I was preapproved for a loan on or about 4 Jun 2014, I understand the process of preapproval. USAA called me a week prior to closing on 11 Jul 14, saying I needed residual income to get approved for my loan. Ok.....got it......they reviewed my 1040A and I had a loss in my business. So happened I got a job, told my loan officer I have a job. She stated according to VA I had to have a statement from my soon to be employer with my start date and pay rate. I got that and sent it to her; she said I'll close on 31 Jul. Then a week later, I get a call that they need my signed copy of my 1040A because I do my own taxes and the last page of my pay stub. (Really) Keep in mind all the information they asked for when I submitted my application on 4 Jun 14, was submitted to inclued 1040 schedules. A week pass by, get a call when I'm doing my walk-thru (30 Jul )the day prior to closing saying, SGT we have did alot to get this loan approved and you are going to close on the 7 Aug 14 and we are going to need a copy of your termite inspection from the builder. Now, I'm really upset.....This call was to informed me also, that I actually had to start working before I closed on my home. I eventually closed on my home 14 Aug 14.
My point is USAA has been doing loan a long time prior to me applying, why ask for documents for a loan upfront and don't bother to look at them until a week prior to closing. Then when they get the information and week or so I get a call about them needing something else, that happend twice. It was just a headache and my loan officer kept reinterating how much they were helping me get an unapproved loan approved. The fact that guidelines are already in place, so why tell a customer they needed a letter on 22 July 2014, for job confirmation and later on tell me I have to start working before the loan is approved. And the fact they had all my information they asked for in June and now in August they are still asking for more paperwork on my loan. If they would have just disapproved the loan I would've been ok.
This is my third home loan and the worse experience ever, I will not recommend USAA to anyone for buying a home.
Thank you for taking the time to share your experience with USAA's mortgage process. I can imagine the frustration the multiple document requests must have caused. I would like to get someone from the mortgage department in contact with you to talk about what we could have done better in your situation and to see if there is anything else we can do for you. If you could please fill out this form with the details you have provided here and the best number to contact you we would greatly appreciate it. Thank you again for posting and thank you for your service.
I don't believe it would matters at this point because when I was going through that mess I was told to do a survey. But, of course, I wasn't selected to get a survey that is why I'm stressing my frustration to other USAA members.