NVR Mortgage – Ryan Homes Review
Author: Rob K. Blake | Date: September 12, 2008 | Filed In: Mortgage Company
NVR Mortgage, a subsidiary mortgage division of NVR Inc., who also owns home builder, Ryan Homes, has a bad enough record of customer complaints to mark off my list of usable companies. We located two websites, 15 telephone numbers, and a slew of client complaints.
NVR Mortgage Website and Phone Contacts
NVR Mortgage Website: http://www.nvrmortgage.com/index.asp
NVR Mortgage Phone:
703-956-4000
Fax 703-956-4754
Address: 11700 Plaza America Drive, Suite 500, Reston, VA 20190
Ryan Homes Website and Phone Contacts
Ryan Homes Website: http://www.nvrinc.com/ryan.htm
Ryan Homes Phone:
(703) 753-4800
(301) 421-4240
(301) 632-5340
(301) 670-4646
(301) 937-9761
(301) 975-0707
(703) 494-5447
(703) 631-3524
(703) 643-0020
(703) 679-1575
(703) 690-1205
(800) 666-4419
Address: National Headquarters - Ryan Homes, 11700 Plaza America Drive, Suite 500, Reston, VA 20190
NVR Mortgage – Ryan Homes Review
I my opinion any company getting accused based on consumer complaints of kickbacks, illegal referral fees, fake incentives is a company to never deal with. Ryan Homes who’s parent company NVR Inc and owns NVR Mortgage, is being accused of these acts all over the web. Where there is smoke, there is fire.
Brian Sullivan, a spokesman for HUD when asked about home builders with wholly-owned subsidiary mortgage companies, said this recently in USA Today,
“We are seeing increased consumer complaints about builders including kickbacks and illegal referral fees, phantom incentives and other violations of our real estate laws”
The USA Today article uses an example of a complaint filed by a Ryan Homes – NVR Mortgage customer.
I personally received a phone call from a former client of Ryan Homes and NVR Mortgage alleging discriminatory lending practices as well.
It appears when I search for complaints against NVR Mortgage, there are many. Click the link to see all the NVR Mortgage complaints listed in Google.
BBB Activity on Ryan Homes
” Based on BBB files, this company has an unsatisfactory record with the Bureau due to unanswered complaint(s).”
See Comments Below to Add/Read Customer Opinions On NVR Mortgage – Ryan Homes
We would really like to hear your experience with NVR Mortgage – Ryan Homes so add your comments in the section below.
Thanks!
Author: Rob K. Blake
Previous in Category:« ABN AMRO Mortgage Group Review
Next in Category: Downey Savings and Loan Review »
Recommended Reading
Related Articles
Reader Comments
How To Use Our Comment Section:
1. To comment on the article or post: Simply cursor down to the bottom and add your comment in the box, hit "Save". After moderation, your comment will appear next chronologically.
2. To comment on a comment (not on the post) or what is called a "nested" comment: Remember the name of the commentor, hit the "Reply" link in the comment you'd like to reply to. You're taken to the bottom where you can confirm the auto-import of the comment name or chose it again from the "Reply to" drop down list. Then add your comment to the box, hit save. After moderation, your comment will appear "nested" under the selected comment.
We purchased a Ryan home and are thrilled with the house and Mike, our project manager.
However had we not had insisted on being able to get incentives offered and not use their lender (NVR) we would have been in real trouble. We did have to get qualified with NVR to start the building process and were promised the moon. We did not hear anything for MONTHS, when we did it was within a couple of weeks of closing and low and behold, the rates changed dramatically, the fees increased dramatically and the terms changed. We insisted on a 30 yr. loan and they pushed for a 40. At the end of the day NVR acted like spoiled children when we went with Wells Fargo whose rates were lower (5.75% vs. 7.00%), allowed for free float down in rate and saved us over $5000.00 in closing (stupid) fees. Beware of NVR loan practices they are shady, and the Senior Loan Officer we delt with acted like a used car salesperson and would never explain the fee’s and always danced around our questions and never would give us straight answers that we did receive from Wells Fargo. This Senior Loan Officer even went so far as to tell us HE had called a contact at Wells Fargo (on our behalf) and they did not offer a ‘no doc loan’ or rate we were quoted. We did close with Wells Fargo, it was a no doc. Loan and we did float down with no fees and we did close on time.
You make me nervous with all the negativity regarding NVR Mortgage. I feel like we are stuck. We are in the process of new construction (home is approx half done) with Ryan Homes and yes, we are using NVR Mortgage. Our rate is floating and will be locked in 60 or so days from closing. I only hope we don’t end up with the 10 or 11% interest rates that I have heard others say it jumps to or we will not be able to afford the house!!! I had no idea we could demand to us our own lender, as I have a guy I have dealt with at Wells Fargo. Right now, I am having a problem with Ryan Homes changing one of the large overhead windows in the Morning Room and using a smaller, dumb looking, window. We were not told this was going to be a change. Now they are telling me it was due to a code change. However, tonight, from my own research, I found out the new building codes will not take effect until 2009. So, it appears that Ryan Homes is not telling me the truth. Any thoughts on what I should do??? Thanks!!!
