My wife and I have excellent credit ratings; We initiated a mortgage refinance with NFCU solely based on lower interest rates. The loan specialist assured me that with our Credit Rating there would be no problem. He required us to prepay an appraisal and told us we were required to have a termite inspection performed. Months later after a very poorly conducted appraisal (around $40, 000 lower than a post appraisal we had with a qualified appraisal service) In spite of my efforts to appeal the bad information used in the appraisal, my efforts fell on deaf ears and we were ultimately denied the loan.
Most disturbing was that an appraisal from another company came in at 40 some thousand $$ just weeks apart from NFCU ordered appraisal. We later found that the termite inspection NFCU ordered was false and not required whatsoever. I have tried to reach out to several departments at NFCU requesting a refund of the faulty appraisal and a refund of the termite inspection fee and no one will respond.
So it's pretty obvious that information was inappropriately shared and the main emphasis for NFCU was to take my application and appraisal money and run! If this sort of thing has happened before to any others please contact me [protected].