I'm AD and looking into buying a home at our next duty station with a VA loan. A quick review of the USAA Member Community feeds shows a lot of members are frustrated with USAA's Mortgage Services. This surprises me, as we've always had great experiences with USAA, albeit with Banking and Insurance, not mortgages.
My question to the Community is, has anyone had a good experience financing a home through USAA? Would anyone recommend them? Why/why not? Has anyone with extenuating circumstances (prior short-sale, odd employment, etc) had a good experience obtaining a loan through USAA?
Thanks for your time in responding!
First let me say I have been with USAA a very long time, and I LOVE their insurance and banking. I have referred many friends. Cannot speak highly enough about those services.
My husband and I have bought and sold multiple homes, have flipped and for years have had investment properties, so we know a thing or two about this subject. I do like their movers advantage program for selling, bc they aren't the ones doing the paperwork so they can't mess it up and you get some cash back.
As far as the mortgages go I will shop other lenders first next time. It was a total nightmare and not worth the movers advantage money back. I literally have 67 emails in one thread, and then some more between myself and USAA regarding 1 mortgage. Names misspelled on official docs, FINANCING mistakes (wrong dollar amounts on MULTIPLE forms) our closing was delayed due to USAA HUD 1 mistakes. At closing there was a mistake on our down payment and interest rate, the SECOND financial mistake totally seperate from the first. Luckily they had already screwed up enough and didn't make us wait several days due to having to get another HUD 1 (which is the law) with correct financial info from USAA, and we were able to close that day even though it was already 3 days late. READ, RE-READ, and READ AGAIN any and all financial documents sent to you from USAA. We would have been out a lot of money at closing and would have had a higher interest rate than we should have on our 30 yr mortgage (which is a TON of money) if I had not read the "final" USAA documents. Our rep was incommunicado the majority of the time. She stated in an email that we would hear the next day if she needed any additional docs. Never heard a word. Even after emailing the very next day and keeping in constant touch with her on our end, emailing plenty of 'how is our mortgage coming along and do you need anything else?' she advised me just before closing that we needed to send in a laundry list of this and that. Our agent and the title co were on the phone with them attempting to clean up their constant mistakes. We had to go through a superior at USAA to get the job done, if you can call it that, because even after getting a higher up involved our final financial docs were wrong. Just one of the 70+ emails listed below should give you an idea. We had tons of unreturned phone calls and this issue had to be escalated just to get a call back. We went under contract in May, and they still screwed up in July!!! They started the process and then disappeared on us, and we attempted many, many times to get into contact with them to no avail.
USAA delayed a previous closing of ours but I gave them the benefit of the doubt and unfortunately we got totally hosed.
I should have included- my last experience w/ USAA mortgage origination was in July 2011, but from the looks of these boards not much has changed, Like I said, that was the 2d closing delayed bc of mistakes in paperwork on their end. They need a complete overhaul of their system imo.
I can't recommend them. We purchased in 2010 and had tons of issues; from not being able to reach our loan officer, to missing paperwork, to missed deadlines...you name it, it happened. We had to delay our closing twice. Then once they sold our mortgage off (USAA always does), they sold it to a company that has almost about as pitiful customer service as the USAA Mortgage Dept did. We stay for banking, cc's and insurance, but we will never again finance through them.
Thanks for the feedback. I have yet to find a positive review and considering that I called the USAA Mortgage Dept and didn't get a return call seals the deal. We'll look elsewhere.
It's a shame; USAA had such a good reputation going. As members we need to make sure we hold leadership accountable when it comes to voting for our corporate governance.
Keep us posted on the lenders you choose to go through. Since USAA seems to have had several years of disappointing mortage application/property closing service (kudos to USAA for not removing those posts from the community - immense respect for them for allowing the honest good and bad posts to stand), I've decided to look outside.
My local credit union doesn't offer VA loans. First Tennessee doesn't. Wells Fargo does. Quicken Loans had several complaints in the BBB (which someone from the USAA member community had recommended) so I decided to focus on brick-and-mortar big banks. I'm waiting to talk to SunTrust or 5th 3rd, which according to their website, do offer VA loans.
But so far, any bank that lets you do an online application, automatically steers you to the conventional or FHA. I'm going to have to take time out of my work day or lunch break (which I work through typically) to actually speak with a mortgage representative and explain I am interesting in pre-approval on a VA loan. I already have my COE.
Why the fook is this so complicated???
While it pains me to read about member's negative experiences, like you noticed, we do not remove them. I am grateful members are providing feedback (like you have) and are willing to give USAA details so that we can ensure we improve and do not make the same mistakes again. We would appreciate the opportunity to talk with you about how we could improve and what it would take for you to choose USAA as your provider of choice for a mortgage. Please email us (and include your member number and the best way to contact you) to firstname.lastname@example.org, and we will have someone in touch who can make sure we start to make the changes needed to improve our mortgage services. Thank you for posting.
Dear Potential Borrower,
I am so sorry for the unreturned phone call. It is not the service you deserve or how we want your experience with our mortgage department to be. We would like to get you in contact with a specialist who can address your concerns and review what it would take for us to be your top choice for a mrotgage. Please email us with your member number and the details you provided above at email@example.com. We look forward to hearing from you.
OK, I have just started the process with USAA for a possible mortgage. But after reading these comments, I feel like I am making a huge mistake. I have to admit, the people I have talked to where very pleaseant, and helpful. Got a pre approval with little diffifculty. So thats all great. But....... What if I have these same problems as seem to be a reoccuring theme? Honestly, I can not physically deal with these kind of problems.
What assurance can USAA give me, that I am not about to make a huge mistake in choosing USAA as my mortgage lender?
I have taken out 3 mortgages w/ USAA and one refi. The preapproval is the easy part. It's when you go under contract and have to start dealing with a mortgage processor that the problems will start (if they are going to.) My first mtg in 2008 went smoothly enough. However the last 2 mtgs were both delayed. I gave USAA a second chance and wish I hadn't. Like I stated above, over 70 emails just for one closing and constant headaches due to USAA dropping the ball over and over again. I'd def look at other options, at least apply and see what they say. Who knows, maybe you will be pre-approved for more and/or lower fees/ interest rate. In my experience, the cash back is not worth the trouble. Movers Advantage for selling is great, though, bc USAA has nothing to do with financing or closing the sale and you get the cash-back.