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A Study in Failure - Navy Federal Credit Union *Updated
(Updated 5-13/20: So we finally received a determination from the VA regarding our Reconsideration of Value (ROV). The appraisal stands AS-IS, with no change in value. So according to the VA, a brand new roof adds absolutely no value to a home. While the folks at NFCU made some perfunctory attempts at making amends, I doubt seriously if anything will change or improve in their processes. Unfortunately, more of our valued active-duty service members and veterans will continue to be subjected to their gross negligence)
I should've known we were heading for trouble when the Buyer's loan officer began our conversation by telling me all the things her company couldn't or wouldn't do. "Our loans are taking a minimum of 60+ days to close!" she relayed from her script. "Thanks!" I replied. "I look forward to working with you too!"
Back on February 20th, one of my Seller clients (a nice active-duty Navy family) went under contract with some Buyers who also happened to be an active-duty military family. The Buyers were using a VA loan through Navy Federal Credit Union. Our transaction was scheduled to close by March 26th.
We navigated through the home inspection, which revealed that the roof was at the ... more

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