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DO NOT use USAA for your mortgage!! They do not give a rat's *** if you are a veteran or a first time homebuyer...or both! You would think that they would take extra good care of their soldiers (one who has been deployed TWICE in 3 years) as they claim to do in their new commercials but that is the best example of false advertising I've seen yet. Here is what happened: They convinced us to go with the VA loan since it would be a "better deal" in their opinion even though we had 25k to put down. Our realtors cringed when we told them how we were planning to finance the house...we should have known then. Since we are not married yet they said only my fiance could be on the loan. The contract was signed by both of us since we originally were going with the conventional loan. So of course the FIRST question we emailed to the processor was if we had to ammend the contract. She said no only to change her mind 3 weeks later. We were shocked at this recommendation since we didn't think we would be approved on just one of our salaries. They "ran the numbers" and said that my fiance would be approved based off of his current salary, excellent credit, no debt, and large amount of liquid assets. So we "locked in the rate" and proceeded with the contract, appraisal, title search, inspection, termite treatment, closing date, etc. In the meantime we had numerous un-returned phone calls, emails, and requests for multiple copies of documents even though they had been attached to previous emails and sent already. A huge headache in summary. After the "conditional loan approval" that was based off of the same salary that my fiance provided in the application, our processor called to say that he had been denied based on income. That's right.....the SAME income and credit and everything that they had approved him on, ordered an appraisal, and had us set up the closing date two days before. I am a mortgage officer myself and I know firsthand that appraisals and closing dates should not be set until affordability and credit history are reviewed and approved. They had absolutely no explanation or apologies for getting us this far in the process and then denying him based on information they had from the beginning. Not to mention we are now backed against a wall since our due diligence is up in two days and this was sprung on us this morning. So $1,000 is potentially out the window and the icing on the cake was the $350 processing fee assessed along with our denial letter. Oh and the manager returned our phone call SEVEN hours later and ten minutes before they closed. Of course we missed the call because we were doing honest work at our jobs unlike them. Do yourselves a favor and don't fall for their advertisements. Going through USAA may cause you to lose much of your hard earned money, your sanity and perhaps your dream home.
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8 comments
#377069

I am so disappointed. I was looking for feedback and find racist remarks about Mexican American and people who obviously have not done proper research on what has changed in the mortgage process and how much paperwork is required now with all these new regulations.

Read the news, learn about what to expect...you can find it on google.

And I agree with Pulltype and J, I have yet to find any news about mismanagment in mortgage. Shame on the racist comment.

#361074

Our experience with USAA is almost identical. We were quickly pre-approved for a loan, found a house and sign a contract.

Three weeks into the process hey started asking for additional document. Ones we already provided and wound up giving them multiple copies of our tax returns. The capper was my wife’s business. She has been very successful in business and has had a large increase in receipts.

Her profits as a percentage of the receipts is actually down, but more than the previous year as well. But because she is doing well, USAA states they cannot accept her income. They asked her to justify this income increase which she did by providing documentation from her business. Further, my wife was asked to prove that taking funds from her business would not hurt her business.

Even a letter from my wife’s CPA was not good enough for USAA and a day after USAA scheduled closing data USAA turn us down. We are now out of $1000 direct fees to USAA and another $10,000 in escrow expenses. Our phone calls were not returned and only persistence by non-stop calling got any response. The executive complaint department was of little assistance.

Further we were promised a refund only to have them call back and renege on that too. Most of these issues would have been caught before we signed an escrow.

#359021

I'm in the process of getting a mortgage with USAA. My processor recently told me that Underwriting needed to know the source of some deposists that were deposited into our checking account.

So if we had a deposit of $500, they want to know where the $500 came from.

Has anyone else experienced this? I'm starting to get fed up with them.

#356998

USAA is worse than all the other banks by far for mortgage loans. Here is why: At least with the other banks, they are not intentionally misleading consumers as being the Veteran friendly.

Case in point- we are refinancing our $745,000 first mortgage in Palo Alto via a "jumbo" loan. The assigned USAA mortgage processor, Monique in San Antonio, barely apeaks English and is rude and very unknowledgeable. I asked her basic questions about rate and term,and she said she did not understand the question. I got a hold of her supervisor and she basically defended Monique's poor service.

This is a case of hiring Mexican Americans over white americans simply to be "diverse".

They are a rotton, pathetic organization- USAA mortgage services

#356737

The black and white reads simply one bank cannot do everything the best. USAA and home mortgages clearly clarified ( they farm out the mortgages to third party lenders.

Service member or veteran does not matter USAA still requires charges on the VA loan that the VA criteria states is not needed to close the loan. Just attempted to refinance through USAA. They went the extra mile lol why should they get me a lower % 3.99 rate when there making $$ 6.4 off the rate now.

Oh yes they offered a lower rate put a a tremendous refinance rate. When I asked them modify the loan to under 20,000 an earthly number lol and they charge for the loan application.

#348860

I have everything through USAA (home loan, which they approved me for), auto insurance, homeowners insurance, checking and savings. They are the best bank I've been with ever.

I've been in over 24 yrs. in the military and I will not bank with anyone else (Bank of America, Washington Mutual..now Chase, etc.) The other banks are rip offs, not USAA. Does anyone see USAA in the news about being bought out like Washington Mutual (now Chase)? How about Bank of America with their inappropriate home mortgage schemes, etc?

BofA literally stuck it to all the veterans on their home mortgages while they were deployed. Selling their mortgages and throwing vets out into the street. Has USAA?

I THINK NOT!!!! USAA IS NUMBER 1 IN MY BOOK!!!

#345622

Sorry, you are both WRONG. I find USAA very easy to work with.

Real veterans would know that paperwork is even more important than guns, sad to say.

If you think you can skip or slide by on sloppy paperwork in todays mortgage climate, veteran or not, think again. Try Pentagon Credit Union and you will find the same result.

#345603

Story probably 100% accurate. There are NO banks or mortgage companies that "give preference" to vets or active duty, its all a big advertisement game and Amer Legion, VFW, Marine Corps League ALL BOUGHT THE BULLS.H.I.T.

from USAA. USAA should be arrested for pretending to be all for the vets, their not, just another schemeing bank.

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ID
#262476 Review #262476 is a subjective opinion of poster.
Location
Raleigh, North Carolina