So you may have seen my previous post about "NVR Drama." We'll here it is. Some may have seen in the past that my husband and I decided to shop our rates. We found an outside lender that would lock us 70 days out and pay most of our closing. So we emailed our GFE rates to our LO who did try really hard to match. But with the rate increases and us locking so early it was hard to compare. In the beginning we were told as long as we let NVR run our numbers and give them an opportunity we received the credit. Also, if for some reason we found an outside lender and they could not compare we would still be due our credit. Well everyone knows verbal isn't sufficient so I made sure to get in writing this was possible. I have saved every piece of correspondence since day one if it dealt with our house. Well thank goodness I did!!! Right after our pre-drywall walk through. We received confirmation of our walk through and settlement times. I reached out to NVR/Ryan and reminded them we have our own lender. Thinking they knew since I told my LO for the last 2 months. Well I guess it was a big surprise. I have received emails and calls concerning not receiving this lender credit. Well news flash to them...I have written proof others have received this credit. So I have had to forward it on to 3 people. My outside lender has been so supportive and told them she cannot change our loan documents without our written consent. As of this time I have an email out to our SR because our issue has now made its way to the District President of the area!! In my email I backed up my proof along with quoting the Mortgage Steering Act. Which is against the law. It is a consumer protection law. Which is exactly what is happening to us. I could understand if they took the credit because we went with someone else and they had the same comparisons. Yet, they do not. It is a whole percent higher and thousands out of pocket. Not to mention the $100 payment difference per month over 30 years! No brainer.
Just to clarify we have had a wonderful building experience and really everyone has been very good at communication with Ryan and NVR. It's the big dogs higher up who are being the sticklers!
In other news...they started brick yesterday!
Here are some photos from yesterday and today :) our drywall also is almost complete. Our PM said it should be this weekend!!! Then onto the good stuff :)
Yesterday
Today
The side and back started, the brick on the sides go up half way then we will have the Hardiplank siding :)
Sugar Creek is our brick selection And I LOVE it!!
Hopefully tomorrow we will have a definite answer on the incentive issues!!!
Did it say somewhere in your contract that you would get it? Or they just told you through email or phone? I'm wondering if we can still get ours if they can't match what we have locked. can you email me your reponse?: kellierichards@gmail.com
ReplyDeleteI'm wondering if your "credit" is different than our "closing cost assistance". Because ours goes toward our closing if we use NVR but I don't think it's a credit in the way you are talking. I need to go back and look at my loan paperwork. But my LO has already said if we choose another lender, we lose the closing assistance. I need to check though because maybe I am still entitled to it if they can't beat what I have locked elsewhere.
ReplyDeleteok sorry for the multiple comments. I went back and looked in my paperwork and it says multiple times that if we choose another lender, we forfeit the closing cost assistance. so I'm pretty sure there is no loop hole there for us. :(
ReplyDeleteOur situation is like Kellie's it states that its a "preferred lender credit" not a "builder's credit". But if NVR doesn't give a competitive rate, we are pretty sure we are giving up this so-called "credit" and taking a better rate.
ReplyDeleteHope you'll get a better news from NVR....hang in there
Great news on the brick though!
Sorry this is all happening. I have faith it will all work out!
ReplyDeleteIf it is not a secret, what is our outside lender? Are you applied for VA loan?
ReplyDeleteNo secret :) Union Savings Bank. They are actually the #1 mortgage lending company! Several NVR and Ryan people even use them lol!
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