NOVA Financial & Investment Corporation CFPB Complaints

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2000 Latest Complaints
Date Received Timely Response Product Issue State / Zip Submitted Via Tags
01/29/2017 Yes
  • Mortgage
  • VA mortgage
  • Application, originator, mortgage broker
  • AZ
  • 85743
Web Servicemember
To Whom It May Concern, I am XXXX & I am writing this complain in regards to a home loan Nova Home Loans was preparing for me. I was working w/ Loan Officer XXXX ( NMLS XXXX ), & I believe he used unprofessional & potentially exploitative business practices. My complaint centers around 2 issues : false representation of an interest rate ( IR ) " bait & switch '' ( B & S ) sales practice ; & exploitive & potentially fraudulent increase of an IR just to increase originator fee. His B & S tactic might potentially cost us losing the house my wife & I fell in love w/ & have an accepted purchase contract on. If that happens I will seek legal counsel for restitution & losses. " Bait & Switch '' Sales Practice : My wife & I set out to sell our current home & buy a new home this year. I shopped around for competitive IRs & XXXX verbally committed, during a phone call on XX/XX/XXXX, to a 3.75 % IR. He did communicate the IR was not locked but would work to beat any IR I found. The IR XXXX quoted me matched a very competitive IR I found at XXXX ( XXXX ). Since my real estate agent had a good working relationship w/ XXXX & his IR matched XXXX I decided to proceed w/ Nova. I made it specifically clear, in a follow-up phone call on XX/XX/XXXX, I was shopping around & I would only stay w/ Nova if he could beat any IR I found, & XXXX again committed to 3.75 % IR, so I decided to move forward w/ Nova. On XX/XX/XXXX, XXXX furnished a Loan Estimate ( LE ) via regular mail which had 3.75 % IR. At that time my wife & I have not found a house yet. On XX/XX/XXXX, I returned the completed loan packet to XXXX. On XX/XX/XXXX we put an offer on a house that was later accepted on XX/XX/XXXX at XXXX. XXXX furnished another LE via regular mail dated XX/XX/XXXX which still had 3.75 % IR on it. On XX/XX/XXXX at XXXX, XXXX emailed me saying the market changed & the IR for my VA loan was 4.125 % ; which, is a difference of $ XXXX & a total of {$40000.00} different over the life of the loan. My concern does not have to do w/ the fact that the market changed. I 'm pragmatic, I understand IRs change. My complaint centers around the timing of the communication of the change. The market had been changing for weeks. The home mortgage IRs do not jump 3/8 % in a day. The timing seemed like a B & S. Anyone who works home loans knows timelines are tight. If XXXX had communicated anything different earlier, I could have switched to XXXX w/o concern of losing the house. XXXX waited until the very last minute to communicate the IR increased, when I had no other alternative. Exploitive & Potential Fraudulent Increase of IR : Additionally I am concern XXXX may have fraudulently increased quoted IR to increase originator fee for Nova 's & his benefit. Before XXXX emailed me w/ a 4.125 % IR, I told him I wanted to buy down points. Directly after, the quoted IR jumped, as illustrated by the difference in provided LEs, communicating 3.75 %, & the email on XX/XX/XXXX showing 4.125 % & lt ; 24 hours later. On XX/XX/XXXX at XXXX XXXX emailed me a screen shot from XXXX XXXX showing that an offer at 4 % interest rate. XXXX thought I was quoting a more competitive IR from XXXX as I bank w/ XXXX . This demonstrates that XXXX knew the IR he quoted from Nova was n't competitive, which further shows he had no intention of being competitive like he originally communicated at the onset of the loan process. The appearance is XXXX increased the IR knowing I was willing to buy down points to increase originator fees to get to a more competitive IR. The fact XXXX had all my financial records put him in a strong position to know who I might get a better IR from & what I theoretically could afford in originator fees. Knowingly offering less competitive IR to increase buy down points & originator fees runs contradictory to implied fiduciary responsibilities of a loan officer & even sounds criminal.
