My wife and I used USAA for our first VA home loan, the APR and low fees are hard to beat, plus, I bank with USAA and insure my vehicles and home with USAA. Our first loan was difficult with USAA missing our closing date, causing my wife to sign all of the paperwork and move our belongings by herself. Fast forward 5 years and we are ready to upgrade our home. We offered on a house contingent on the sale of our current home and waited. We finally got a cash offer on our house and contacted USAA to lock in a rate. We were contacted by the loan processor that would be handling our loan and she assured us that she would give weekly updates and answer our questions within a few business days.
We began noticing that our processor would not answer our questions within a few days and when she contacted us, blamed the holidays for the delay, understandable, but she didn't answer the questions, just apologized. Then silence, for over twenty days. In that time, she contacted our Realtor to inform him that the appraisal was going to come in low. As a good Realtor does, he submitted comps to her to assist the appraiser, who works in a different county, with determining value. Again, silence. We began contacting the senior processor who was helpful in our processor's absence. This senior processor provided us with the appraisal coming in $60k below our offer, and $25k below the sale price of the same home, two years prior. I looked over the appraisal and found he did not use the comps provided by our Realtor so I emailed the processor, senior processor, and BCC'd the manager asking why he would not consider the comps. From what I can gather, the comps went nowhere after being submitted to the processor. The manager said he would look into it, and still, nothing from the processor. We worked with the senior processor and the manager to attempt to get a Reconsideration of Value from the VA. We were informed that this could take 20 calendar days so we are just waiting on a reply.
Jump to today, we have closed on our current house, moved all of our belongings into storage, and have taken up residence in an RV, with our grey hound. We received an email from our processor, twenty days after our last contact with her, twenty two days after our last communication with her, informing us that our locked in rate would be timing out. Informing us that we would have to pay .125% of the total loan value to keep the rate locked in.
Why would I continue to bank with USAA. Why would I ever recommend USAA to anyone. My main concern is that incidents like this are why people shy from accepting VA offers. If someone were to try and buy my house using USAA, i would decline. Unacceptable.
Sincerely, disabled Marine, formerly known as a homeowner, currently known as the guy in the van, down by the river.
@TacticsFirst, thank you for reaching out and bringing this to our attention. I do regret to hear of the circumstances that were had, and would like to have this reviewed further with the appropriate area. I was able to locate your profile and will engage this department, once reviewed they will contact you. We do appreciate your patience in advance. -Emily
The sooner someone contacts me, the better. I just called our processor who revealed to me that she has no knowledge of the situation she has put us in. I feel like she was trying to explain to my wife and me how this is our fault that the charges "will" be collected if we expect to keep our loan in-process. To be clear, this is the second time in the entire loan process that we have been able to speak with our processor on the phone. She has also indicated that the neglect of the loan process is not her fault because she was away from work. USAA's mortgage department's vacation schedule is not of my concern, however; charging me a fine for USAA's delay is akin to Wells Fargo's actions against their customers and should be concerning to USAA members.
I find myself more and more frustrated dealing with our processor because the information she provides does nothing but prove she is not familiar with our application. Her three-week hiatus has yet to be explained and I am seriously surprised she is still assigned to our application. The fact that she does not even know we have been in contact with her manager is a testament to poor management in the department. When will the madness end?
I am so sorry this happend to you guys. Sounds very similar to what I was facing. There was almost no communication from my processor and I also had problems with the appraisal. I could not get in communication with the "managment" above my processor. I think the lesson learned is if you are on a tight timeline and value communication with the processor USAA is not a good choice for your loan. If you have pleanty of time, know exactly what needs to be done and don't have an issue with how long it takes the appraisal to get done you may be alright.