Mountain View, California
Not resolved

I have been a member of USAA Since I was a Naval Aviation Cadet in 1960, in excess of 50 years and, until recently, was happy with their service. Today I applied for a mortgage an was denied because they would not take into account the income from my investments.

My investments consist of stocks and bonds in a managed brokerage account. My investment income is well in excess of that needed to pay the mortgage. My liquid assets are over four times the amount of the mortgage that applied for, my credit score is in the high eight hundreds, and I have no other debt.

It seems to me that they could have bent the rules a bit for a long time member. Maybe they are upset with me because I recently moved my investments to Vanguard because USAA's managed account charges are three times that charged by Vanguard.

Curt Burkett, USNR, Inactive

Product or Service Mentioned: Usaa Customer Care.

Reason of review: Poor customer service.

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There is no "bend" in federal banking rules. The same rules must be followed with every mortgage applicant regardless of the length of time they have been a customer.

All banks are governed the same way and answer to the same regulations. Investment income is not guaranteed income.

Thus the reason it cannot be considered. Period.


Neither is ANY OTHER income guaranteed... If anything investment income is MORE guaranteed since the algorithm in corporate america is to just lay off workers to insure they at minimum maintain their stock price and dividend lest their own Senior Management Stock options be affected.


Banking rules and regulations disagree with the "security" of investments.