Navy Federal Credit Union

My husband and I are long time Navy Fed members, and have had great experiences with them until trying to use our VA home loan for the first time. Everything was great until we were assigned our loan officer. We were not contacted by him in the time that we were told that we would be, phone and email messages go unanswered, and important questions go unasked. We have had to educate ourselves on everything, and are going to go with different lenders for our mortgage (who, by the way, called us back on a Friday night within minutes of our first message). Navy Fed is working their loan department way too hard with zero customer service.

I have been a member of Navy Federal (NF) for over ten years now and I just recently purchased a home, in Florida, and have a mortgage with them. Their realtor program is great and did not have any problems with the purchase and loan process. The one thing I did have a problem was just recently with the escrow. When they were putting together all the data for the loan and escrow, they relied on the property taxes that the previous owners were paying, not taking into account that they had Homestead Exemption and paying a lot less. So, when it was time for NF to pay the property taxes, they were short. So now we have to pay over $ 1000 to recoup the escrow. If they weren’t lazy and actually looked up and used the actual tax amount then I wouldn’t have this New Years surprise to worry about. I wonder how many other people have had this problem? Just FYI when buying a home, double check your property taxes with your county tax appraiser and bounce that of with NF’s data before signing anything. Lesson learned. This caught me by surprise cause this did not happen to me in Texas, but then again I did not use NF. Other than this issue, NF is ok.

I have a very persistent identity fraudster who has tirelessly opened bank accounts and credit cards in my name all last year. It’s been super annoying having to call all these different banks to close these accounts, however, once I explained the situation the accounts have been closed no problem.
This is the ONLY bank that refuses to close the accounts. Yes, they put a fraud alert and restricted the account… But for some unknown reason they won’t close them. My most recent letter from them stated that this account that I DID NOT open or USE was now overdrawn a $ 5 fee. Wtf?! I’ve called them several times over the past two months, and faxed them a fraud claim trying to handle this. They apparently have no information they can give me, such as IP addresses, what info the identity thief used to open the account etc. Now I have to wait for some security person to call me back and hopefully they can close this account. Ugh
Update: Still no one has ever called me back. We will see if I still get mailed account balances.

The bottom line is that their mortgage product is unusable.
At first, Navy Federal Credit Union seemed like a great deal. They still offered 0 percent down loans with no PMI. We went through the online application process, which was fine.
But when it came to start making offers on houses, the real trouble started. We live in a very competitive market, and one of the first things we learned about NFCU was that they had gone early to the 45-​day close that some lenders might be going to in October 2015. A 45-​day close in a competitive market is… well, just not competitive! Most people could close in 21 – 30 days. Even after October, our realtor told us that many mortgage brokers and banks are going to still try closing in 30 days by cutting down some of their processing time. Our loan officer pooh-​poohed this and basically dismissed all of our concerns. We made four offers with NFCU and none were accepted, I think at least partially because of the super-​long close. Also, the letter was not like the preapproval letters we read about online. It was accompanied by two pages of conditions, and even though we’d already given them things like tax returns and W2s, the letter said things like «this loan is dependent on receiving W2s and income verification.» We tried hard to get them to at least partially underwrite us so that they could remove some of those conditions, but they refused.
Which brings me to the real problem with NFCU: the customer service, which is, simply put, atrocious. This was our first house, so I didn’t really know the difference until we tried with a different lender. The first major snafu with NFCU was that for some reason, they qualified us for less than what they were actually willing to loan us because of some communication error about how much we wanted. So we lost out on offering on one house because we thought that the loan amount wouldn’t cover it, even though it turned out that they were willing to go to a much higher number. Maybe we could have clarified this with them if it wasn’t basically impossible to talk to them, but every time we called our loan officer (Carla Gustafson), it was like speaking to her for the first time. She never remembered who we were or what we’d already given her. She was apologetic and said it was because of her case load, but really, either hire more people or preapprove fewer loans. She was nice enough when we did manage to reach her, but not having someone who remembered where you were in the process was a major hindrance to us making credible offers. She wasn’t willing to write us the strong preapproval letter that we needed: I’m not sure she could have done so if she’d wanted to. Everything about the experience of working with NFCU and Carla was frustrating. She clearly thought that their extraordinarily long close time was no big deal, and said as much, no matter how much we told her about the situation here (multiple offers, double-​digit overbids).
Eventually, after we kept failing to get an offer accepted, we ended up going with the new San Francisco start-​up SoFi. It really put in stark perspective the problems with the NFCU experience. Our SoFi loan officer was always instantly available, remembered who we are, was very quick getting back to us when underwriting needed something else, and, best of all, was able to write us a strong preapproval letter with a 21-​day close. Everything was done online and over the phone, and when our loan officer heard that we were going to be out of the country on day 21, she sped up the process so that we could sign the papers before we left. Our interest rate with them was only slightly higher, and although we had to put down 10 percent, SoFi also doesn’t charge PMI. You get what you pay for sometimes. If you want the VA hospital experience, by all means, go with NFCU. But I wouldn’t recommend it in any market that is even slightly competitive.

