COVID-19 Resources and FAQs
We understand that the things most important to you during these times are help, guidance and the ability to find the information you need in one place. We've compiled a list of resources and answers to frequently asked questions to help you get the information you need quickly.
Does Navy Federal offer relief options for business owners impacted by COVID-19?
Navy Federal participated in the Paycheck Protection Program (PPP). However, the Small Business Administration closed the program on May 31, 2021.
I received a PPP loan from Navy Federal. Where can I find information about loan forgiveness?
Visit our Business Solutions COVID-19 Response page for a general overview of requirements, allowable expenses, when you can apply and factors that could affect your forgiveness.
The SBA recently opened a forgiveness application portal. However, if you received your PPP loan through Navy Federal, you must apply for forgiveness through our digital portal. It’s easy to use and provides a streamlined process, and you’ll receive the same forgiveness amount as you would through the SBA.
Are there other relief options from the federal government that are available for business owners impacted by COVID-19?
The Small Business Administration (SBA) has several programs to assist small businesses that have been affected by COVID-19. Please check their website for more details.
Program Availability and Eligibility
Is Navy Federal offering any financial assistance at this time?
Yes, we’re offering several options to assist eligible members who may need help.
Eligible members have access to loan extensions, deferred payments, credit card line increases, student loan forbearance through LendKey, overdraft protection, fee-free transfers and penalty-free certificate withdrawals.
Whether or not you’re eligible for any of the above options, our personal financial counseling team is available to all members who need help.
How can I access the relief offerings?
We're available to assist you 24/7.
- Submit a request through the mobile app* or online banking for a credit limit increase.
- For loan extensions and deferments on credit cards, auto loans or personal loans, call us at 1-800-336-3767.
- Send a secure message to request a mortgage loan forbearance.
- Contact the Student Loan Center for all student loan questions. They’re available from 8 am to 8 pm, ET, Monday through Friday at 1‑877‑304‑9302.
Are new members eligible for these offerings?
Yes, new members are eligible.
Debit and Credit Card Disputed Charges
What can I do if I need to change or cancel travel plans because of the COVID-19 pandemic?
The fastest way to find out if you can make a change without penalty is to check with your travel merchant (e.g., airline, hotel, car rental agency). Many already have processes in place. Check their websites for policies and explanations on changing or canceling services, as well as general contact information should you need further help.
If you're unable to resolve the issue with the merchant, our dedicated dispute resolution team may be able to help. You can file a dispute claim by calling us at 1-888-842-6328. For credit cards, you can submit the credit card dispute form online. It may take up to 90 days from the date your credit card dispute is submitted to complete our review. Debit card disputes will report the results of the dispute resolution process to you within 120 days.
Accessing and Sending Money
How can I enroll in Optional Overdraft Protection Service (OOPS)?
- Sign in to online banking.
- Click the "Account Services" tab.
- Find the "Checking & Savings" section.
- Click "Optional Overdraft Protection Service".
If I want to withdraw funds from my certificates early, will I still need to pay a penalty?
There may be circumstances where the penalty may be waived. Please contact us to discuss your options.
What's the best way to send money to family and friends?
Choose the best fee-free option to send money to friends and family who may need it.
- Use our app for member-to-member or Zelle® transfers.
- Send through cash transfers.
MORTGAGE LOAN FORBEARANCE
I can’t afford to make my mortgage payment because of COVID-19. What options are available for me?
If you’re eligible, we can offer a forbearance that temporarily suspends your mortgage payment requirements. Please contact us at our toll-free number 1-800-258-5948, Monday-Friday, 8 am - 9 pm, ET or send us a secured message for additional information regarding the forbearance or to request the forbearance.
If I take advantage of the mortgage forbearance program, how will I repay the missed payments?
That will depend on several factors (e.g., your circumstances, type of loan). We’ll contact you 30 days prior to the expiration of your forbearance plan to discuss your options.
Some possible options include:
- extending the forbearance period, up to 18 months of total forbearance coverage
- bringing the account current through a reinstatement
- entering a repayment plan where the missed payments are spread out over a period of up to 12 months. That means you’d make your regular payment plus the agreed-upon repayment amount each month during the forbearance repayment period.
- being approved for a workout option such as:
- a loan modification where the suspended payments are spread over the remaining term of the loan
- a deferral where the missed payments are paid at the end of the original loan term
What if I need more time than the initial term of the mortgage forbearance?
A forbearance plan offers a temporary suspension of your mortgage payments—in 90-day increments. This payment suspension will be automatically extended for the first 180 days, unless you choose to cancel the plan. After that, you may continue to request 90-day extensions, for up to a total of 18 months of forbearance coverage.
Will my credit be negatively impacted during the payment suspension period (forbearance plan)?