10/05/2015 Yes
  • Mortgage
  • FHA mortgage
  • Application, originator, mortgage broker
  • AZ
  • 85345
Web
XXXX XXXX and his team are horrible people first we get pre qualified and when we find a home we send the loan into underwring then at the last minute they said we were denied by the underwriter. ( no letter of explanation received ) so XXXX promises that he has a different underwriter that he spoke to and we will have no problem getting it right through with them the new company. So now nothing is wright they do n't have any of our paper work they needed everything all over again my credit was polled over 6 times just by them and there making me do all this to my accounts on my credit that it dropped my score so low we did n't qualify for the loan now. I even asked him several time if it do this it wo n't effect my score and every time he said no we will be fine. For his team of loan processor s they are just as bad they will tell us one thing then the next day they say no that 's wrong. So back to the loan underwriters come to find out XXXX XXXX left nova home loans the original company we were dealing with and started at XXXX is the same time our loan was denied and our file was sent to XXXX still have yet to receive a letter of explanation for the reasons we were denied in the first place I thought that was required by law.
11/05/2016 Yes
  • Mortgage
  • Conventional fixed mortgage
  • Credit decision / Underwriting
  • AZ
  • 856XX
Web Servicemember
Nova financial, you are better off finding another lender. I started this horror story on XXXX XXXX, 2016. Put in an offer on a house out in XXXX, for glorified car loan ... ..after 4 long months of fighting the staff at Nova Financial in XXXX, AZ. and having my loan pushed back literally 5 times, on the day of the long awaited closing, XXXX the paperwork, title and deed, and told me in order to get things right was going to cost me some more money, after all ready costing me in time, extra costs, termite exterminator, a handy man and a very XXXX appraisal. Over all, my closing costs doubled, and I have to pay more money out of pocket to get done what they should have done in in the first place ... ..as a customer, I have the highest dislike for this company, they are unprofessional, un-courteous and down right rude, waiting for the mast minute to extend the process even longer, 4 times. After buying and selling around XXXX homes, this was the most agonizing experience I have ever had or seen. People, please do not use Nova Financial, you will only be left with aggravation and may still have to pay more in the end to get the job done.
09/05/2018 Yes
  • Mortgage
  • Conventional home mortgage
  • Closing on a mortgage
  • AZ
  • 85705
Web
I am closed on a home XX/XX/2018 in zip code XXXX. I have received the lender 's CD and the title agency 's Settlement Statement. The final " cash to close '' number match between the documents, which is great. The problem that I have is, the accounting of the numbers that add up to the " cash to close '' are vastly different between both documents. Which document should I trust? Both companies wanted me to sign the forms to proceed with the closing. Honestly, I shouldn't be forced to sign these documents in order to close, if one or more documents are wrong. After being more pushy, the title agency provided a correctly itemized settlement statement, the lender told me they were unable to provide a correctly itemized CD. What was more odd, the title agency gave me the okay to re-itemize the settlement statement to match the lender 's itemized CD. I refused. I am attaching the correctly itemized settlement statement and the lender 's CD. Which do you think is correct?
10/04/2017 Yes
  • Mortgage
  • VA mortgage
  • Closing on a mortgage
  • TX
  • 77345
Web Servicemember
XXXX XXXX notified me that my mortgage would be increasing by approximately {$700.00} per month. They reported the cause for the increase was to correct a significant deficit in my escrow account. They reported my account was {$5000.00} short. They report my loan originator is to blame for this. I can not afford such a significant increase in my mortgage. I now own the house and have to pick up a second job to cover the increase escrow estimate for next years taxes and the {$5000.00} shortage. Had nova not recklessly miss calculated my monthly payment I would not have purchased this house because it is outside of my budget with the correct tax calculation. My second job will have me away from home during weeknights and one Saturday a month. Nova home loans needs to make this right and correct their error by helping me recover from this and pay the {$5000.00}.
09/23/2015 Yes
  • Mortgage
  • Conventional fixed mortgage
  • Application, originator, mortgage broker
  • XXXXX
Web
On XXXX XXXX, 2015, XXXX XXXX requested an Owners and Encumbrance report from our office. We ordered the necessary title search and prepared the O & E and sent it, along with our invoice, to him on XXXX XXXX, 2015. On XXXX XXXX, 2015, I sent an email requesting the status of payment for the invoice. He responded and said that the transaction had closed prior to receiving our report and that he had no way to collect the funds from his client. On XXXX XXXX, 2015 our on staff attorney sent him an email stating that he had ordered the product and was therefore responsible for payment. In the initial request, we were never provided with a due date that he needed this back by. The invoice is for {$220.00}.
