Business ProfileforNorthwest Federal Credit Union

Long time CU member since 2015. Decided to give them my business with a Home Equity Loan. I have an 805 credit, 70% LTV and 32% DTI and its secured by RE! Over the course of 5 days, they requested 24 different documents totaling 124 pages! I was eventually turned down by ****** for too many inquiries and lack of adequate reserves. I had one (1) other inquiry from my primary mortgage company from a few days prior. If I had lots of reserves, I certainly would not take out a loan at 8%. Get real, these are not valid reasons for a turn down. Remember, this was a RE secured loan to consolidate some CC, not brain surgery. I was a mortgage loan officer for 7 years and know the process. They fumbled the ball on this one. The next day I went back to my first Mortgage holder who did the initial inquiry and they approved me immediately and for the same rate and more money! The process was so easy in comparison. I then looked up reviews on them being a bit confused at their failure and all three sites I checked ranked them a 1.3 to 2 star rating, I was floored! They used to be reputable lenders. Even the BBB rates them 1.3 stars. Being from the mortgage industry my loan was a slam dunk and easy. They have no clue how to approve a loan. I really dodged a bullet here so in the end I'm happy I'm not with them for the long haul. I'll be closing out my other 2 accounts with them and moving my business to a lender who is not a 1.3 star business. NWFCU has lost its way and is no longer the business they once were years ago. My review: stay clear of this terrible business. Its unanimous from all the comments below as well so you know I'm not the problem here. They won't survive long with this level of customer service. If I could give them a 0 star I would. Beware and don't waste your time trying to give them your business like I did!!! They will waste your time and laugh as you jump though their hoops They make you feel dirty and worthless when you are in fact a great customer.

Thank you for contacting Northwest Federal Credit Union. We received notice of your review on 7/19/24 from the Better Business Bureau and have since researched your concerns. Underwriting policies and procedures necessitate additional documentation to decision a loan when certain criteria are not met. A letter was mailed to you disclosing the specific factors involved in the loan decision. Should you have any questions, please contact Mortgage Lending and wed be happy to assist.Member Service Center:M-F: 7:00 am-7:00 pm; Sat: 8:00 am-1:00 pm ************ ************* toll-free)