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My husband is currently preparing to retire from the military after 21 years. We decided to use our bank (USAA)for our first ever home loan.

The process was lengthy, with the processor asking for substantial amounts of information. Some of it became rather personal, but we assumed it was all in the name of getting a loan, since we were first-timers. We were told all along the process that things were going fine, and finally on Thursday, at four days prior to closing, we were notified by our processor (via voicemail) that our final approval had been completed. Obviously we were elated, although frustrated that it had been drawn out so close to closing.

We already had to move out of our military quarters, and our moving trucks were packed. We departed our location, and were in route to our new home. Mid-day Friday,on the road, and my husband and I in separate trucks...he receives a call from the mortgage department telling him that because the county we were buying the home in did not report flood plain information to FEMA, they were unable to uphold our ALREADY OBTAINED final approval... The house is not in a flood plain and this has also been acknowledged by our Homeowners Insurance Company (we chose another company because USAA's rates were unbelievably high).It is now Sunday night and we are supposed to receive an "apology" from the head of the mortgage department tomorrow.

What good is that to us now, when we should be closing instead? We are out a lot of money trying to find a place for the four of us to stay while we figure this out. Our rental trucks have to be returned on Tuesday with nowhere now to put our belongings. USAA has made a newly-retired family of four (with school-aged children) homeless just be before school is about to start.

Do they have any idea what they are doing to people's lives?

We may have to stay will relatives until we can begin this process all over again... But you can rest assured it will not be with USAA, and we plan to open a new account at another bank and take everything including our auto insurance, somewhere more reliable!

Monetary Loss: $4000.

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Guest

The mortgage part of USAA sucked from the very beginning. Their insurance rates are all way too high. :eek

Guest

I'm sorry that happened to you. USAA is not the company it once was and some of us are finding out the hard way.

They run commercials talking about commitment and "they know what it is to serve" but their actions indicate otherwise. A company that could be trusted and respected has changed over the years...IMHO.

As I've started sharing my experience with others I'm learning that I'm not alone in my disappointment.

All you can do is get the word out and share your experience. I think you'll find you're not alone.

Guest
reply icon Replying to comment of Guest-694834

Thank you, we have moved all our insurances and are in the process of moving all our banking elsewhere. You are right... they have NO idea "what it means to serve"....

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