During the payment suspension period of your Forbearance Plan, we’ll report the loan as current, if your loan was current before forbearance started. If your loan was delinquent before entering forbearance, we'll maintain your delinquent status. If you’re able to bring the loan current, we’ll report it as current. We can't advise on any impact to your credit rating.
Will late fees be assessed during the payment suspension period (forbearance plan)?
Late fees will be waived once the plan is completed, even though your loan may still show past due in your NFCU account page online and may show assessment of late fees.
Will interest continue to accrue, or will there be added interest either during the forbearance period or at the completion of the forbearance period?
During the forbearance period, fees, penalties or interest, beyond the amounts scheduled, won’t accrue. The account will be treated as if you made all contractual payments on time and in full under the terms of the mortgage.
If I'm able, can I make a payment(s) during the forbearance period?
Yes, you can make payments during the forbearance period, if you choose to do so. Making payments won't invalidate or alter the scheduled completion date of your forbearance period.
What is my maxium allowable Forbearance coverage?
Members are eligible for at least 12 months of COVID-19 forbearance. If your initial forbearance period started on or before June 30, 2020 and your loan is not owned by Fannie Mae or Freddie Mac, you are eligible for up to an additional 6 months extension (or up to 18 months total). If your loan is owned by Fannie Mae or Freddie Mac, you are eligible for the additional 6 months (up to 18 months total) if you started COVID-19 forbearance on or before February 28, 2021. If you are unsure whether or not you have a Fannie Mae or Freddie Mac loan, you can find out on the Fannie Mae or Freddie Mac website.
CURRENT MORTGAGE APPLICATION PROCESS
How long can I lock my rate?
The standard lock commitment for Purchase loans is 60 days. We advise consulting with your home loan advisor for more details about available extended lock options.
For Refinance loans, the standard lock commitment is also 60 days; however, due to delays caused by COVID-19, we’ll honor your locked rate no matter long it takes to close your loan.
How long are the expected delays?
Depending on where you live and your loan circumstance, purchasing a new home may be as low as 35 days. If you are planning to refinance your home, closing times are estimated to take 90-120 days. Consult with your home loan advisor for more details on your expected closing time.
APPRAISALS & INSPECTIONS
What measures are being taken to safeguard me and my family from appraisers/inspectors who need access to my home?
Industry professionals are expected to follow all CDC guidelines and best practices.
Does the appraiser or inspector have to come inside?
In some cases, there may be alternative ways to complete these processes without someone entering the home. Consult with your home loan advisor or third-party service provider to discuss the best option for you.
Why are appraisers and inspectors taking so long to come to my house? Could this impact the interest rate of my mortgage?
Businesses may have reduced hours and/or limited operations to help prevent the spread of COVID-19. With mortgage rates at an all-time low, mortgage demand has skyrocketed across the industry, resulting in more work than some businesses can handle. Despite any delays in the process, we'll honor your locked rate.
Will my settlement company remain open during COVID-19?
Similar to appraisal and inspection companies, settlement companies may have reduced hours and/or limited operations.
Will I be able to do my settlement at their office?
Many companies are still doing in-office settlements. Settlement may also take place in an outdoor space instead of an office for your safety. Refer to your settlement agent for further guidance on their current procedures to determine the best option for you.
If I don't use a computer, how can I get my documents to my home loan advisor?
If you don’t use a computer, you may still be able to visit a branch. Please be mindful—some of our branches will have reduced hours and others will be closed. Refer to your home loan advisor for additional guidance.
Can I defer my monthly auto loan payment?
Please contact us to discuss payment options that best meet your financial needs.
Will late fees be waived for my auto loan payment?
Please contact us to discuss the options available for your auto loan payments.
How do I apply for an auto loan?
After signing in to your account via online banking or the mobile app, you can apply for your auto loan in just a few minutes. There's no fee to apply and most decisions are instant. In cases where applications require a more detailed review, we'll send you an email and/or a text.* You can also apply over the phone at 1-888-842-6328.
Once my loan is approved, how do I receive my check?
You can receive your check via the following options:
- mailed to the address you provided (fee may apply depending on delivery type)
- picked up in a branch
For auto loan approvals, if the co-applicant’s address is different from the primary applicant’s address, the loan check and promissory note are sent to the co-applicant first.
During the pandemic, if I want to register my vehicle, record a lien or make other DMV transactions, will I be able to visit my Department of Motor Vehicles (DMV) office in person?
All DMVs offer online transactions and processing by mail, but many are conducting in-office transactions by appointment only. Check with your local office to see whether they’re open for full service or if they have reduced hours/limited operations.
I’ve heard there are delays in receiving a vehicle title. How long are the expected delays?
Depending on your state’s title requirements and your individual circumstances, it could take 60 days or longer before you receive your title. Check with your local DMV for more details.