Let me start by saying I've been a USAA member for over 10 years and have had great experiences with them. Unfortunately, my experience with them on this mortgage has been poor at best. Has anyone else had any issue with them when getting a loan?
I contacted them because I had an issue with a previous appraisal and had to delay my DDP and close. They set the close dates and assured me that we'd be good to go. My appraisal was ordered 2 full weeks ago (and paid for), yet it still has not been scheduled. To top it off, despite repeated requests for updates I'm lucky if I hear back from my loan officer once every 48 hours and when I do he only addresses one of multiple points/questions on any given correspondence.
I've called (never picked up, always had to leave a voicemail that rarely gets returned) and sent emails, and called his alternate contacts to no avail as well. Guarantees of information, next steps, or follow ups are never actually fulfilled (said I'd have conditional loan approval pending appraisal on Friday...on Monday AM we spoke and he didn't have it, but he'd call me back by the end of the day with an update. It's Wednesday and I haven't heard from him despite multiple follow ups).
Is this normal with larger institutions? Have any of you had similar experiences? I'm horribly disappointed in this as I've never had such an awful experience with USAA before. At this point I can guarantee I never go to them for a mortgage again unfortunately. Am I the only one?
Mortgage divisions of big diverse operations have basically no relationship with the rest of the organization. You can have a great bank with a horrible mortgage division, and a decent mortgage division that's part of a horrible bank. Perfectly normal.
Given how small USAA's overall market-share is, I've picked up a surprisingly large number of their dropped balls. As an LO, there's nothing I love more than being able to pick it up at the 2 yard line and walk the 3 steps into the end zone without doing the other 98 yards of work. so I am a huge fan of USAA and outfits like it. :P
We are in the middle of a refinance boom, mortgage origination volume is something like 2.5x a normal August (which is already a busy summer month), but 2.5x appraisers didn't magically appear out of thin air. The only way to get appraisals turned around on reasonable timeframes is to pay $100 to $200 "rush" fees. I don't know if a large call center cubicle operation like that is aware; I think that call center dude is just not returning your (or anyone else's) calls.
@Patrick Menefee not sure if it’s still accurate, but their mortgage people couldn’t get organized properly and delayed my closing about 16 days back in 2013. I was out of state and not able to do much to keep them on track.
I used USAA for my first primary residence purchase in 2011 and had a somewhat poor experience. I then tried to use them in 2016, since they publicly admitted their shortcoming in mortgages and promised to do better, for my next primary residence. I ended up bailing on them because they were slow and overly-conservative. My experience with the random mortgage broker my realtor set me up with was much better.
On a side note I once had to make an home insurance claim to USAA... it took 6 months to get my money.
USAA used to be a great bank but they have lost their way. If you Google them a bit/check their forums you'll see this isn't just coming from me. As a member since... I'm not sure... my entire life? My Dad signed me up when I was a kid lol. I'd advise staying away from USAA at this point.