My Lt. Commander father (ret) and I sold our residental rental properties with the intention of finally retiring. We wanted to purchase a new home in Sacramento, CA. We applied with USAA for the home loan and felt confident the process would be swift and pleasant based on 45 years of various financial dealings with USAA--mortgages, insurance, credit cards, auto loans, etc. etc.etc. What a nightmare--horrid customer service, uneducated loan processors who could not understand the value of $2,000,000+ proifit reaped from the sale of the residental rental buildings was being reinvested into lease contracts with a couple of the biggest corporations on the New York Stock Exchange--MacDonald's and Starbucks--and that those leases stipulated guranteed monthly payments for many years!!??!! It was a nightmare ending up with a loan denial and our credit scores being lowered from all of the unnecessary credit requests (800+ down to the 780's.) Luckily our well estaablished contacts in the real estate business and the over abundance of sophisticated and educated professional mortgage lenders in this area made it possible to expedite our application with a local mortgage broker and we were approved in two days! I had a similar problerm with my application for an equity line of credit on my 67 acres in the Napa Valley, CA (owned free and clear). Your loan processors including the department manager could not understand that I lived on investment income and did not have W-2 income. (I sent three years of tax returns!) In addition, I had various problems with the replacement vallue on my homeowners policy in the Napa Valley. Luckily, last year, you turn the entire vaulation process over to Marshall and Swift professionals who I feel finally got it right. There were other problems. After approximately 20 years into a mortgage loan with PHH, the service turned awful. I still do business with USAA but needless to say I am very wary and no longer have the trust and congenial feelings that I felt for your organization for many years. My father and I plan to send a formal letter to your top management group as soon as we are settled into our new house. I read today that Ben Bernanke, former President of the United States Federal Reserve, was turned down for a refinancing of his home. I guess the banking industry has just forgotten how to do its job and is incapable of making decisions. You all make the excuse that the new Volker Rule makes you behave this way. Unbelievable! Obviously, members like my father and I have options but what about all of the service me and women, active or not, that you are failing. You have a mandate--please have the courage to fulfill it.
Thank you for taking the time to share your expereince here. I have escalated your situation and someone should be reaching out to you shortly. Please keep me posted. Thank you.