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Let me start off by saying that I love USAA banking and insurance. They are truly world class in how they deal with me.

However, my current experience with USAA Mortgage Processing is making me want to find a different bank. We are trying to refinance our house at a lower interest rate for 15 years instead of our current 6.125% over 30 years. We have over $70k in equity in our house and we both have credit scored well exceeding 800. We have no other debt besides our home.

This should be a smooth and easy refi, but it has been and still is a nightmare. USAA farmed out the loan processing to a company called Theprocessingcenter.com and initially everything seemed to be going along fine, and then all communications from them stopped. We have had to initiate every single communication with the processing center and our agent Debra. Each time we manage to reach her she tells us we need to submit some additional documents, even though her previous guidance was that we were good to go.

I'm supposed to close on my refi today and have no info. I called USAA this morning and they ended up transferring my call to the processing center and it went voice mail after ringing about 10 times.

My rate lock will expire in 12 days, and if it does, you can bet I'll go elsewhere to get my refi. If you are thinking of taking advantage of the current crazy low interest rates, don't go through USAA.

Location: Columbus, Georgia

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Guest

I have only been a licensed Real Estate agent 18 Months and every USAA loan failed to close on the date specified, I now advise my clients of the possible delays and the attitude reflected by the underwriters.

Guest

We had 2 mortgage nightmares with USAA, including one that almost fell through (lack of processingcenter.com's submitting paperwork on time), requiring us to make a second 8 hour trip to the location and one very pissed off seller. We have been informed USAA is moving the loan processing back in house this year. I hope they do and live up to their well-deserved positive reputation in other banking services.

Guest

Don't be surprised either if you get approved up front only to be denied at the end when it matters most. They never thoroughly review the file during collection of your documents.

Processor/underwriter only look at the file maybe 2 weeks prior to closing date which means they are only going off the interview information you give them over the phone to say you qualify for the mortgage you want.

This could cost you big $$$ when you have to make other living arrangements or you lose your earnest money deposit on the home you want to buy. Go with Navy Federal instead if you can b/c they actually know what they are doing if you insist on military mortgage.

Guest

The worst mortgage company to deal with. They rely on military families trusting that they have their best interest, and will give them the best deal start to finish when in reality they have the worst service and non-existent communication.

RUN AS FAST AS YOU CAN, don't be brainwashed into thinking they care about you. They are the only mortgage company that charges you UP FRONT to process your loan. I work in new home sales, and have seen customer after customer end up disappointed due to empty promises. They never close your loan on time because no one ever takes ownership within their organization.

I am a USAA customer also, and this needs to be exposed. You can get the same rates elsewhere and I recommend you do so to save you from constant frustration and misery.

Guest

Just so everyone knows- I really am in San Antonio even though it says "Chicago" as my city in my comment. I am on Verizon Broadband and, apperantly, I am "pinging" of a server in Chicago.......

Guest

I am an active current USAA Processor III and James is 100% correct in what he is saying. I am caucasian and was passed up for a Team Lead (Processor I) position and it was given to a Mexican woman with less expereince than me.

ME AND JAMES DO NOT LOOK DOWN UPON OR HATE ANY RACE OF PEOPLE! WE ARE BOTH STATING WHAT THE FACTS ARE- THERE IS AMPLE EVIDENCE TO BELIEVE THAT REVERSE DISCRIMINATION IS TAKING PLACE AT USS CAMPUS IN SAN ANTONIO

Guest

Well James, if that is your real name, my cousin works there, is Mexican, and is very dedicated to her members. I find you offensive and disgraceful.

You should be ashamed. I am also a military wife and your comments do not hold to the core values of the military.

Shame on you.

I will let her know your comments though or maybe you should let your management know...although I believe you werent hired permenant because of your attitude and actual discrimination towards Mexican and probably every other race that gets a job you want. What is this world coming to...

Guest

I am a disabled veteran (Gulf War) and am a TEMPORARY mortgage processor with USAA here in San Antonio. I would like to be permanent, but USAA has a quota policy in place.

They passed me up (because I am white) for a job as a permanent employee. They are largely an organization run by Mexican Americans that dole out jobs to their respective friends/relatives. It is sickening to hear (mostly in Spanish) my co workers (permanent employees) laugh and say rude things about members that call in upset about their mortgage applications.

They snivel and mimic members that call in.

They laugh and, at times, shout back at members that call in. Things will not change at USAA- it is a company that stands by reverse discriination!!

Guest

I used www.denverhomelender.com to close a VA loan for a refinance and it closed in about a month. Dead on rates from quote to closing.

Guest

You should try Miltary Mortgage Shop a division of Brazos National Bank - www.miltarymortgageshop.com. They lend Nationwide and they specialize in VA loans but also all goverment loans such as FHA, USDA and Conventional Loans. They were amazing.

Guest

I would suggest - tring the VAmortgagecenter.com I have heard wonderful things about their customer service.

Guest

The whole process is so painful that you end up thanking them at the end just because it's finally over. Kind of like hitting yourself in the head with a hammer just because it feels so good when you stop.....

Guest

Well, here I sit on my closing date and have yet to get a time and location - even after repeated emailing and calling. All I've gotten is one continual run around from these people.

Now, they can't find my file. I feel like a pregnant woman who has gone two weeks past her due date with no delivery in sight. It's just been one unbelievable error after another. I am going to be writing many letters to management.

They need hire someone else to do their mortgage loan processing.

I deliberately put off visiting family over Christmas so that this matter could finally be resolved - the closing could take place. Looks like another bust....

Guest

We finally closed with them, but it took many threats and complaints until we finally got a processor that gave a ***. I can't complain about USAA's banking, but their mortgage processing still sucks in a big way.

USAA knows about this because I went thru them on numerous occasions trying to fix it, but they have yet to do ANYTHING about the sad state of mortgage processing. We did close at the promised rate, but it took years off my life....

Guest

I agree whole heardtly, thsi has been the worst service I"ve ever received from USAA or their affiliates. I can't believe they are still holding a contract with them.

I have had a case with theprocessingcenter.com since 23 Sep 2010!! it's now 21 Dec 2010 and I still have yet to close. I am literally on the phone with them now and still getting the run around.

They are probably going to 'schedule' and I use that term loosely, cause they have said this five times prior to this one (literally), but this time I'm calling USAA back after I get off the phone and let them know what's going on. :( :( I'm so upset over this that it's ridiculous.

Guest

Ken, have had a very similar experience. I wonder if USAA is aware of the poor business practices of these people?

Unlike you, I am not going to let this die. I don't care how long this takes, whether the Better Business Bureau or CEO of the company have to intervene, but the processing staff needs to get their "Sh....." together.

Guest

usaa mortgage is ***

Just M Phi

Did you end up closing with USAA?

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