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Current USAA mortgage loan Reviews question

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Re: Current USAA mortgage loan Reviews question

Yes, thank you this is very helpful. I will probalby start the preapproval this week. Good luck with your loan and keep us posted.


Starting Score: 650
Current Score: EQ 741 TU 738
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Message 11 of 19
New Visitor

Re: Current USAA mortgage loan Reviews question

USAA admitted to me that half of their mortgage officers have NOT been trained to process VA loans and have little information about them -- this makes absolutelyl no sense since most of the USAA customers are VA eligible!!!  We wanted to combine our mortgage and equity loan last summer, but it would be a jumbo loan and USAA said that we had to have an 80/20 percent ratio of investment in the home.  We had just under that.  The USAA agent never told us that it was a 90/10 ratio for VA loans without mortgage insurance and that because of my husband's disability, the VA funding fee would be waived.  Another mortgage company loan officer provided this information to me...and he was completely surprised that USAA had failed to do this. 

 

After I complained to USAA, a senior loan officer contacted me and says that they will try to make things right and regain my trust as I go through the refinance process again.  But, the housing market has worsen since last summer, and I'm not sure my house will appraise as high this year -- which could now prevent me from refinancing!  The USAA error is costing us $400 a month. 

 

My suggestion to anyone wanting a VA loan -- go elsewhere.  You may get an informed loan officer and have smooth sailing -- and then again, you may get someone with  absolutely no clue.  Luck of the dice when you make your call.

Message 12 of 19
New Visitor

Re: Current USAA mortgage loan Reviews question

Thanks for sharing cdkmom.....Im 3 days into the USAA VA loan process and reading all these comments makes me want to contact another place also, we are pre-approved elsewhere but think I will check out a hungry broker I talked to months ago who really wnated us.....Can you have (2) different persons working your VA loan at same time....I just feel like by the time I get down to the 45 day closing....I'll save my comments

 

Message 13 of 19
New Member

Re: Current USAA mortgage loan Reviews question

I Also share a complaint to the USAA Mortgage Department.

Let me explain:

In 2008 my wife and I had filed for a divorce. With this divorce we both had to file for a Chapter 7 Bankruptcy.

In my Bankruptcy I also filed to quit-claim my loans with USAA which was a second mortgage loan against our home.

However, my ex decided to proceed and keep her home thereafter.  She made payments for a year and a half thereafter,  and through all this time since my bankruptcy had been discharged in 2009 I been trying to re-establish credit and had kept up my new debts to gain higher status.  

Needless to say, and after 5 years of filing I was ready to buy a home, my credit score raised since my bankruptcy however USAA has me as a negative owner of that very same loan I quit-claimed and in which my ex had kept even after she had to have a short sale of the home in 2011.

I called so many people in USAA and all I got was the run around!  The last guy was apologetic but didn't help at all.

Somehow, USAA doesn't understand the words "quit-claim."  Nor do they care for their customers!

Now I am homeless!  Especially these days when banks are so unforgiving!  All the banks I tried to get a simple $75,000 mortgage loan, they deny me because of this unfair credit reporting from USAA!  I once thought highly of USAA now I think they are the worse ever

Message 14 of 19
Established Contributor

Re: Current USAA mortgage loan Reviews question

Was the quit claim filed as part of your divorce agreement?

 

A quitclaim resigns you from ownership of the house; it doesn't necessarily take you off the mortgage loan. USAA is not a party to your divorce agreement. Unless your ex refinanced solely in her own name, you were still potentially at risk. I've spent a great deal of time in family court (long story) and have seen this happen with some frequency....

Message 15 of 19
New Member

Re: Current USAA mortgage loan Reviews question

Thanks for your response. (Invincible Summer3)

 

Well, here I was vulnerable to be  misinformed from my lawyers.  I found out just recently that I would of needed to contact USAA myself about my departure of the loan.

However, whether it was a negligence or miss-representation, I should of been forewarned by someone during my bankruptcy and filing for quit-claim.

It's not an everyday sport for me to have a divorce(s) so that I can understand all the litigation's.  Nevertheless, you would think that USAA would be at my best interest after the fact to clear my name so that I can proceed with my life.  When I was their customer, we made sure we paid on time and had a great rating with them.  Now that I have departed from another investor, I am out to dry on my own.  I believe that's so unfair.  So now I have to prolong to even thinking about getting a mortgage from any bank!

Is there any banks that would oversee this mishap so that I can get a mortgage loan for around $75,000??

Message 16 of 19
Established Contributor

Re: Current USAA mortgage loan Reviews question

In cases like yours, the recourse has not necessarily been with the lender, but with the courts. If your court order called for the mortgage to be refinanced into your wife's name, then you could take her back to court and possibly recoup the money you lost. If your court order did not call for that, you should be raising hell with your divorce attorney. That is a serious mistake on his or her part. My experience has been that the bankruptcy system's not always adept at the crossover problems with divorce law, either, which has probably compounded the problem in your case. 

 

Look at it from the lender's perspective. You loan a married couple money, and for whatever reason the money is not repaid. Legally both are responsible for the debt, but neither is paying you back once they split up. Do you just go after one of them because the other says "not my fault"? No. You don't know them, so you don't take sides - you just go by what the law says. USAA is not a party to anything that happened in family court with you & your ex. If their paperwork says that you both owe the loan, then you both get the consequences of not paying.

 

I would encourage you to research your legal options. USAA isn't at fault here - only your ex refinancing could have eliminated your responsibility to the lender.

Message 17 of 19
New Visitor

Re: Current USAA mortgage loan Reviews question

yesme you obviously work for usaa well let me tell you something. You don't have the guts to admit you work for them and in true usaa fashion you blame the customers instead of usaa. I am a member of usaa i have had no problems in life and have had 3 other mortgages in my life from 2 different companies my 4th mortage was going through usaa and my credit scores from the 3 credit bureaus are 736 736 728. The entire usaa process has been a joke I have had to talk to 3 different supervisors who are just has untrained as there so-called processor's they take sometimes up to 3 days to return calls if at all. They use excuses like our mail room sometimes misplace things to oh we must have had a miscommunication no more like lack of communication. Do what you want but don't go through usaa for your mortgage you have been warned.
Message 18 of 19
Contributor

Re: Current USAA mortgage loan Reviews question

I don't understand how people can bash USAA.

 

I've been a member since 2005 and they've done nothing but offer up the best services while I was stateside and overseas. They waived all fees while I was deployed and continued to be awesome everytime I moved somewhere new. They were my definition of "flexible" as the military required me to be.

 

I've had all my auto loans through them abeit one before I enlisted. Not once have they really given me any trouble and I never felt cheated by them.

 

I'm going through a VA loan process as well to buy my first condo and they've been nothing but helpful as well.

 

They offer great rates and I don't expect them to hold my hand like larger banks as the larger banks will just charge higher fees. 

Too much credit
Message 19 of 19
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