Finally we were contacted by the NVR Mortgage rep.
He quoted us a high interest rate and closing cost. We told him that we have quotes with lesser interest rate.
He asked us to send any quotes from
other lenders and he will see what he can do. We sent him two of the quotes we had so far.
He disregarded the one with lower interest rate. Not sure
what his rationale was to deny the one with lower interest rate.
He asked us to provide the POC for the other quote saying
that he will transfer the loans allowing us to keep the incentives. Trusting his email, we naively provided the contact info.
Today we found out that NVRM has contacted the other lender’s boss
and had confronted them for giving us a competing quote.
Now that company is not willing to give us a loan. Later we learnt that they are Affliated lenders and are supposed to quote a different rate for NVHomes.
We did not expect this backstabbing and unethical behavior from NVR mortgage.
If there is an issue with the lender, they could have been upfront about it.
If there is an issue with the lender, they could have been upfront about it.
NVRM asks us to get competing quotes and then confronts the lenders.
They disregard the quotes from companies whom they cannot match.
Isn't this mortgage steering?
They disregard the quotes from companies whom they cannot match.
Isn't this mortgage steering?
Sent a mail to our SR on this... NVRM has a lot to answer before proceeding further..
NVR is BS. But you can work with NVR's affiliate lenders and get to keep incentives with cheaper closing costs. All the best.
ReplyDeleteThanks for the advice! Talked with one of our friends who recently closed and they concur.
DeleteHopefully you can work through the issue! Good luck!
ReplyDelete:(
Thank you! Did you guys close with NVR?
Deleteme not yet. similar house phase as u(@Arcola). one more thing..I am not sure about u.but I unknowingly signed a doc in contract which says 1% need be paid as fee for NVR...i found this later when i was reviewing the contract...hopefully u sort ur things out.
ReplyDeleteLooks like the so called affiliated lenders quote the same interest rate. It is a game that they play. We noticed the one point also. We were willing to give a sightly higher interest rate than other lenders for zero/zero points and these people are not budging. They want our money in points and higher interest.
Delete