I attempted to refinance my loan with NFCU. I had a 15 year note with them and I wanted to refi to a 30 to prepare for retirement. I had no other jobs lined up and it would have lowered my payment by $1,000 per month. I figured it would be easy. Our credit score is 800+, we have no other bills and I can show cash assets three times the amount I was trying to refi.

They refused to refi since I "couldn't prove what my retirement income was going to be." I provided letters from my personnel department and from my CO stating I had 20 years of honorable service and what my projected pay would be. They wouldn't accept the letters and insisted on a retiree pay stub which I wouldn't receive for months. I asked if there were any other issues and they said no that not being able to show them my monthly income was the only hang up and it made the loan too risky. I asked why Navy FCU could not work with an impending retiree? Is the whole retirement thing new to the system? No answer but the typical have to meet the new guidelines response. I then reminded them that not refinancing the loan was even "riskier" as my payment would remain higher with the same unproven monthly income. That blew their mind.

I had moved to NFCU two loans ago since USAA mortgage department sucks so bad. NFCU lost my business too. Fortunately, I got a job, sold that house and bought a new one with a local bank in my new hometown.