I am a longtime USAA member with positive mortgage experiences.  I’m in the process again and having serious concerns of USAA not only not meeting their timeline but also suffering from credibility issues.


Last week, I entered into a contract for a house at my new duty station JUST in time to call USAA before close of business to schedule a critical closing date.  I waited until the next day to lock an interest rate.  I was quoted a beautiful rate for zero points - LOCKED.  Then I confirmed with the individual that I was locked.  Then I read back the rate and points to the individual and, again, requested confirmation that I was locked.  The individual confirmed my lock and read back the terms.  I was very happy and proceeded to celebrate for a week until I received the Good Faith Estimate showing 1.25 points instead of the promised 0%.  I relayed my concern to my newly appointed loan officer, and now I am more concerned.


After the notes on my account confirmed my story, I am waiting for multiple departments to figure out how I was locked for different terms than promised.  And while I’m also interested how that happened, I am more interested in the way forward to get me what I was promised.  Even after feeding my loan officer language that could make me feel like USAA is working their hardest to take care of me, I repeatedly get “we are going to figure out what happened, and I have my manager working with the other department to get to the bottom of this.”  USAA won’t say anything to the effect of “you were promised something, and we are committed to making good on our promise in the time we promised it to you.”  No one will even say that’s what they are TRYING to do. 


I have little confidence in getting a satisfactory rate.  I have wavering confidence on the closing date.  And I have zero confidence that anyone on the other side of the phone is fighting on my behalf for a product I was promised.  As another contributor already wrote, the threat of walking doesn’t even get a response.  At this point my only chance at this closing date is to stick with USAA to whom I’ve already committed 10 days.  I’d love to be “cooperative” and just let the process work.  But I’m getting losing comm, and at some point my life and what I was promised has to trump the process.


I have never used this type of venue to get customer service.  Usually you keep your dirty laundry private and work it out with a customer service rep.  I searched for “customer service” on the website and only got article upon article of USAA having award-winning customer service.  Then I typed in “complaint” and found this message board.  It seems so many others only get resolution by posting problems here…for all to see. 


Update: 17 June, just before posting the message above, I receive a phone call from a USAA manager.  He said after conferring with the other departments involved, USAA would eat the cost of the points because USAA was responsible for the mistake.  Although he sounded dejected, he said USAA is that type of company that cares about their members and the fault was theirs.  I thanked him and proceeded to celebrate…again…after concluding the phone call. 


Update: 18 June – I receive a phone call from another USAA manager who tells me that I cannot get the rate promised.  This must be some mistake because of the phone call I had with another manager the day prior.  She tells me she was aware of that phone call, but this is the new real deal.  She said they would allow me to pick from any rate available the day I was errantly locked.  Since all of those rates were worse than what I was errantly locked for and twice what they were on the current day, I told her I would only accept one of those rates if I was somehow compensated for USAA’s mistake.  “Impossible,” she said.  So I asked to cancel this loan entirely and restart the process.  That would work if I was willing to wait 30 days from cancelling to be able to relock for this property.  Then I would be at the mercy of the rates a month later and also have to wait an additional 45 days for their loan process to happen before closing.  I politely ended this phone call before getting unprofessional and suggested USAA research more options that would, even remotely, compensate me for their mistake.  Meanwhile I would figure out my options – new mortgage company or find a place for my family to live for another 45 days while we wait for another round with USAA.


Update: 23 June – The nice lady assigned to my loan calls and asks if I’m ready to get going on the paperwork now that USAA is going to eat the 1.25 Point mistake they made.  I informed her of my last conversation with the USAA manager.  She sounded embarrassed (as she should if she cares) that other USAA personnel were talking with me without informing her of USAA’s “party line.”  She asked for my patience while she takes a day or so to track down the full story. 


Update: 26 June – My loan officer called back today confirming the bad news.  She was very sorry and understands my decision to walk away.  Now I begin the separation from USAA.  It’s a kind of awkward breakup as I now move my savings, checking, car insurance, property insurance, etc. to somewhere else.  I’m going for the cathartic break-up – the kind where you burn old pictures.  It’s the only way to truly walk the walk.  I gave them the chance to even repair 1% of the damage, but they elected to do nothing.  Business-wise you can’t blame them.  I also acknowledge that I represent a very small percentage of dissatisfied customers and was even a satisfied customer for a long time.  But when I needed them big, they abandoned me.  I’m not that big of an investor to them, and thus, not worth the effort or risk of trying to bend the rules to make it up to me some other way.  The good thing is Quicken Loans locked me for 0.5% LESS interest, same points, and same closing date.  It could be just a rebound relationship, but right now it feels good.  That is where I will recommend people go while I’m busy recommending against USAA. 


Saga complete.


Dear OscarMike,


This is a regrettable situation, and I appreciate the time it has taken for you to post your experience here in the community. I will surely get this over to someone who will be able to assist you, they will reach out to you directly. Thank you for your membership, and patience throughout this.