Nicole,
You should be nervous…they have a history of lying to customers.
You have more power than you think as long as you didn’t put down a huge deposit.
They still need to sell that house…use that power to use your own mortgage lender and get the window you want.
You might also consider an attorney…if you don’t get what you want. Don’t lay down for these guys. You have rights, but you must fight for them with this company.
RKB
Hi Nicole
Where are you building? This sounds identical to what is happening with us!! Same dumb window…same code excuse!
Hi Elmo,
We are building in Cecil County, MD. The window is located in our morning room. Our morning room was “free” as an incentive, although you and I know that we are already paying for it! I argued and argued and long and behold they can change the large window at the top, but not the windows along the main wall.
Smells fishy…..
Hi Nicole,
As Rob said don’t lay down for these guys. NVR will try to strong arm you and ’scare’ you into using them. Check your contract and see if it’s in there that you HAVE to use NVR, if not find another lender. At one point during the building process things got so bad with our basement we told them we would not close if it was not resolved. We ment it. We had sold our house, but we did not care, and were willing to tie a basement issue up in litigation for as long as it took to get what we were promised.
We got what we were promised. Go to codes and compliance in your county as ask them if the windows are a code issuse if not you know it’s a cost issue and stand them down. It’s your house, your money paying for it, and you should get what you were promised and are paying for.
Well, we have fought and appears we have won! My husband called the main office and talked with some big wig and to make a long story short insisted that we be given a written copy of the new code…guess what??? they couldn’t provide us one! Therefore, our window is supposed to be changed. It has not happened yet, but like Susan said, we have refused to go to settlement until it or any other pending problems are fixed to our likings! I’ll let you know!
Nicole,
Great…hold your ground. It’s the only way.
RKB
YEA NICHOLE! I hope all goes well from here on out.
Seeing these comments are a bit concerning to me also. I am two weeks away from closing and not happy with NVR mortgage. The rates are horrible and they are pushing us to close.
They even claim to have made a error on our building and finished the 3rd floor and I am not sure how this will effect us or how they will try to recoup the funds. We visited the house and found so many substandard defects that I pray they fix. Wall sockets crooked, the island in the kitchen floor panels not tightly fitted. There was paint spilled all over our $6000 carpet they put in. Windows busted. They laid grass and then had to dig it up because they didn’t put the light in.
The NVR mortgage guy never calls like he is suppose to. A week before closing they popped up two new conditions that were not mentioned three months earlier. We did everything they requested and then at the last minute, they wanted to rush a closing and with the market crazy they were telling us a 7% or higher interest rate was what was available. We are using a VA mortgage and are guaranteed the lowest rate. This rate is going to cost us like $13000 in points to bring the rate down to something we can afford. We are thinking about going with an outside lender because something does not look right and by the looks of these comments I am not way off.
I am about to make a decision on buying home with Ryan homes(NVR Mortgage). Seeing your comments made me scary and can some one help me with the questions that I have to post to avoid such circumstances (like the ones you mentioned above). Else, I might have to start looking for different lender(and I know I am going to loose the freebies)
Ragz,
Please read the following to get more info on all home builder / company lender traps…
New Home Builder Mortgage Companies Scam Home Buyers Daily
New Home Buying Traps
Good Luck!
I am glad my wife and I read this site last night. We were within 24 hours of writing a contract when our sales person notified us that the only condo we were interested in had been priviously sold. She said she knew nothing about it. She tried to push us to use NVR and look at another condo. She said if we just met with NVR they would take off 5000.00 even if we did not use them. From a previous estimate from Ryan homes, their closing cost estimate was 5000 higher than our own lender. Can you say “phantom incentive”. But we had already decided to use our own lender. Its funny, she got mad when we made a counter offer and she said they “don’t negociate”. Now they are trying to negociate to use their lender and offering phantom incentives. And offering a discount on the other unit. Thank this site for stopping us in our tracks. It saved us much anguish and we will look elsewhere for housing.
Kevin,
Glad to be of service!
BTW: …”we will look elsewhere for housing.” Smart move.
I am african american and I feel that I have been treated unfairly by one of ryan home locations. I showed up to view the model and loved it. I then sat down to talk about the money involved. The sales person was very helpful and I really thought that she would help me. I then told her I would def be back and I wanted to purchase it. I then set up an appt to run numbers. I then called during the week to say I wanted the appointment to be reset for next weekend and she said ok. The next week came and I left 2 messages and Inever received a call back. So I dropped by and she told me that she would call me before they closed to set an appt for the next day sun (tomorrow). I said ok. I then received a call after hours frm a blocked number saying that she was booked and maybe we can meet on monday. I clearly told her that I work and it would been difficult to meet then. This makes me soooo mad because I am trying to buy and it seems that kelly or ryan homes doesn’t want my money! I shouldn’t have to beg to buy in this economy!!!!!! I think that my race played a major factor in me being ignored!