Customer Review - USAA

Refinance of Home

I applied to USAA to refinance my home to consolidate my home equity loan and my first mortgage--BOTH WITH USAA. I told the person taking my application that I wanted to pay zero points and accepted the interest rate of 4.25% for a 15 year loan. I told him I wanted to include the closing costs in the loan and that I wanted no equity out of the refinance. I was "locked in" for 4.25% at zero points. That was the good part. Since that time the staff and management of USAA has been extremely rude and unprofessional. They were virtually unreachable by phone. They don't answer their phones--relying on voice mail with a message that they will call you back the same day. They seldom called us back. Well they decided to charge me points but not inform me until I was ready to close. The reason they cited was that my home didn't appraise "high enough" They said the standard for zero points was 80% of appraised value. My home appraised for over 80%, but they didn't seem to understand that. Also, at closing the paperwork was filled with GFE remarks (GFE = good faith estimates). Since when does one close a loan with the loan amount being an estimate? Bottom line, I decided as fouled up as USAA is it would be futile to continue, so I asked to cancel the whole damn thing. Oh yes, I also sent an e-mail to higher ups in USAA only to get no response whatsoever. Having been a member for 43 years doesn't mean anything to USAA. The are spending our money (it is a member owned company) on television advertisements for new business and to hell with their existing members. That's no way to run a company.