Wednesday, January 29, 2014
NVR help!
So I stated a little while ago about NVR was telling me I need WAY more at closing. The papers I signed say we need X amount- it's not much because we rolled in closing costs. Then my loan processor states I need a decent amount more but when I spoke to my loan officer, he says no, wrong, I will get you updated numbers. My updated numbers still aren't here- apparently due to an addendum they are waiting on from RH. Last week I get another email followed with a replica letter that came on Monday stating I need to liquidate funds, again! So Nick spoke to out loan officer yesterday and he says ignore, still waiting on RH so I can redo numbers. Literally an hour later my loan processor sent an email saying I need to come up with XX- now even MORE than the inflated amount before! Call sales rep, loan officer and processor. Sales rep off but responds to email (his hands are really not in this pot as he's not NVR per say- but Chris gets us answers), processor says she needs to talk to LO- which then she calls back and says still numbers aren't right and to wait for new ones and LO never calls back but emails at 830 last night stating my closing costs are lower, about 4k lower, than what the processor is telling me and still waiting to updat the numbers. This 4k lower is still double the amount! My take on this is two fold- NVR isn't communicating with each other or they playing bait and switch. We were very clear up front the amount of money we could bring to the table and if that didn't work, then no house. Since we signed the agreement- I only added on an additional 5k in upgrades- how does that increase closing by 4k when that goes into the loan amount? I guess there isn't a whole lot I can do until I get the redone paperwork and see exactly the amount, but I am not pleased. That's an understatement!! Did anyone else have this happen- given an estimate for closing then told WAY more??
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Chrissie, I am so sorry you have to go through this. Its really sad :(
ReplyDeleteYou have to be diligent and agressive with these guys, so many ppl in our community experience the same thing.
Ask for managers, claim the chain, get your PM involved, talk to him too, no one wants to see you WALK away from this house. Let them know THAT. I hope you are a somewhat aggressive person, you're gonna need it :) good luck.
Have you considered looking at another lender? Some states require builders to still offer incentives if their lending arm can't remain competitive with what other lenders are offering (e.g., closing costs and interest rate) so as to not exhibit "steering".
ReplyDeleteDid they give you an itemized list for estimated closing costs? I was able to compare the one I received from NVR when I first signed the agreement to the one I got when we were getting ready to close. The main differences weren't necessarily the added options (we added about 10K from when we first signed), but more so the changes in how much they were collecting for escrow since our delivery date was delayed by more than 2 months.
Thanks for your replies! We received a call this morning that LO is very unhappy and he will personally be sending us an updated cost estimate and wala! We are now officially back to the amount they initially told us. It was 3 weeks of being told FIVE times these inflated costs! It's a shame- their communication was horrible! If only the first of the five times this happened it would have been taken care of immediately. Problem now solved in writing not verbally, so I'm content. Our sales rep rocks- he played a big part in fixing this.
ReplyDeleteglad to hear things are working out now! I had a few instances where folks at NVR mortgage wasn't aware of everything being sent, but I think we lucked out in that the volume of applications wasn't too bad for our county, so those moments of ineptness were few and far between (and we had to deal with the whole gov't shutdown mess too!).
DeleteI'd still be proactive up until you close so you aren't thrown any curveballs of documents you need to produce last minute.
Thank you so much for the advice! Going thru a mortgage during government shutdown sounds absolutely hoooorrible! I think I might incorporate a weekly call to NVR to 'check in' just like our PM does with us. Hubby talked to SR today and he put the smack down on all this. He's seriously the best!
DeleteThat is awful! Glad you got it all worked out. How much of an incentive would you lose if you went with another lender? For example, we are only receiving $3000 in incentives if we go with the builders lender. We have decided to give them a little competition and have been approved by another lender...they now are trying to negotiate a better rate and some of unnecessary closing cost charges.
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