As a first-time home buyer you expect certain things to happen. After all, this is the biggest investment most of us make in our lifetimes. For the cost, we expect competence and consistancy. Everyone in the process from pre-approval, agent assignment, loan processing and closing should be able to communicate with a clear understanding of where the process is at that point in time to where it was previously. Instead, it seems as though USAA has cobbled together a group of people who must piece together a huge puzzle to figure out or answer what seems to be simple issues. There doesn't appear to be any teamwork involved and the system is apparently overly complicated. I say keep it simple. We have never experienced such frustration since becoming memebers, but we have always been willing to listen to whatever sales pitch was thrown our way after the simple click of a mouse on a ceratin product offered by USAA. "Hey, we just noticed you were looking at a product and we thought we'd contact you to make sure you are receiving excellent service. By the way..." Funny how responsive they can be with perspective business. That will change. Even the supervisors are questionable. I'm just glad some of these folks don't work for me.
At this point my wife and I are so disappointed with the home buying process that we are seriously considering walking away from USAA completely. And thats tough to say since it has worked out well up to now. I have sold this bank to so many of my friends who are now members. Their incompetence has cost us $1500 so far. I would not recommend purchasing a home through USAA because nobody seems to be on the same sheet of music. Contradiction abound!
Couldn't agree more. Quite a few years ago I was helping my mother (a USAA member) get a mortgage for an investment property that she was buying through a 1031 exchange. We sent in countless documents that they requested. It was going to be titled in her trust. At the last minute, they sent an email (USAA couldn't even pick up the phone) to say they couldn't make a loan to a trust. I couldn't believe they would do this right before closing and not even offer a solution. Fortunately, our lawyer came up with a solution and she did get the loan. But it sure wasn't due to any help from USAA loan department. (Gosh, I feel better now. :o)
If I understand this correctly, You can put a home with mortgage into a family trust. But, trust can't assume repayment obligation. therefore, mom needs to apply for the loan, then deed the house to your family trust, eventhough mom is alreay the trustee. Mom is still obligated to the loan, not the trust,
as 1031 exchange goes, .. the religuished property and replacement property should be under the same owner name. if they are different (reliquished property - mom, then replacement - trust), then 1031 exchange/intermediary will not signoff the paperwork anyway.
On 03.21.2015, BrianaHartzellUSAA Community Manager wrote:
I have asked one of our mortgage experts to weigh in on 1031 exchange and will update when I receive an answer! Thank you!
We regret any miscommunication and delayed response. A 1031 exchange is a transaction that needs to be discussed with a tax advisor they will have the IRS rules pertaining to a 1031 exchange.
First, I apologize for the delayed response to your posting. I am extremely sorry to hear about your experience with our mortgage department. I have escalated your concerns and we would really appreciate the opportunity to get more details about what happened to make sure nothing like this happens again. We would be so grateful if you could email us at firstname.lastname@example.org with your member number and the details you provided above so that we can get a specialist in contact. Thank you.