I am TRYING to obtain a VA loan. This will be the 4th loan so it is not new to me. USAA has been the worst experience I have ever had in the loan process..period. This first time I hear from the underwriter is in an email that say you have 48 hours to send them everything they want or you will not close on time. Only to find out it takes USAA 72 hours before you can get you new homeowners policy information for the underwriter (but it actually took a week for USAA to get back to me). Now if that wasn't bad enough get ready for what I have to say next, I will also say that everything I tell you here, I have the emails directly from USAA to prove it so I'm not making this up.
The underwriters decided they need my student loan repayment information, fine, exect you do not get the repayment schedule until AFTER you graduate, well according to USAA I signed it the day I took my student loans..WRONG and I have the letter from the US Department of Education and the Loan Servicer that says you don't get it until after you graduate, but the USAA underwriter says I am wrong and the loan will not be processed until I provide it (oh since I have the letter I guess the loan servicers and the department of education must be wrong too how dare I think that a USAA employee doesn't know everything and question them).
Sadly I'm not done there. The VA requires the nearest living relative for the loan, so I provided it. The USAA underwriter told me I can only use a family memeber that lives in the US. I said that was strange as I never had the requirement before, but they insisted it is a VA requirement. SO I called the Denevr loan processing center of the VA and spoke to them since my only family lives in Canada. Guess what the VA said that there is no such requirement and to demand it and say you only grant loans to people born in the US an dwho have family in the US is discrimination by National Origin, which is illegal in the United States under Federal law, but according to USAA I can only have a loan if my family is back in the US. Hmm well now that I have a letter from the VA saying it is not a VA requirement why do I still need to have family in the US to get a loan. WHY DOES USAA VIOLATE FEDERAL LENDING LAWS BY DISCRIMINATION????
Oh sadly I'm not done, I have an email from USAA that says hey forget your family just use a friend instead becuase they have to be in the US. Guess what the VA said, they said do not use a friend that it is a required family member. To use a friend and represent them as a family member is lying. Lying on a mortgage application for the sake of obtaining financing is defined in the english language as FRAUD. Yes that right I have was asked by USAA in an email to commit fraud because I guess somehow it is easier for them that way.
Now I called and the person assigned to me was out of the office (about 24 hours ago) Guess what, still no call back. I love how when they want something from you you must provide it immediately or you won't close, when you find out they are violating the law and want an answer, hey they are busy people right, why should they call you back.
Remeber I have the emails and documentation to support every claim I just made, maybe posting it here will get someone who cares about USAA commiting illegal mortgage practices will call me back in a timely fashion now, but instead I bet my application is denied and I don't close instead.
DO NOT USE USAA THEY ARE THE WORST MORTGAGE LENDER I HAVE EVER ENCOUNTERED!!!!
We regret to hear of your experience. This is not the type of service we expect for our members. I have shared your comments with a colleague in the mortgage department who will look into this matter further and reach out to you to discuss. We appreciate the opportunity to address your concerns. -Gus
Actually if a quarter of what the member says is true (and I believe all of it to be true), then the proper response from USAA should not be "we regret", it should be "we are incredibly concerned" and "we will address this immediately" especially if there could be fraud involved. Right USAA???? Perhaps the best course of action is just to run as far away as you can as fast as you can.
Darcy - While you are at it, please find out why my mortgage is not on my credit report yet? The servicing of my mortgage transferred to Nationstar on August 1 and I have had several discussions via phone and e-mail about why Nationstar has not yet reported this loan to the bureaus as it does and will affect credit scores (other members have written in about this also). I also received a follow up letter from USAA saying it would be corrected late November/early December but guess what - it wasn't on my credit report last time I checked 2 days ago. So what is a member to do??????? I again e-mailed USAA - no response. So again I am posting on social media and probably risk being banned (you know that rule about posting too many times about the same problem and how it creates undue stress on USAA blah blah blah). Anyway, SERIOUSLY what is a member to do when a problem is not being resolved? The Executive group mentions that they meet every day about Nationstar, but that is not helping me. Nationstar is aware of the situation because they also sent me a letter dated Nov 8 saying they were investigating but no resolution yet. I know that credit scores can also affect our car and homeowners insurance rates. Is USAA going to not touch my rates at all because they cannot get this resolved?
And please the response to my post is not "We understand you are frustrated and will forward your concerns to the appropriate department" - that is a canned response and it is not working for me anymore. I don't even want to talk to the Executive Resolution group from the President's Office because they have been ineffective and really they want the member to do all of the work and take on all of the responsibility (financial also because if additional credit reports need to be pulled to confirm the loan status, USAA would not pay for those even though USAA made the decision to use a substandard 3rd party vendor).
