USAA revisited

What the heck has happened at USAA revisited.

On 11 May 20111; I wrote the article below regarding a horrid experience my buyer had with their lender USAA. I had another sale today where USAA was the lender and the transaction went remarkably well.

After searching Valley MLS for homes for sale in Huntsville my client found an excellent home in Madison a western suburb of Huntsville. My buyer client had loyalty to USAA from years of military service followed by civilian service overseas for the military. I warned him of my recent difficult experience but he opted to give them a chance.
Both he and I closely followed the progress of the loan approval making weekly then daily calls to USAA. My client continually reminded them of my warnings.
The loan package was at the closing attorney’s office a week before closing and with the exception of one minor issue the closing went remarkably well.
In the past USAA had always been efficient and precise. I am still wary but was very pleased with the closing today.

What the heck has happened at USAA? May 11, 2011

Huntsville area homes

What’s happened at USAA? Last Monday we were scheduled to close on a home sale where the home buyer was funding the purchase through USAA. My client the home sellers, myself, the home buyers the home buyer’s realtor and the closing attorney Ray McKee were at the closing table at 2;00. We sat until after 5:00 waiting for USAA to approve a settlement statement and fund the loan. USAA couldn’t get organized enough to prepare a simple settlement statement on a loan that they had been processing for over a month.
There were no issues with the home buyer’s credit or documentation. The problem was entirely USAA’s inability to fill in the relatively simple settlement statement and then to fund the transaction. We waited until after close of business and the attorney, his staff the home purchaser and his realtor all made calls to try and get USAA to perform. They were not able to.
The home seller and the home buyer had movers scheduled. My seller had a subsequent home purchase that we could not complete because we didn’t have proceeds from USAA’s failed sale. My clients were left homeless with their belongings and furniture in storage with movers scheduled.
We attempted to get USAA to provide us with the settlement statement and to fund the loan the following day but this simple form we too difficult a task for USAA. Because of scheduling conflicts we had to delay the closing until the end of the week. My clients are in danger of losing the house they had planned to purchase and having to live in a motel not only for the week delay but until they can find, negotiate, inspect and finally purchase another home.
I have been selling Huntsville area homes for a long time and have never seen such an inept lender. We have had last moment problems due to underwriter requirements but never because lender was incapable of filling out the most basic closing document, the settlement statement.
In the past I have been an advocate of USAA, encouraging clients to use them for their home mortgage. After this epic failure on their part I will warn my clients to avoid USAA at all costs. Not only has their incompetence cost a huge amount of wasted time but the principles, realtors and the closing attorney and his staff, it has had a very serious impact on my client the home seller and their client the home buyer.
Huntsville area homes for sale

Huntsville area homes for sale. Homes for sale in Huntsville AlabamaHomes for Sale in Huntsville Alabama Search the Huntsville Alabama MLS at www.HomesForSaleHuntsville.Net