USAA Mortgage Reviews

I am posting this review on behalf of my Mom. I'm not going to make this a long drawn out thing, but I feel that this review needs to be made. My Father is a Veteran, and my family has been with USAA for years. My Mother has several open lines of credit with USAA, all in good standing. She applied for a mortgage loan, received the pre-approval, approval, and the title company received the closing documents as well. As with any home purchase, she paid for the home inspection and appraisal. The walkthrough was scheduled for 6:00 pm on 8/27/19, and closing at 9:00 am, 8/28/19.

At 5:19 pm on 8/27, my Mother received a call from an unidentified individual, informing her that the loan was denied! AGAIN THE CLOSING WAS SCHEDULED FOR 9:00 AM THE NEXT DAY! We have NEVER dealt with such an unprofessional, and abhorrent company. My Mother luckily had not yet sold her home, and therefore had a place to go, but a quick Google search will reveal that USAA has done this too many others, who weren't so lucky.

RUN, DO NOT WALK AWAY FROM THIS SO CALLED COMPANY. Do yourself a favor and check out GSF Mortgage, this is the company that carries my husband and I's mortgage, and THEY know how to treat their customers.

I began contacting USAA for information on refinancing our mortgage loan to a VA loan. My husband and I spoke to Tom Cisneros (210) 443-6844. Our inquiry about the loan went from just information completing an application online and authorizing USAA to review our credit report. We discussed our income our debts, and the reason for the refinance. We had mentioned that we were not going to be in town due to a planned vacation and wanted to take care of everything before we left on 6/21/219. After providing all the information over the phone, I was to wait for a call from a person who arranged home appraisals at a cost of $600 with no refund. At any point during the conversation did Mr. Cisneros mentioned a required minimum credit score for a VA loan and when provided our estimated score, we were never told "your score does not meet the VA requirements." However, we did authorize access to our scores. We also received preliminary loan documents with an estimated interest rate for a 30-day period.

Mr. Cisneros called me a couple of days later and talked about someone named Henry about scheduling the appraisal and he said are you sure you want to do this, and not knowing that we did not meet VA requirements, we felt that we must be in a good place to proceed so we did and paid $600 for the appraisal.

Again, never did Mr. Cisneros or the Loan Processor assigned to our application, Lakyma Taylor questioned our credit score as being an issue. I provided Ms. Taylor with a list of documents needed as part of the loan application. The final document requested was a termite inspection and invoice...After that conversation, and not getting information that we may not qualify, I scheduled the termite inspection and work at a cost of $1500. A couple of days later I emailed Ms. Taylor with the inspection report and invoice. A couple of days later I received a call from Ms. Taylor informing me that the loan would not go through because of our credit score not meeting VA requirements of 700 and that we were short 1 point. I pleaded with her to speak to the reviewers about our situation since we were never told this and had invested so much money already.

She said she would check but did not think it would change. Conversations were all recorded by USAA.

We feel very disrespected and not valued as a customer because of this treatment that was irresponsible, careless, and could have been prevented had someone said something about our qualifications, we would have thanked them and move forward. But after the cost of $2,100 investment on an application that USAA loan processor was aware I am disappointed, angry and do not recommend USAA for any type of business. I email CEO Stuart Parker on 621/2019 and cc Mr. Cisneros, his supervisor Mr. Struve, Ms. Taylor and her supervisor Ms. Montgomery; all which never replied to my email. I called Mr. Cisneros once more on 6/21 before we left on our vacation. Upon our return, in our mail we found two letters that were pre-generated one addressed to my husband Paul Mahoney and one to me stating the reason for not qualifying.

Again, this has been a horrible experience, and I am still waiting for a call back regarding our loan application and the cost incurred by the irresponsible and mediocre service to customers and that we received!

I have been a USAA member for 10 years and after this mortgage process, I will be dumping all my accounts with them.

The process is long, laborious, and they blow you off when you have questions. I had two loan processors and couldn’t ever get a hold of them. None of them read the offer or the addendums. They asked me for every document short of a blood test and gave vague instructions that didn’t make sense, and of course not one of MY loan processors were available to answer any questions.

The tedious confusing process I put up with but the thing that put me over was the no contact for two weeks then I get 7 phone calls in one day demanding the money for an inspection immediately or loan application is terminated.

Now we get toward closing, they didn’t read the addendum for replacing the septic system, now they are shaking me down for $600 to "lock in my rate" or "reapply and start (this B.S. process) over again."

I’m probably going through with it because I don’t have time to find another lender.

Do not waste your time or money with this company.

