I've been a USAA member for 37 years.  With them I have my car insurance, a managed IRA of substantial value, an annuity, a credit card and the current home mortgage with an impeccable 6-1/2 year payment history.   We attempted to refinance our house from the 23-1/2 years remaining loan term to a 10 year loan.  We were also going to buy down the loan by $20K and, pay out-of-pocket, points to get the rock-bottom rate and all closing costs to avoid inflating the loan value.  Our credit scores were well above that needed to qualify, the house was appraised at 2-1/4 times the loan value, our readily available assets well exceed of the loan value and we have a stable employment history.  The point is, the would-be loan was a low-risk, no-brainer for USAA.  We provided the long list of documents to the loan officer.  With regard to banking statements, we were told that they needed the most recent two months showing balances for our savings and checking account for which we provided the accounts summary pages.  THEN we were told that the submitted banking documents were inadequate and we needed to submit documents showing all SAVINGS account transactions for the past two months which we did AND included a summary page showing all savings account transactions going back to Dec. 2015.  Our monthly bank statement includes both savings and checking account transactions all on a six page document.  USAA rejected the second savings account transaction summary document as inadequate even though that was EXACTLY what they had asked for.  Bottom line, inspite of what they requested, they wanted to see the CHECKING account statements and where every dime we earned over the past two months was spent and how much since we use debit cards almost exclusively.  We were told told that Fannie Mae requires this information however, after talking to several mortgage brokers, I'm not so sure that this is the case.  I intend to contact Fannie Mae to determine exactly what proof of income is required.  If I find that the information we submitted was sufficient for the loan qualification and USAA is making an absurd and needless intrusion of our privacy, USAA and I will part company and I will report their business practices to Fannie Mae.


No Happy!,


Thank you for reaching out to us regarding your mortgage refinance experience. I can understand your frustration with this situation based on the inconvenience of the requested documents. I am reaching out to see if there is a resolution with this matter and will follow up with you as soon as possible. Thank you. - Celeste

Sounds like the typical "canned response" you give to everyone who complains.

Not Happy!

It's disappointing to hear you feel this way.  We understand the seriousness of this matter and are actively researching your information. I will ensure we follow-up with you today. ~Thank you. Celeste 

Not Happy!

It's disappointing to hear you feel this way.  We understand the seriousness of this matter and are actively researching your information. I will ensure we follow-up with you today. ~Thank you. Celeste


...that was three days ago. 

Not Happy!,

Thank you for taking the time to follow up with us. We appreciate your continued patience while we research this matter.  I want to ensure you we are committed working with you on a solution. 

~ Thank you. Celeste.

It's tough out there. It sounds like USAA would already know the information they are asking from you. Which makes me think they are farming out the loan. What this means to you is USAA seems to be acting like a middleman, find out who they are seeking funds from and deal with them directly. Other than car insurance, they seem to sell a lot of 'others' products. I'm not complain tho, it's hard out there. 


I've found out owning your house doesn't help much, we own two house completely paid off and went to get a HELOC to fund the next house while we sold the first. A HELOC is secured debt and we only asked for a 50% LTV on the current house. Nope, they don't like it. I was astonished. I was guranteeing our own loan of 50% equity with the equity in the other 50% of a fully owned house. This wasn't USAA btw as they no longer offer HELOC. 


This make me think there is a real desperation in the banking industry and they are really really risk adverse. Guido would have done that deal. But it seems that the only thing they prefer is liquid assests. Your IRA isn't counted because its judgement proof. I'm assuming tho if you used a VA refinance program, they shouldn't worry to much. VA gurantees 25% and they say yes, I gurantee 50% and they say no. It's hilliarious. I'm not that mad tho because we really don't need the money. With next years distributions, we will be 100% debt free. Then I will charge the bank for my money. 


I'm not going to be mad at USAA tho because not to long ago, I was in a very bad spot and they worked with me. One of the only banks that would. Now that our situation has turned around. I will work with them. However, they need to start taking risks again. Otherwise crowd funding sites will put banks out of business. LendiingTree and Prosper for one. They keep on trying to give us 40K for some reason. 


In conclusion, if you haven't already, try the VA Refinance program. That might be the difference.