RogueScot
06-30-2014, 17:29
So, I got denied for a VA IRRL refinance today for "insufficient documentation" on a loan I've been trying to get done for the last two months. Worst experience getting a loan I've every had. Below is the email I sent to the CEO's office.
Dear Sir,
I am writing to you today to describe what I have experienced trying to get a VA Interest Rate Reduction Refinance Loan (IRRL) from USAA. Although I had read on the VA web site this was a very easy loan to get done with very limited requirements such as no appraisal needed, or credit underwriting package required, my experience with USAA has been anything but easy.
I started the the loan process at the end of April and today found out it had been denied because they lacked sufficient documentation. I asked the loan processor repeatedly, if there was anything I needed to do. I never received any answer. When I received a notification in my account on May 28 that I needed to provide documentation of sanitary and structural repairs, I contacted her and asked what it meant and that I was unaware of any required repairs. It also said I needed to send in an IRS form 4506-T. I had already sent in this form on May 5 and it was viewable on the USAA web site.
I have never experienced the level of disregard, or incompetence I experienced with my loan processor, Terrie Brewer. It was almost impossible to get ahold of her. When I did, she never had any information for me and would tell me she would call me back in a hour. She never would call me back. I would have to call her back, or email her. I left many messages hoping her voicemail greeting stating she would call me back by the close of business would be true this time.
The loan amount was wrong on all of my paperwork. I asked many times if this was a problem only to be told it wasn't and would be fixed before closing. I had been completely unable to reach her for the last two weeks. I was at least hopeful something was progressing when the web site showed the title commitment had been ordered. Today when I logged on to check, I saw the denial and called a supervisor. Talking with her was the first time I had ever been made aware of any need for repairs. Regardless of the fact that my unneccesary appraisal showed my value, even without the repairs would have more than covered the refinance amount. I was refinancing $70,000. My appraisal is $224,000.
The supervisor suggested I contact a loan originator and talk to them. Well, guess what. We started all over again. So, I've lost my great interest rate. I paid $350 to basically get jerked around by an incompetent loan processor and now I get to pay $350 for the privilege of doing it all over again. $700 for what was supposed to be an easy loan two months ago. Nice.
Your commercials talk about what a great job you do for veterans. So far, I haven't seen it.
Chris Cook
12 Year Veteran of the USAF/OKANG & Gulf War Veteran
To their credit, I've already heard back from the CEO's office. They've promised to have a business specialist look into my account and contact me directly.
Dear Sir,
I am writing to you today to describe what I have experienced trying to get a VA Interest Rate Reduction Refinance Loan (IRRL) from USAA. Although I had read on the VA web site this was a very easy loan to get done with very limited requirements such as no appraisal needed, or credit underwriting package required, my experience with USAA has been anything but easy.
I started the the loan process at the end of April and today found out it had been denied because they lacked sufficient documentation. I asked the loan processor repeatedly, if there was anything I needed to do. I never received any answer. When I received a notification in my account on May 28 that I needed to provide documentation of sanitary and structural repairs, I contacted her and asked what it meant and that I was unaware of any required repairs. It also said I needed to send in an IRS form 4506-T. I had already sent in this form on May 5 and it was viewable on the USAA web site.
I have never experienced the level of disregard, or incompetence I experienced with my loan processor, Terrie Brewer. It was almost impossible to get ahold of her. When I did, she never had any information for me and would tell me she would call me back in a hour. She never would call me back. I would have to call her back, or email her. I left many messages hoping her voicemail greeting stating she would call me back by the close of business would be true this time.
The loan amount was wrong on all of my paperwork. I asked many times if this was a problem only to be told it wasn't and would be fixed before closing. I had been completely unable to reach her for the last two weeks. I was at least hopeful something was progressing when the web site showed the title commitment had been ordered. Today when I logged on to check, I saw the denial and called a supervisor. Talking with her was the first time I had ever been made aware of any need for repairs. Regardless of the fact that my unneccesary appraisal showed my value, even without the repairs would have more than covered the refinance amount. I was refinancing $70,000. My appraisal is $224,000.
The supervisor suggested I contact a loan originator and talk to them. Well, guess what. We started all over again. So, I've lost my great interest rate. I paid $350 to basically get jerked around by an incompetent loan processor and now I get to pay $350 for the privilege of doing it all over again. $700 for what was supposed to be an easy loan two months ago. Nice.
Your commercials talk about what a great job you do for veterans. So far, I haven't seen it.
Chris Cook
12 Year Veteran of the USAF/OKANG & Gulf War Veteran
To their credit, I've already heard back from the CEO's office. They've promised to have a business specialist look into my account and contact me directly.