable with. I like that. I'm so sorry to hear about your bottom of the barrel loan officer. I would definitely make sure the survey tells the absolute truth and I would probably even email customer service for every incident that happened starting today. Maybe there is still time to put a little fire under his butt. There are too many people out there without jobs that would do a much better job....and hopefully NVR will remind him of that.

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  15. Maria, I have to admit, reading your blog has been a journey of ups and downs. I am sorry your family is having these experiences with NVR, the storm etc. Even though we had to wait and wait for our loan approval. I can not say anything negative about NVR or RH. Our loan officer, our SR and the Operations Manager and others were going to the bat for our loan approval. I am in full gratitude and appreciation. I am just happy that part is over. In the meantime, I will continue to lift up your family as you continue building with Ryan homes and from here on everything will run smoothly! Your family deserves it!!

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  16. I am too frustrated right to explain how pissed off I am with having had to deal with the Incompetent fools at NVR Mortgage DE. All I can say right now is that if you're a 1st time homebuyer STAY THE HELL AWAY FROM NVR. Those scamming SOB,s should be put out of business.

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