Absolutely awful customer service. Never able to actually talk to a real live person on the phone. On hold FOREVER and when finally get a person, they do not know what they are talking about. AND their interest rates are NOT good at all! NEVER again!

Our experience with USAA Mortgage can be summed up with the phrase "bait and switch." We gave them our income information and they told us we pre-qualified for a conventional loan. Come to find out, they were looking at the VA loan requirements and not the conventional loan requirements. We didn't actually qualify for a conventional loan. This meant we needed to start a new application with a co-signer. The new application meant they had to run our credit again, which lowered our credit score, causing us to get a worse interest rate. We had already done an appraisal (and paid for it) with the original application, but starting the new application meant we had to pay for the appraisal again. They promised that this was a formality and that they would reimburse us. We have yet to receive that $595 reimbursement. They also told us that only one of the applicants on the loan had to be at closing and the others could sign from afar. A few days before closing they told us that we all had to be there or pay $150/person to get power of attorney. We made big decisions based on their incorrect information. Their mistakes cost us hundreds of dollars and they did nothing to make it right or to take responsibility for their mistakes.

Furthermore, the communication was overall inconsistent and confusing. Sometimes they'd call or email me, other times my husband, other times both of us. We got so many versions of different documents we had no idea which was the right one. When we'd call or email to ask questions, oftentimes our questions went unanswered. We are loyal USAA members and have absolutely loved our experience with their banking (we do our checking/savings with them), car insurance, and renter's insurance. However, we were extremely disappointed with the mortgage department and are looking forward to refinancing with a different company as soon as possible.

Protect yourself by not accepting an offer on your property if USAA is the lender. They are irresponsible and will not communicate with anyone. I have never dealt with such incompetence. The way they have handled the closing of my home is unacceptable. Two closings canceled at the last minute without warning. I’ve lost thousands of dollars due to their lack of attention. While I’m not a USAA member, my husband is a veteran and they couldn’t care less about the hardship this delay is causing our family as well as the buyers.

USAA is a horrible company to do business with. I have been with this company for about 30+ years and it appears to be time to withdraw all my investments and go with another financial services company for all of my needs because their level of service just keeps dropping and dropping and dropping. I have noticed this over the past 2 decades. Their service started to go down when they opened their member enrollment to military non-officers, and it just keeps getting worse, and worse, and worse. It appears to me that they are now all and only about turning a profit, rather than assisting their members with their financial needs. I used to recommend USAA to all my family and friends but my advice is to now go with another company, or companies.

I went to USAA Mortgage services to apply for another mortgage. I have one prior mortgage with USAA a few years ago. No problems back then. I never missed a payment or had any insurance claims. I applied for another mortgage and the experience was beyond ridiculous and outright farcical. Never have I had such an incompetent and angering experience. After four days of finding out if I qualified as by USAA rules as given to me months ago. By their rules, I did (or so I thought so). I couldn't get a straight answer from any rep and those who said they would call didn't.

So I went online and did my research. It would seem the mortgage division had been sold off to a failing bank. My suspicion is graft and old boy network. Who knows, but it stinks. I went to Rocket Mortgage who were extremely professional and gave me the best banking service I can remember. They had me qualified within 20 minutes and gave me forthright info on how to best service my own mortgage. Refreshing, to say the least.

All I can say is, take no notice of the ads on TV, they really don't care about veterans, it's all about the almighty buck, nothing more. The failing bank that took over USAA Mortgage services has brought all their problems and mismanagement that obviously plagued them in the first place. I see nothing but trouble ahead for anyone who manages to obtain a mortgage from USAA. Run as far and fast as possible. USAA Mortgage has become infantile, unprofessional, and outright lazy. In other words, THEY SUCK!

I tell everyone to avoid USAA Mortgage. I have had two mortgages through them, and both experiences were terrible. I am in the process of an assumption with the second mortgage, and it has also been an extremely frustrating experience. They constantly lost documents that I had submitted and then extended the processing time because of said missing documents. I signed the contract for house #2 in November 2013 and didn't close until April 2014. The original closing date was in December 2013. Thankfully the sellers were very understanding and allowed us to sign multiple contracts updating the closing date.

With the assumption, each time I call for an update, I get a different answer. One person will say that the assumption is approved and will be finalized within 30-60 days, and a week later a different representative will tell me it takes up to a year.

I used a local bank for mortgage #3 and did not have any issues. I am refinancing house #1 through MyVeteransUnited, and haven't had any issues there either. I will NEVER use USAA Mortgage again, even if they are the cheapest option. It's not worth having to deal with the incompetence.

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.

Just closed my VA loan with USAA and the experience was smooth as glass. If you have all of the information in order and don’t require any special treatment, a VA loan via USAA is the way to go.