09/10/2015 Yes
  • Mortgage
  • Conventional fixed mortgage
  • Credit decision / Underwriting
  • CO
  • 802XX
Web
Denied credit for exercising my rights under the Consumer Credit Protection Act ( Submitting ECOA complaint previously with CFPB ). Statement of specific reasons does not contain a specific reason as requiredSee ECOA 202.9 ( 2 ) Statement of specific reasons. The statement of reasons for adverse action required by paragraph ( a ) ( 2 ) ( i ) of this section must be specific and indicate the principal reason ( s ) for the adverse action. Statements that the adverse action was based on the creditor 's internal standards or policies or that the applicant, joint applicant, or similar party failed to achieve a qualifying score on the creditor 's credit scoring system are insufficient.
07/08/2015 Yes
  • Mortgage
  • FHA mortgage
  • Application, originator, mortgage broker
  • AZ
  • 85251
Web
XXXXXXXX XXXX of NOVA Home loans is running this ad. It 's steering. Any house is eligible for a {$0.00} down through Home plus program or Home in XXXX. He is steering people to that particular website saying that all those homes are eligible for {$0.00} down which is a lie.
12/02/2018 Yes
  • Credit reporting, credit repair services, or other personal consumer reports
  • Credit reporting
  • Improper use of your report
  • Credit inquiries on your report that you don't recognize
  • AZ
  • 85282
Web
XXXX XXXX LOANS XX/XX/2018 Mortgage Companies They said they would not pull my credit and now its on my credit as an inquire
12/21/2018 Yes
  • Mortgage
  • FHA mortgage
  • Struggling to pay mortgage
  • NV
  • 89048
Postal mail Older American
07/12/2018 Yes
  • Credit reporting, credit repair services, or other personal consumer reports
  • Credit reporting
  • Incorrect information on your report
  • Account status incorrect
  • AZ
  • 85650
Web Servicemember
09/02/2017 Yes
  • Mortgage
  • FHA mortgage
  • Closing on a mortgage
  • AZ
  • 85741
Web
03/07/2017 Yes
  • Mortgage
  • Conventional adjustable mortgage (ARM)
  • Loan modification,collection,foreclosure
  • CA
  • 90213
Phone
02/09/2017 Yes
  • Mortgage
  • Other mortgage
  • Application, originator, mortgage broker
  • AZ
  • 85751
Web
09/06/2016 Yes
  • Mortgage
  • Reverse mortgage
  • Loan modification,collection,foreclosure
  • FL
  • 88001
Web
08/28/2015 Yes
  • Mortgage
  • Conventional fixed mortgage
  • Credit decision / Underwriting
  • CO
  • 80216
Web
02/28/2015 Yes
  • Mortgage
  • FHA mortgage
  • Application, originator, mortgage broker
  • AZ
  • 85373
Web
10/23/2014 Yes
  • Mortgage
  • Other mortgage
  • Application, originator, mortgage broker
  • CA
  • 92114
Referral
10/14/2014 Yes
  • Mortgage
  • FHA mortgage
  • Application, originator, mortgage broker
  • AZ
  • 85210
Web
11/21/2013 Yes
  • Mortgage
  • Conventional fixed mortgage
  • Application, originator, mortgage broker
  • AZ
  • 85710
Web
08/04/2013 Yes
  • Mortgage
  • Conventional fixed mortgage
  • Application, originator, mortgage broker
  • MN
  • 55317
Web
07/11/2013 Yes
  • Mortgage
  • Conventional fixed mortgage
  • Application, originator, mortgage broker
  • SC
  • 29928
Web Older American
03/02/2013 Yes
  • Mortgage
  • FHA mortgage
  • Application, originator, mortgage broker
  • AZ
  • 85546
Web
11/16/2012 Yes
  • Mortgage
  • Other mortgage
  • Settlement process and costs
  • AZ
  • 85611
Web