I didn't realize there are multiple interpretations of "Locked-In"

& yes, i'm dealing with this now. First of all, i'm a first time home-buyer so it took me a minute to figure out all the terms. Spent 1 day going through the application process & the rate was 3.75 with No Points. The Loan Officer FedEx'd us the paperwork the next day & in the paperwork there was reference to a "floating" rate. Naturally, I called back, completely confused. & they said, the loan officer didn't lock-in the rate. & the NEW rate was 3.85 + 1.Something_something in points. WHOA? So fine. I'm new at this. I call the Loan Officer, & said, "give me a call if the rates change or i'll go with xxy company". & boom, guess who called the next day? & left me a voicemail, which I have if anyone wants to hear, thanks to GoogleVoice. The loan officer gave a 3.75% interest rate with the points being 521$. Sweet, I called in & locked in the rate. They then resent the paperwork. 


To Recap: 

Interest: 3.75%

Points: 521$


& here is what they sent me in the mail. Anyone notice the Points? Did someone just add 1000$ to the bill randomly? Dare, I say, yes they did. Apparantly, lock-ins mean nothing with USAA. When I called the loan officer back, he was equally confused, called down to credit & said, "yea, it is a USAA charge" but he had no idea where it came from. So, I escalated. 


& then begins with the Conflict Resolution Specialist & the conversation went something like this over the course of a few hours, this is just the mere highlights:


USAA: Well, the time of the rate lock was not the same time the rate was available. 

Me: Then, why did he give me the rate details over the phone & then locked it, then re-went over the rates again before we got off the phone to verify.

USAA: Hm, well, he was probably giving you just the APR & didn't give you the points.

Me: Yes he did, & we went over them again today & they don't match your paperwork, it was 521$

USAA: But he gave you a dollar amount & not the points which could vary.

Me: Er, he gave me a dollar amount of 521$ & you changed the point dollar amount to: 1563.75$

USAA: Hmmm, well credit may have seen something on your credit report & up-ed the amount.

Me: They ran both credit reports, we have no debt, no kids, & both make 6 figures. & they had the credit report to make the initial Loan Offer with the "Lock-In" rate. I promise you, nothing has changed in 24 hours. 


The conversation, naturally, goes nowhere & says he will have to speak to the manager as they are the only one that can remove fees! What?!?!? Why am I talking to you then! Are you kidding me! All I am asking for is for them to honor their lock-in rate, which was huh, locked-in over the phone. This "bait & switch" is ridiculous, not to mention the "bad-faith" negotiations. 


At this point, i'm beside myself. Waiting on a manager to call me back to honor the lock-in rate that was ... well ... you guessed it ... LOCKED-IN! 


& I have to add, that I loved working with USAA for my autoloans & also for regular banking. This morgage side so far is just a failure, wrapped up in more failure. I'll post an update, i'm still optimistic, but after reading the reviews, this may have been the wrong choice. 


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A mortgage team member is currently reviewing this and will be reaching out to you. Thank you.

01/29/2016 - UPDATE: manager has not called me back. However, the social media team did! They are putting a package together for the CEO to review. I'd be impressed, but the amount of time, & involvment of: loan officer, credit person, conflict resolution specialist, social media person, then CEO has to be more expensive then honoring the "locked-in" rate that was "locked-in". I'll post as soon as I know more. 


Super pumped though, 1 step at a time. 




Wonderful, weavieaz. We really appreciate the updates!

Wow! Now that is service. Big thanks to the Social Media team for fixing this issue. They really came through & knocked it out of the park. Very proud of the team at USAA. 



Thank you for your kind words on our Social Media team. I am so happy to hear that they fixed the issue for you, and I can't thank you enough for updating us here in Community. Hope to see more of you here in Community soon!