We are 10 year members of USAA, literally everything we have is through your company, and we have been nothing but satisfied will all the services we have been using. We have had 1 mortgage through USAA and it was smooth saling so naturally we went to go with a company that we know and trust again. Unfortunatly we are having that complete opposite response and it is not only frustrating but also sad that a company we have trusted and has never let us down has really dropped the ball and is doing nothing to rectify a situation that was a direct result of their neglet.
My husband is being medically retired from the Army due to injuries that were a direct result of his last deployment to Afghanistan. Due to his injuries he is going to be retiring at a 70% rating from the Army and a 100% disability rating from the VA. We have been trying over the last few months to find the perfect "forever home" to raise our 4 children in close to our family and finally was able to find exactly what we were looking for. We did a prequalification with USAA and were qualified for the amount we needed and then some, we put an offical offer in (it was accepted), signed all the docs that USAA gave to us to sign and return. All original documentation that was asked for was provided and things moved on w/o a hitch. Fast forward a month and it was time for a VA appraisal and the underwriting process to start on the loan.
Due to the retirement new paperwork and information was requested, everything that we had to provide was provided and although he will not offically have his retirement papers in hand until February we signed a form in the packet that was sent back asking about VA benifits that should have been sent off to the VA weeks before we got to this point to verify his disability rating (which would waive the VA funding fee among other things). My husband provided his letter that showed he had a job lined up and what the salary was for that job and that combined with just his army retirement came out to the same amount he is making currently.
We were told on December 23rd that the underwriters had recommended a denial due to lack of income. We were both clearly surprised since we had qualified 30 days prior with the same type of numbers, we asked what formula they used to decide his retirement pay and it was the wrong formula (it was what is used for a traditional retirement not a medical retirement at 70%) we tried to explain tirelessly that that is not the correct calculation and were told "well that is the formula we have to use". We asked if they had a copy of the VA form 26-8937, which would prove his VA benifits as well as what his retirement percentages/income would be. We were told the form was in front of her signed by us but it was either never sent to the VA or the packet was sent to underwriting without the documents being sent back to USAA from the VA. Either way we did what we were asked to do, and the ball was dropped on the other end.
Our representive didn't seem to feel like this was an issue at all and that we should not be so worried about it. However, we are talking a couple thousand dollars a month differance in our monthly income which was why we were suddenly denied our loan. We were then asked for something to proove what my husband was telling her about how his retirement income was calculated so he directed her to the DAFS website where retirements calculators are that the Army uses (that was not sufficiant) so she told him she needed an official letter of what exactly he would be making provided by someone on DOD letterhead & signed. We were out of town for the holiday so Tuesday 12/26 he drove 6 hrs back to base to try and track down someone who could provide him this document and eventually was able to get what he thinks was needed.
In the meantime he was notified that the VA appraisal was canceled (before our file was ever resubmited to underwriting) so we will never get a report for it and we would have to completly reapply for a loan no matter what documents he brought to the table 6 days (including a weekend and a holiday) after it was asked for. We sent through the letter anyway in hopes that the loan could be reenstated since they sent it back to underwriting immediatly without ever waiting for the additional letter they asked for or sending off for or waiting to receive the paperwork from the VA that was never sent off for in the first place. In order to ask for a closing that would be pushed back 30 days the seller wanted the appraisal so that he could work on anything that needed to be fixed to go to closing.
So here I sit about to loose a home that my family has been counting on to give us a "normal" life after my husbands issues/injuries due to a USAA representitive who was not willing to actually LISTEN or try and help us through the process of buying our "forever home". We thought that going through the bank we have trusted and was a strong military supported it would make the process move smoothly since we can not be the 1st or only people in the process of a medical retirement trying to buy a home to move into!
I have tried to go to our representives supervisor and she has also been less then helpful the best I could get from her was that she would at least look at the letter he provided but we would still have to completly reapply. This is probably falling on deaf ears however I needed to communicated this in hopes that SOMEONE could help us so we don't end up loosing "our home" due to a representitive who has not moved the paperwork correctly.
I am hoping the this can be escilated to someone who may actually be willing to work with us and figure this process out with us instead of what we are currently experiencing, I find it very hard to beleive that NOONE at ussa mortgage services can reenstate this loan and that the only option is to completly reapply.
Thank you for sharing your experience in the Community. This is not the type of experience we want for our members. I have taken this opportunity to share your comments with a colleague in the mortgage area for additional research and response. Thank you. -Gus