Formal Compliant: USAA may cost my $3440 of loss money

I have been a lifelong member of USAA and a Veteran. I may be in danger of losing out $3340 of earnest money because of untimely management by the USAA loan team. Here is the timeline of events. a. 25 January: The purchase contract was executed by both parties (me as buyer) b. 25 January: The contract was sent to USAA Marisa **** (Marisa.**** - the same day. b. 14 February Deadline: The contract specifically says 20 days to obtain finance approval basis Paragraph B of the Third Party Financing Addendum. That puts USAA to notify me of approval or denial of financing with a deadline of 14 February. d. 17 Feb: USAA loan officer called me and verbally notified me that loan is unapproved which is 3 days past the deadline. e. 23 Feb: USAA did a written email notification on 23 Feb via email confirmation that loan is unapproved. In either case USAA was late on the 17th and again the 23rd Feb for notifying me. In turn caused me to be outside the time limit stipulated in the addendum. f. 24 Feb (to date): And I furthermore I do not have official written confirmation of the denial. And have not been able to send the title company or seller of any official reason to terminate contract. I am now well beyond the 20 day period. Based on this timeline, I would hold USAA liable for not notifying me more timely manner, which in turn may cause me to potentially lose the $3340 earnest money. Throughout this process, I was 'approved' and no issues were raised. I kept asking if USAA had everything they needed and to ensure we were on the prescribed timeline. I sent multiple emails and calls to ensure we were on track. No real communication given to me until 17 February. Based on the facts and the email trails I have, USAA put me outside that timeline. I wish to escalate this to USAA management and senior leadership if I cannot get my Earnest Money back. USAA has culpability in this process for cause of delay. I have already lost $1000 in inspection fees, and throughout the process was 'approved'. I find that the customer service and time was lost by USAA. I request that USAA assist me in obtaining back my Earnest Money or refund it to me if the seller chooses not to return it. Furthermore, my realtor is a USAA partner in the home buying program. And by the way the seller's agent is also the same - Coldwell Banker. Coldwell Banker is advising the seller not to return the earnest money!!!

Moderator Note: employee's last name edited for security reasons.


Elm Valle,


Thank you for sharing your experience and we appreciate the opportunity to address your concerns. I'm engaging a subject matter expert to review your information and reach out to you. -Paula