Wednesday, June 27, 2012

Frustration (part 2)

The loan process from the start has been a bumpy one with NVR. When I signed my contract on  March 16, I was told that NVR would get in touch with me within a few days to get the loan application rolling. Days went by, and when I did not hear anything I took it upon myself to email the loan officer on March 28th. On April 12th, I emailed again, and he apologized and stated that he was really busy but was just about to email me. In the email he stated the items he would need for the application and would send the link to the forms, and on the phone I told him that I would send the check via certified mail through my bank that day. The check was ordered, but no link was given. On the 18th, I emailed him again asking for the link, and it was sent to me on the 21st. At this time, he states that he cannot accept the check because it was dated before the application was signed. In my head I'm thinking "If you would have sent it on the day you said you were, we wouldn't have this problem." He wanted another check and to have me cancel the previous one, but since it was certified I would incur the cancellation fee. I told him he could give me back the check, and I would give another one when I had my pre-con meeting.

After that conversation, the amount of correspondence we have had has been limited unless I initiate it. I received an email from the loan processor on May 10th asking for additional info such as bank statements and allotments I had coming out of my paycheck, however it was the same info I had given the loan officer previously. So here I am, on a cruise, trying to send the same information again so the underwriting part could continue.

On June 4th, I emailed the loan officer asking about the status of the loan, and come to find out the loan was approved on May 23rd. No one bother to tell me that info! AGAIN why do I have to ask all of the questions? Why do I have to continuously ask for status updates? As of June 17th I had yet to receive the official letter stating the loan was approved, so I email again to check the status of that, if any additional info was needed to close, to see when I can lock the loan rate as well as  inquire on when I can close on the home since no one bothered to tell me. He replies a day later stating that Ryan Homes decides the closing date, and any additional info needed loan wise will be handled by my loan processor. He cc's both the loan processor and the sales rep on the you think they bothered to contact me? NOPE! So here I am once again emailing everyone. I emailed the sales rep last week to see if I could close on the 27th of August--no response. Emailed the loan processor to see when I can lock in my rate--she tells me the loan officer handles that. Do Ryan Homes and NVR talk to each other? Do employees of NVR talk correspond with one another when they are handling a mortgage case? So now I have to go back to the loan officer and ask when I can lock my rate...UGH!

I'm proactive in everything I am involved in. I like to be kept in the loop on issues that affect me, and with me attempting to secure my first mortgage I would like to be involved in every step possible and kept abreast on things. This has been the most stressful thing I have ever attempted to do, and NVR hasn't been any help. I am hoping all continues to go well with the building of the home, and NVR comes through in the end. But as of now, I am totally dissatified with the company; they should not expect a great critique from me if I am required to fill out one.

Did anyone else have the same issues with NVR?


  1. ur like the 3rd or 4th person i've seen say this with the communication between ryan and nvr. so far we haven't had too much of an issue. i think maybe once or twice we were wondering what was going on and we've had to call/email but so far nothing major. i'm expecting to hear again from them probably at the end of july to talk to us about locking our rate and resubmitting documentation (our expiration of document period ends mid august). we HOPE we don't have to prompt them at every step as we get closer to the end, good luck and stay diligent!

  2. Sorry to hear about frustration. We must have been very fortunate because dealing with NVR was great unlike our dealings with our PM. We did our application at the end of August, my husband had his first appointment within the 7 days. They gave him a list of what we needed to submit. We did that the same week as his appointment and on 23 Sep received our approval letter via email. The email also listed additional things they wanted prior to closing. We submitted the required documents and did not hear from NVR until December where they requested our current LES's. We received a letter on 24 December with our Settlement dates. I was trying to schedule leave prior to our UCI and I was told that trying to reschedule the closing date was very difficult as they consider the date to be firm as stated in the letter. Not sure as we ultimately did not have to change the date as my Sq. approved my leave. I would recommend that you contact NVR mortgage and speak with the Settlement Administrator, let me know if you want the person's name and number on our letter, and request the dates that would work for you. I hope that they would be able to accommodate since it's still early in your build process. As for the lock in, I stayed in touch with our Loan officer and I did initiate the process to lock in our rate. Hope this helps.

  3. Oh man that sucks. I would be so frustrated if I were you. I think we got really lucky with our NVR rep. She's been very responsive, told us from the beginning ALL of the documentation she needed and she has been corresponding with us periodically with updates (in addition to answering my daily emails asking for rates). I was SOOO skeptical about the whole NVR thing in the beginning... it just seemed so shady that they were basically "forcing" us to use their mortgage company (or lose $16,000 worth of incentives). So we met with our rep before we even applied for our mortgage because I wanted to make sure we knew what we were getting into. We wound up getting our mortgage approved in just about a month. The only thing that sucks is we won't know our settlement date until 10-30 days ahead of time. But they told us this from the beginning, so I guess I can't complain.

    If you have had better luck with your SR I would suggest voicing your concerns to him/her. They definitely should be talking to each other anyway, so a friendly nudge can't hurt.