Received Closing Disclosure and Call that Underwriting Denied my Mortgage after they cleared it a week ago on same day (8/16/2016)

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Regular Contributor

I think I am about to get screwed.  I was told last Wednesday that I was cleared by underwriting.  Now, I am scheduled to close this Friday, 9 days after cleared by Underwriting.  I get a call today, Tuesday (my closing is 3 days away) and am told that Underwriting denied my loan?  WTF?  I havean 820 credit score, putting down a large amount. And they have known everything since the appraisal that was sent to me by USAA after they received it on June 8, 2016.  Now, with a closing in less than three days, I have to wait until tomorrow to see if Underwriting will change their mind after I clarified something in an email to the processor that she claims was given to her Director who is working with the Director of Underwriting to try to get it approved.  Talk about ridiculous.  I started this process in April, 2016 and now, 3 days before closing this happens.  I am sick to my stomach trying to figure out what to do.  There are pets involved that will have no place to stay, I have all my stuff that will have to be put in storage, the seller is moving out by Friday and the house will be in limbo with utilities and everything else.  USAA ****-up will end up costing me and others lots of extra money with the delay and now I have to get another mortgage somewhere else.  They are losing out on $200,000 in interest over the 30 year life of the loan.  Do they really care about veterans and members with over 20 years with them, I don't think so.  They should be bending over backwards for someone with my credit score and steady income and not a late payment ever in my life (I am 46).  Now I have to figure out the mortgage fiasco and then where to go get my auto and home insurance, move all my retirement accounts somewhere else, and set up direct deposit somewhere else and move all my money out of here.  They can prevent that and make money on interest if they just get their head out of their ***.  I have to wait until tomorrow morning (Wednesday, 2 days before the scheduled closing for a decision which everyone else is telling me underwriters never change their mind).  Well, wish me luck.

3 REPLIES

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MikeS011,

 

We understand this matter is important to you and have addressed your concerns on a prior post. Please review this post for our response.

 

https://communities.usaa.com/t5/Buying-a-Home/USAA-Home-loan/m-p/98839#M2287

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I have been with usaa for 15 years. I encountered so much red tape with their home loan process. Your credit is aweaome...there should not be a problem if you have provided what has been asked of you. I must say....i have gotten with navy federal withing the last 4 years....and there processes are much faster with no frills ( i have a car loan with them now) and i cant even think of one bad thng with the entire process...:). Im so sorry you have to deal with such bull sh*T. I HOPE THEY GET THEIR SH*t together ....becuase otherwise....i will beleaving them in the near future.
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crxgenesis,

 

We are sorry to hear about your experience. USAA strives to provide our members with efficient products and services. We regret this was not what you encountered.

 

We would hate to think your experience would be a deciding factor in your continued relationship with USAA. Your feedback has been shared with a our Member Feedback Teams for review.

 

We look forward to continuing to serve your needs for years to come.