Villa Home Loans by NP, Inc. NMLS# 75597 77 Center Dr, Charlotte

WARNING: DO NOT DO BUSINESS WITH VILLA. SERVICE MEMBERS/ VETERANS PLEASE TAKE TIME TO READ THIS REVIEW. I NEVER do reviews, but I have to say something about Villa's unprofessionalism. In April 2022, I decided to use my home equity to do a cash out refinance. I went with Villa because they offered a low rate and reasonable closing costs. I felt lucky to have locked in the deal that I did, because days later, interest rates spiked. This decision was a HUGE mistake. I ended up going down a 10-week rabbit hole of unprofessionalism and incompetence with Villa. The first red flag was poor communication. It was extremely difficult to get anyone to call me back or even send me an email or text. There were days and even weeks of radio silence from Villa. I wanted to go with another lender, but I stuck with Villa because interest rates continued to rise. I disclosed that I was about to retire from the military and that my income would decrease. However, I would still have enough income as to not cause any debt-to-income problems. I was assured that my retirement was not a concern. There was enough time to use my current income to qualify the loan. I submitted all my documents and was waiting for the OK to close. Nope, they suddenly had to use my retirement income in order to approve the loan. OK. A bit frustrating but no problem. As mentioned, I still had enough income to satisfy the debt-to-income requirements. I provided Villa with more than enough documentation to verify my retirement income, but underwriting did not understand how military retirements and VA benefits work and required unreasonable documentation. Ultimately, I ended up waiting over a month for the DOD and VA to issue more documentation to satisfy Villa. They also did not accept my proposed VA ratings letter. I ended up waiting ANOTHER month for the VA to issue a final benefits letter and updated Certificate of Eligibility. I thought that all the documentation and verifications were excessive, but I accepted it and again stuck with Villa because interest rates had skyrocketed, and I was locked in with a good deal. I began to suspect that Villa knew, as well, that I was committed. It would be difficult for me to find a better deal since interest rates had gone up so much after locking in with Villa. They kept me on the hook as the slow rolling and lack of communication worsened. I then suspected that Villa had offered me TOO good of a deal days before the interest rate explosion. They were purposely dragging their feet to get me to back out of the loan. Of course, it would be nearly impossible to prove. It was just a bad feeling I got because no established home lender with favorable reviews would be this unprofessional. Right? The run-around continued. More documents and verifications were requested. I started to do Villa's job for them. I requested updated payoffs (since this had dragged on for so long). I spent hours on the phone with the VA and DFAS requesting documents. I was constantly emailing and calling Villa for status updates with poor response. Finally, in July 2022, I was assured that we were FINALLY close to closing. I requested an updated closing disclosure. Yet again, more documents and verifications were requested by underwriting. It became the definition of INSANITY. I had ENOUGH and told Villa to withdraw my application, which is probably what they wanted all along. No call or email from a manager just more radio silence. I ended up going with Rocket Mortgage who were good enough to match what Villa had offered me with exponentially better communication and no problems with my documentation. Save yourself a lot of time and frustration and do NOT do business with Villa Home Loans. Servicemembers/ Veterans -- be wary of companies like Villa Home Loans. There are a lot of companies out there that market to the military and veteran communities without really offering anything besides unprofessionalism and shady ethics. Don't pay attention to the lip service. You deserve better than companies like Villa Home Loans.