Denial of Mortgage

[Pat tanley]

Member for 35 years. Applied for mortgage for new home as I am relocating closer to family. Pre approved May 5, 2014. Send in the mountains of information required. Sold my home at present location with July 25 as closing date. Told by account assistant 3 days before closing date at new location, my application was denied. The reason given my income was not enough for my expenses. In come tax filed the last two was over $100,000/yr. My expense is $1200/yr since I don't pay school tax. I own two homes with paid off mortgages. These homes along 401k and other investment accounts come to well over $1,000,000 in assets. What is wrong with this picture? My new home would acquire about $200,000, this would be paid off immediately. When this is resolved I will no longer belong to USAA
C with closing date July

[Lemaan78]

Great post Pat. USAA REALLY FAILS when it comes to helping vets get into homes. The reality is that there are a number of vets with poor credit that need advice on how to get into a home. After reading how you were treated......those young vets dont have a chance

[Jcroark]

My husband and I are young vets with a child. We got preapproved on his income, this only thing that ever change was I received a better job making twice the salary. They declined us though not because of my work history, because he was deployed they said that his work was suffiecient. They also said, our income didn't meet the standard. However, our income rose by 30,000 a year. To top it off our finacial officer went MIA in the process of closing. We did however go through a local company got a .5% cheaper interest rate and an additional signing bonus. So we are thankful.

[Briana Hartzell USAA]

Pat Tanley,

I would like an expert to review your application. Could you please send your details (including your member number and the best way to contact you) to [Removed Link]? We look forward to hearing from you.

[MikeM235]

It's funny, you can't get anyone in the mortgage department to help you until you complain here.  Then all of a sudden they want to help.

[The Big G]

I too have had a pretty terrible experience with USAA in processing my mortgage.  At this point, I am not confident that we will actually getting our house and I have no time left to go somewhere else for help before my sales contract expires. 

From the very start they took a week longer than promised for conditional approval which should have been a warning sign.  Once pre-approved, I was given misinformation on how to upload documents, repeatedly given the wrong expectations for responses on document submittal reviews and promised they had all of the needed documents multiple times only to have them request the same dosuments again later on. They even resent me my complete application package again (via overnight Fedex and wasting about $40) about a month after the first completed one was submitted to them and could not even explain why.

I was also given improper expectations for the appraisal setup timeframe and once appraisal was completed they took 20 days before giving me the appraisal amount, which ended up lower than the offer on the house and put us even closer to our closing date after negotiations with the seller.

This whole exeperience is very sad as I had alot of respect for USAA and have been a member for over 20 years.  I know my auto insurance with them is not the cheapest but I have kept them for their quality product and customer service. I hope this is not a growing trend within their organization.

Sadly wishing now I had gone somewhere else for my mortgage.  If you have the choice then stay away from USAA mortgages!!!

[The Big G]

I too have had a pretty terrible experience with USAA in processing my mortgage.  At this point, I am not confident that we will actually getting our house and I have no time left to go somewhere else for help before my sales contract expires. 

From the very start they took a week longer than promised for conditional approval which should have been a warning sign.  Once pre-approved, I was given misinformation on how to upload documents, repeatedly given the wrong expectations for responses on document submittal reviews and promised they had all of the needed documents multiple times only to have them request the same dosuments again later on. They even resent me my complete application package again (via overnight Fedex and wasting about $40) about a month after the first completed one was submitted to them and could not even explain why.

I was also given improper expectations for the appraisal setup timeframe and once appraisal was completed they took 20 days before giving me the appraisal amount, which ended up lower than the offer on the house and put us even closer to our closing date after negotiations with the seller.

This whole exeperience is very sad as I had alot of respect for USAA and have been a member for over 20 years.  I know my auto insurance with them is not the cheapest but I have kept them for their quality product and customer service. I hope this is not a growing trend within their organization.

Sadly wishing now I had gone somewhere else for my mortgage.  If you have the choice then stay away from USAA mortgages!!!

[Briana Hartzell USAA]

The Big G,

I would like to apologize for the disappointing experience you have had. While we cannot change what has already passed, we would like to make sure you are getting everything you need now. Please email is at socialmedia@usaa.com and let us know if there is anything else we can do for you (please include your member number and a phone number you can be reached). We look forward to hearing from you and truly value your 20 year membership. Thank you

[ohio2015]

I was denied a mortgage after USAA prequalified me for more.  Talked to 5 different people and got a different story each time.  Agreed to a house based on the pre-qual and was left scrambling for a new lender.  They also checked my credit twice which helped lower my score.  Only apology I got was - we'll re-train people.

[Briana Hartzell USAA]

ohio2015,

I am sorry to hear about your negative expereince with the mortgage department. While I cannot change what has happened, we would like to look hear more about your mortgage experience so we can improve. If you wouldn’t mind, could you fill out this form with details of your transactions that went wrong? (Please include your member number and a number where you can be contacted). Thank you