Well, we have let NVR know we are moving on.
My loan officer emailed me today to let me know we need to lock a rate this week if we plan to move forward with them. She said all our paperwork says we are using the other lender, and the title work is already in progress with that lender so she needs to stop processing our loan if we do not plan to use them.
I let her know that since NVR could not even come close to matching the rate we had locked, that we would not be moving forward with NVR. She understood, obviously. Who would willingly want a higher interest rate, higher payment and higher closing costs (even with their closing cost incentive)?
I let her know she was a joy to work with and wished her well. But really...I have to say my experience with NVR was less than stellar.
I don't know if it was NVR or just my loan officer. She had always told me how slammed she was, and like tonight, I get emails from her at nearly 10pm. But when I send her an email at 9am asking for the days rate and 3 days later I get a response...that is just bad business. Rates were going absolutely nuts. They changed a lot in 3 days. And of course when she got back with me, they were .5% higher than 3 days earlier.
The mortgage business has come a long way and no one should have to wait on someone else to get back with them when it concerns interest rates. Many lenders now allow you to lock online 24/7...so what was her excuse?
If the loan officers are so busy, why is there not a rate lock number to call? There should be people assigned to just do rate locks. Plus, she always told me I was not allowed to lock until our pre-drywall meeting (60 days out) but at our pre-drywall meeting we were given a completion date 45 days later. That is 15 whole days that the rates went haywire. Had we been able to lock at the 60 days...we might have stayed with them. We didn't know any better. But once the rates went nuts and our payment was going up and up and up and up........I decided to look around. And I'm glad I did. And if the rates were going so nuts, why didn't my loan officer constantly check in with me, KNOWING what I wanted the ballpark of our payment to be? She never reached out to me unless I reached out to her.
I hope others had a better experience than we did!
Sometimes I don't understand why professionals behave like such. The larger the company the more lack of customer service. Time is money especially in the financial market. Glad to hear you are able to lock with another lender and hopefully better and more responsive customer service.
ReplyDeleteKellie I can answer you one thing. Its not just you! My experience with NVR hasn't been very pleasant either. Our LO is just like your when it comes to communication etc. I completely agree with things you brought up in your post. Glad you could move on.
ReplyDeleteI left a comment a little while ago and I cannot see it here!
ReplyDeleteAnyway, I just wanted to let you know that my experience with NVR hasn't been that great either. My LO is very similar to yours when it comes to communication. I completely agree with the things you pointed out in your post. I'm glad that you were able to find another deal and move on....
I cant understand why we all have issues calling and emailing our LOs and they seem to be way too busy for any type of decent communication. Glad you found someone else.
ReplyDeleteI agree it was such a pain to lock in. They would put me on hold, transfer me to someone's voicemail. I finally was like "I am calling to lock in my rate. If my LO is not available I will take an individual that is currently available to lock me in right now". Even that was difficult.
ReplyDeleteNVR is frustrating. The LO and LP have been super nice, but I just don't understand why it takes them so long to get things done.
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