NVR Mortgage process

Today my husband and I received official approval from NVR mortgage. Yay!!!
I was a little nervous going through NVR due to some horror stories I read on other blogs.
We worked with Nick as our mortgage rep, and Jenna as our processor.

****Both Jenna and Nick are great people to work with. I am happy with everything to date. They know their stuff, and can be helpful****

I thought I would talk about the process with NVR.  M (my husband) and I signed on January 26th for the Ryan home. Granted, at signing we were told we would officially have to apply with NVR within 7 days of signing with Ryan homes, but it really wasn't realistic. We had to wait for our rep to call as instructed by our sales rep. He called on Tuesday. I was off on Monday, and had to work the rest of the week. I work for a credit union and work from 8-6 typically, and 8-7 on Fridays. I also work Saturdays but NVR is not open on Saturday.

Here comes my issue. Nick insisted we had to apply before Sunday the 2nd to keep within requirements. NVR's hours...9-5 Monday through Friday. Knowing I will probably have to take time off at some point for all of these appointments involved with building a house, I just could not take time off that week. With little notice, and NVR's office being about 45 minutes away from where I work, I couldn't just up and leave work to go apply for a mortgage. Anyone that knows the banking world knows the end of the month and beginning of the month is a very busy time. The credit union I work for does not offer building home mortgages or I would have used them for convenience.  We were not told the office hours of Nick until after we signed with our sales rep.

Nick gave me a little bit of a hard time about not being able to meet with him that week.  I don't understand why their hours or so inflexible. Our mortgage reps meet outside hours at our client's convenience. Anyway, Nick and I compromised to do a telephone application which was not mentioned until I dug my heels in and said I could not meet with him in person by Friday.  We scheduled a phone application that Friday on my lunch break. We then scheduled a follow up appointment to meet that following Monday the 3rd.

The timing still isn't bad. We met Nick officially on Monday the 3rd to apply, and today being the 19th when we received approval....16 days for approval for a mortgage is not bad at all.

Throughout this process, I have been a little irritated about some of the things NVR has done. 
One example is  when we applied Ryan never informed of us how the interest rate level was determined through NVR. So all of you know, NVR uses the second lowest score. Our second lowest score was a 725. Not a horrible score, but does  not qualify us for the best rates out there.  The financial institution my husband works for and the company I work for would use the highest score out there. Not the second lowest. Nick mentioned this is the way they have been doing business for years. Well...it is definitely not customer oriented. They will use the score to their best advantage. Although our other scores were 753, 765, 779, 796, NVR would not consider those scores.

Also, NVR used a third party company called CORE LOGIC to call me and then conference in Fed Loan servicing which is my student loan company. As I am currently pursuing my MBA my payments are deferred. Core logic called me. She was a lady with a heavy accent.  I could understand what she was asking, but I cannot say the same for the lady at Fed Servicing. This was actually pretty comical. The core logic lady with the accent was probably based overseas, she was not listening at all to the fed loan servicing lady...the fed servicing lady was getting such an attitude with answering core logic. She would answer a question, and core logic would ask her the same question. Fed loan would say "I just gave the answer...what more do you want from me". "I asked you when the first loan payment for student loan repayment is due" "I just gave you that answer three times". OMG! Is all I can say. I did find humor in this situation, although I can say neither party was being professional at all. So hopefully if you are applying for a mortgage, your student loans are not in deferment mode.

Another example, Jenna would call us and say "I need this item or a copy of this by the end of the day, so I can submit to underwriting asap". A week later, I would get another call from Jenna saying that the file still had not been submitted to underwriting. We received a few of these calls.  One time was Jenna wanted M and I to sign a letter stating that our current house was listed for sale, but we understand that if we do not sell our current house, we are responsible for both the current mortgage and NVR's mortgage. My husband who works by appointment managing investments, arranged his schedule so he could come to the credit union and sign this letter since Jenna needed it by the end of the day so Jenna could submit to underwriting. A week later, I get another call from Jenna saying she needed our employer plan summaries for both our 401(k)'s. At application they needed our 401k statements and now she was saying she needed this by the end of the day asap so she could submit to underwriting as she knew the underwriter would ask for this (well, why weren't we told this two weeks ago and we would have submitted it with everything). Both times she talked as if the file had yet to make it to an underwriter.

Alas....we received great news today that we are approved. Nick called to tell me the great news. Although he mentioned Jenna would be calling me with the commitment letter and conditions going forward. Items such as bank statements from now until closing will be needed.

So that is the long version.  We are approved and looking forward to closing in a few months. Our house was officially ordered (the materials) this past Sunday. Can't wait! Now on to focusing on getting this house sold!