Not a fan of this credit union. I’ve had very bad experiences dealing with them after the death of my husband. They made an already traumatic experience worse by not following through with the business I needed them to take care of. Five years later, I am still trying to come to a resolve.

Navy Federal Mortgage Loan Review
If you want to be Happy, sometimes you need to lower your expectations.
I’m a Veteran of the USMC Reserves serving six years from 1965 – 1971.
I was honorably discharged.
I am eligible for a VA backed loan.
I was told Navy Federal handled VA loans.
My expectation was to secure lending for a home I had purchased.
I’ve purchased eight other homes in my life and have an outstanding credit rating. I applied on April 4, 2015 for closing May 26, 2015, 53 days, when most Real Estate deals require closing in 30 days from date of contract.
I met every request Navy Federal had for documents and verifications on time. My expectations were simple, approve my loan and finalize the paperwork in time for me to review it before closing.
My realization became that those were unreasonable expectations. As I found out from realtors and closing agents in my transaction, Navy Federal was not good at providing final details. On the Monday before Memorial Day (May 18) my loan officer told me it was the last day any changes could be made to the loan terms or exercise any interest buy downs. He also told me he had no time to talk. On Tuesday, his supervisor promised I could still make changes, but they needed more time to get final details and approval.
On Thursday, the loan officer advised there was a delay because some other department had issues, but he couldn’t provide reasons. By Friday still no return calls, the holiday weekend meant we would get no response until Tuesday, the day of closing. I had to reschedule realtors, closing agents and space to meet for the Tuesday closing from 9:00AM to 3:00PM because it was obvious I would not hear from Navy Federal before 9:00AM on Tuesday. My closing agent was the first to break the news I had final approval at 6:00PM on Friday night. On Tuesday at 9:30AM, I got an e-​mail, not a phone call, from the loan officer congratulating me on approval. He didn’t even acknowledge it was after the time set for closing. Such delays and failure to provide information critical to my transaction in a timely manner are why I would rate Navy Federal poorly. I’ve never been so poorly treated by a lender before, which is why I had expectations of a smoother process. What should have taken them around 28 days by their standards took twice as long. I doubt Navy Federal has the staff to handle the volume of loans processed. I do know they have good rates and promos to help with closing costs. Pricing is not the problem. I can not imagine what frustration the buyer with 30 days to close faces. I also know having too many departments involved in slowing the approval is a self inflicted handicap on Navy Federal’s part. My recommendation is to search for a better lender. At the bottom of every email from the lender, is the statement: «My goal is to provide you with exceptional service.»
I guess either my definition of exceptional service needs to be revised or they failed to achieve their goal.

Today i spoke with a supervisor named JILL who was extremely rood and completely unwilling to help me, after NFCU made a mistake and withdrew hounders of dollars from my checking account. which isn’t even a NFCU account to pay someone else’s loan payment. The fact that Navy federal has my PMCU account # and routing # on file when i have never set anything up with them or signed any authorization for automatic payment. You would think that the rood supervisor JILL would at least attempt to help! but no. when i asked for her supervisors name and info she refused!!! Why would she refuse? Her actions or lack of is unacceptable!
Thanks for nothing Supervisor JILL

We have been a member of NFCU for many years my wife is ex navy always deal with them over the phone as we now live in texas.
their online site is easy to use and very secure , we get paper accounts every month also. pay some of our insurance premiums automatically thou the website and there is never a charge …

This saddens me! I’ve been a lifelong member of NFCU as is my father before me. About 10 years ago, they took a giant leap forward and were one of the most advanced banking organizations around offering online bill pay long before it was well known. Since then, they seemed to stagnate (as detailed in my last review). Their recent attempts at catching up and their customer service in general seems to take on an adversarial relationship with their clients. Most notably, in the last few months they have instituted a new policy whereas, if you are even a single day late on paying for any account (car, credit card, mortgage, et al) they totally lock you out of any access to online banking. It will permit you to pay the delinquent bill only (and then only by PC as your mobile device will simply tell you a condition exists restricting you from logging into your account). Once you have gone to a PC and paid the bill in question, you still have to wait until you can pay any other bills or access your account in any way. If you want a bank this heavy handed, by all means join. If not, consider USAA… that’s where I’m taking all my accounts. They seem to like me whereas NFCU clearly wants me to go elsewhere.

For general banking such as savings and checking accounts Navy Federal is a adequate institution. However, be careful of using them for a mortgage loan. As a client of NFCU for the past twenty years their staff is simply not up to the task. They simply do not have the knowledge or utilize the right tools to be an adequate source of equity. Use them only if you cannot obtain a loan elsewhere.

