Have been working with a USAA lender. The original call was specific. Myself and my dad on the same loan for a home as co-borrowers/co-owners. He would move to Oregon right after closing. After the initial call, we conversed via email only (except when I called in the end).
In the email, it was summarized. I live in Oregon, my dad in Texas, and as soon as we got a house he would be moving to Oregon and that I had no place for him until then. On the initial call, this was fine.
As soon as we started delving into the particulars of the loan, i.e. DTI, income, school loans etc., things started changing.
It was an act of Congress to simply get my question of "if you don't have pmi then who pays that PMI? Does my interest rate increase?" That took almost two weeks to answer. That in itself raised a red flag on timeliness and transparency.
Then right before we went to pull credit, the news was sprung on me that only my income would be counted, not my dad's. "Why would we co borrow if his income wasn't counted?" "Well, so you both could be on the loan" was the answer. Why put someone on the loan when you weren't counting his income and why run his credit when he wasn't going to be listed as a true co-borrower, not a cosigner.
Then the whammy answer, "we cannot include your dad on the loan because he won't be living in Oregon at time of close." "Well, didn't we go over this in the beginning?" "Yes, but I looked into our policy further and he must live in Oregon."
At this point, I strongly said "you do not pull my credit."
I called and pretended I was a new potential client and was told that without my USAA number they could not help me or give me answers for a potential home loan.
Yeah, you know what, screw this, some other lender has my home loan now, with my dad as co-borrower, co-owner and we close on Memorial weekend, and in September, he moves to Oregon.
This experience has made me shy away from having any of my accounts with USAA to include my auto insurance, in which they told me that since I got a speeding ticket of less than 10 mph over the limit that I lose all discounts for 5 years. The only ticket in many, many years! They also did this more than a year after my ticket.
Their insurance is now a $92 increase a month. I pay more than $200 a month for one car, one ticket, good credit.
I've always liked USAA but now, between bad home lending information, timeliness on answers, changing answers and now the auto insurance, I'm walking away.
Bottom Line: No, I would not recommend this to a friend