So my advice to anyone out there thinking about USAA to finance or refinance their homes, RUN AS FAR and FAST as you can from USAA. BTW to put things in perspective I am an accountant and we hold 7 banking/investment accounts (1/4 of our fairly substantial assets), 1 mortgage, 1 HELOC, all of our insurance (car, homeowners, umbrella, flood, life, valuable property), and 3 credit cards with USAA. Until these past 3 years, I was very happy with USAA, but not so much anymore. When my husband retires in 3 months, he will be spending some time looking for new firms to do business with. I also manage my adult children's accounts and I will recommend to them that these accounts be moved from USAA also. USAA is on a path of self destruction right now.
Hello and thank you for sharing your concerning regarding the reporting of your mortgage. We will have our mortgage bank team review your concern and follow-up with you. Thank you! - Darrell
Darrell - I don't want follow up unless it is resolved. The person assigned to "fix" this problem can go under my actions and alerts and read the chain of emails about the mortgage problem (if they have spare time they can also read about the HELOC problem, the problem with the limits on the debit cards, etc as USAA hasn't been that gold standard company they once were) to become thoroughly educated and try and resolve this before "reaching" out to me. At this point in time, it is the only effort I will accept from USAA. I don't have time to talk on the phone (usually at work) and rehash all of this. USAA needs to do their homework on this and be prepared.
As a roundabout potential solution, I have done the following: A mortgage shows up on my credit report under the name USAA but with an address associated with DMI (Douvenmuehle) and this mortgage is recorded as "closed/transferred". I have put this item in dispute with an explanation that USAA still holds the note to the mortgage irregardless of who services the mortgage. I am hoping that someone at USAA will at least have to look at it especially since the loan number did not change. If it comes back as "no change" and USAA/Nationstar cannot figure out whether there is something to report to the bureaus, then I fully expect a Letter of Satisfaction from USAA by January 15, 2017.
The last time I requested a copy of my note, Nationstar did not (could not?) send it to me. If it cannot be produced, I am sure that everyone understands that this becomes a legal problem for USAA and again, I expect a Letter of Satisfaction by January 15, 2017.
So here is my follow up to my original post. The person who contacted me about this issue was very polite and professional. He said he is looking in to it and he did collect additional information from me to include the emails that I had saved to support my case. Even though all this is being looked into, I really don't think anything will come of it.
Why, well the hits just keep coming. On Friday 12/16 I did recieve the paperwork that had the closing costs and what not on it that we have to sign. The problem is in less than 10 seconds of review I found not less than a 1000 dollar error. I brought this to the attention of my mortgage rep who said the costs would be finalized once it went to the closing attorney. I don't know why I was dumb enough to think that would actually happen. Today, 12/20, 36 hours before I am supposed to close I get an email asking me if I wanted them to wire the money to the closing attorney, I looked at the amount and my reply was .....ummm....what about the 1000 dollar error, why do I want to send more than I need, oh and what about the 1550 in closing credit you said you were looking into to find out if it was a credit or if it ends up in a check back to me. I mean come on people this is potentially over 2500 difference in what I need to transfer.
So here we are, she will "look into it" some more. Now 36 hours from closing I know absolutely nothing about the time, date or even the actual amount I need to close. Oh and at the rate this is going I suspect I will get a call Thursday morning from the closing attorney saying, hey you haven't wired the money, hope you have a certified check.
Here is the bottom line regardless of how anything turns out from this point forward.
This has been such a horrible experience that I will never under any circumstances use USAA for anything to do with a mortgage again. I will also never suggest anyone use USAA for mortgage needs, it has just been a horrible experience. The experience was so bad I will never use USAA for any loans again for any reason, I am now thinking about looking to refinance the small personal loan I have with USAA to another bank and getting away from any lending with USAA now.
It wasn't all that long ago I was a steadfast USAA member loyal for life. After this I am now really wondering if I made a really bad choice with USAA. I am questioning if I should stay with USAA or move everything to a local credit union.
USAA still has the best rates for insurance that I have beeen able to find but I am now very uncomfortable with what might happen and how it will be handled if I should ever need it.
There are no words I have left to express my disappointment with USAA and this process so I wil end it here with simply when it comes to future lending needs, USAA has LOST a customer for life.
We regret to hear you feel this way about your experience. Your bank point of contact (POC) is currently looking into this matter in order to provide a resolution. I have shared your additional comments with your bank POC and asked them to review. We look forward to working with you to resolve this matter. -Gus