Worst customer services ever… Always so slow, and unskilled individuals. I told my teller «you must hate working here?» He said yes I can’t wait to graduate and get out! Now I understand why the poor service… Ppl are unhappy working here

I’ve been a member for 46 years when my dad signed me up as a kid. I’ve had multiple car loans and home loans including refinancing through them.
In the past 5 – 10 years their service has deteriorated noticeably. When I looked at their mortgage rates two years ago they had nothing special.
Every time I send them a message the response I get back makes it clear than no one actually read what I said. It always takes two messages to get them to read my message and respond accordingly.
I’m ready to switch to another bank. Probably on all on-​line bank where the rates are better.

Update:
This is Lyndon Again. I would like to update you all on my experience with Navy Federal Credit Union. After I left all of my negative reviews, I received a phone call from the Mortgage Department. The supervisor, Eleanor Fritsche, told me she felt like it was just presented in the wrong light and asked me if she could personally resubmit the paperwork her own way and if they could keep my business.
Today I received a call from Eleanor… I’m approved!!! I recant my earlier post and thank NFCU for their help. Specifically Eleanor. However, I hope that they remember in the future that us first timers sometimes need our hands held as we go into such big events.

DO NOT ATTEMPT TO GET A MORTGAGE HERE.
After years as a loyal NFCU member, I recently tried to refinance my home through Navy Federal. My efforts were met with incompetence, dishonesty, and theft. They took $ 450 from my account giving me nothing in return, and in the meantime squandered weeks in which I could have been securing a loan elsewhere while rates were at their lowest. The ineptitude of the home financing staff here has cost me thousands in the long run.
STAY AWAY.

Have been a member for many years. when I call with a question, it’s always a different answer depending on who u get. They are terrible! I’m def looking elsewhere

As a long time member who has previously been highly satisfied, I have been shocked by the lack of follow up and communication by Navy Federal when I applied for a mortgage. It was been weeks and still I have heard nothing at all and getting in touch with someone is not easy because it is an electronic process. Suggestion to others — go elsewhere for your home mortgage!

I have been part of NFCU since I was in highschool in the late 90s and continued to used them while serving int he Marines (8 years) and now while in the Air Guard.
My current experience (good and bad) has compelled me to make this post. I was recently in the market to purchase my currently leased vehicle. I am also a member of USAA and decided (regretfully) to get a loan through them. To make a long story short I had to re-​apply for the loan 2 times! because the representatives kept on giving me the wrong loan type (Lease purchase is different I guess than just going to the dealer). When USAA asked me again to reapply I said no way! Keep in mind this was over about a 5 day period.
I called NFCU and it took me 30 minutes and bam! I got the loan. I went into the bank signed some documents and got a certified check and additional funds (a little over 10%) to take care of tax title and license (this is a plus for you guys who dont want to pay out of pocket).
You can deal with NFCU in 2 ways, in person or over the phone. USAA only has one way, over the phone. The face to face that I have with NFCU when I either have issues or when I need to get something done is far better than a fully online experience (which I do prefer but when you need to see someone its good to have a brick and mortar branch to go to).

My husband and I have been members of NFCU since we got married two years ago. Overall we have been very happy with them. They certainly stand out against my previous banking institution. (BoA, eww)
The good:
Their online banking and mobile app are easy to use and have lots of nice features. They have a nice online bill pay system set up and highly customizable text message alerts. These alerts can be set up for individual accounts and you can even set quiet hours so you don’t get a text message waking you up at 2am.
We’ve had two auto loans from them so far because they give us the best rates of everywhere that we checked, even our insurance company, USAA.
The employees in their bank branches are a pleasure to do business with. At smaller branches they even get to know people by name!
The bad:
We had a little paperwork snafu in the beginning, took a couple tries to get something to go through, although the bank employees were very helpful.
The base we are currently assigned to has no branch within an 1.5 hour drive, only network ATM’s, although most things can be done over the phone, they refund most ATM fees and they will mail you free deposit by mail envelopes.
There’s a funky thing if you want to view any archived transaction history (older than the last couple months) you download a file that requires a separate program (not like a pdf viewer or anything) to open up and view.
Our «check cards» only work to get cash back at ATMs. Everywhere else they have to be run through as credit cards, otherwise it will bounce back.

I’ve been a member of NFCU since I joined the Navy in 1998. I’ve always known that they were a great bank, but they proved it further this past week.
In light of the impending (and thank goodness averted — for now) government shut down, NFCU decided to advance the full mid-​month pay of all of its active duty service members who direct deposit their paychecks — basically a 0 interest loan. I’m no longer active duty military, but this just made my heart warm.
Yes, they’ve expanded their eligible membership pool to include anyone at DOD, so its not as small as it used to be. But they’ve survived the down economy, and any place that provides a service like this to our men and women in uniform is OK by me.

Credit Union.
I have been a member of this credit union for many, many years. They have great rates — but not the greatest; better deals can be found elsewhere if you do some serious shopping around.
They are extremely strong financially and very rarely make loans to anyone who is on the edge of being able to pay them back.
The customer service people are extremely helpful– so I’m not sure what the other reviews are about but there has to be more to the story there…
Great institution and I intend to keep them for a long time!