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Old 08-28-2008, 10:43 PM
Location: Norfolk, VA
1,036 posts, read 3,847,416 times
Reputation: 515


Originally Posted by wankel7 View Post
Well, I have NO idea what happened to USAA Mortgage.

Their PMI on a 171k mortgage with 5% down just went from 45 a month to 94 a month. And the spread between the rate and apr went from about .25% to .5%


Well MI is included in the APR, so that probably explains why the APR spread would increase. Why the MI changed.... could be "bait and switch", honest mistake from inexperienced sales person or a change in guidelines.
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Old 08-29-2008, 02:27 PM
Location: Denver
3,280 posts, read 8,488,972 times
Reputation: 3259
I called USAA yesterday to see what the deal was. And he called back and said nothing changed pmi wise and not sure why the website was reflecting that. So, I dunno what is going on. I guess I will find out when I send them a contract.
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Old 12-14-2008, 08:19 AM
1 posts, read 13,683 times
Reputation: 10
My husband had bought our house about 12yrs ago when USAA was using PH mortgage for their mortgages. From what I understand a few years back they brought the mortgage division in-house. As far as the different address on the payment book, they do have offices in different areas for different divisions of the company. We regularly get their magazine for kids and adults which is very insightful and keeps us up to date on changes and growth within the company. The question about the mortgagequestions.com website, I use that to make additional payments, see when our taxes have been paid, and check general information on our mortgage. For the person asking about rates you can have USAA send you emails with rate updates, I think its a weekly email. Hope this helps.
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Old 12-14-2008, 08:42 AM
16,082 posts, read 30,676,988 times
Reputation: 20254
I had a mortgage with them years ago when I lived in San Antonio and had no problems.
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Old 12-14-2008, 09:25 AM
2,779 posts, read 5,238,494 times
Reputation: 5061
We're refinancing with them and its been perfect so far. We got a fair rate 5.375% on a 30yr with no points when 5.5% was our best other offer. Their costs are also around 2K less than the other GFE we requested.
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Old 12-17-2008, 09:39 AM
214 posts, read 572,521 times
Reputation: 130
I bank with USAA (love them) and have a PHH-held mortgage (ick), and PHH's service is AWFUL. An Internet search of them will yield more than a few disgruntled customers - with hundreds of formal complaints filed just this year. Mortgagequestions.com is PHH's site, not USAA's. The unhappy customers, from what I've read, aren't just people who've fallen behind. They include people trying to refi at today's low rates, people wanting to make additional payments, people in good standing with good credit, etc.

It's really important to know who your lender sells their loans to before you sign on all the lines.
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Old 12-17-2008, 01:31 PM
13,368 posts, read 19,674,377 times
Reputation: 7363
I do business with USAA and like them alot. However, I found their mortgage service a bit sloppy. While waiting for them to get their act together, I was offered a dream rate by another lender and accepted it. No problems with them at all.

Might have been an anomaly and I stress that I still think highly of them.
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Old 02-02-2010, 09:13 AM
36 posts, read 186,741 times
Reputation: 42
We refinanced our home with USAA, for the same reason as others here have expressed. I had been with them for almost 15 years with my auto insurance, and had a couple of experiences with home equity loans with USAA. Home Equity loans are kept in house.

We had no idea that the Mortgage through USAA, would be serviced by another company GMAC Mortgage Servicing. There was only a notary to guide us through the Mortgage paperwork, and couldn't answer any of our questions. That was a first red flag, and we should've stopped, but didn't.

We've unfortunately been behind on a couple of payments for awhile now, due to husband's employment. We've at least tried to make A payment every month. We were in the process of catching up on our payments, when my husband's pay got cut by $5.50 an hour. So we've proceeded just to make 1 monthly payment hoping that some way down the road we could catch up.

Jan. 23, 2010 we received Foreclosure proceeding papers in the mail. We were not sent any type of communication warning of impending legal action. We were no more payments behind than we had been throughout the year. Then to top it off, I went to make an online payment on Jan. 30, 2010; our account is closed now, so I couldn't even make the usual monthly payment.

If I had to do it over again, I would not go with USAA Mortgage. Another couple I read about on the internet - Dan Taylor if I remember correctly has also had problems with USAA Mortgage, and is not happy with the way their mortgage has been handled either.

If you do contact USAA via email from the USAAmortgage.com website; they will always refer you to GMAC Mortgage servicing. Oh, and if you get behind on your payments, you will get referred for home inspections to be done once a month, and you get to pay the tab! It's not that much for us at $11.25, but that amount does add up rather quickly. And I made a couple of payments including the late fees, we have shown a credit of $51.08 for months now, that wasn't properly applied; and they won't until the delinquent payments are completely caught up; but they stopped us from even being able to make payments.

Any helps would be greatly appreciated!!!
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Old 02-02-2010, 02:04 PM
45 posts, read 191,323 times
Reputation: 22
I have used USAA for 8+ years now. I have an auto loan, I have had car, renters, and home insurance with them, do my checking with them, have an IRA with them, and recently purchased my first house with the mortgage through USAA. If I had to do it all over again, I would probably go somewhere else. Their customer service was horrible. I was assigned a mortgage rep. He never answered his phone and never answered his email. Multiple times I had to go above or around him to get information about my loan. I provided all documents, as requested, and somehow he lost some of them and requested them again. And the kicker was when the loan was closed the bank had forgotten to do a second appraisal, as the house was a new construction and not fully completed when the first was done. They tried to hold up the transfer of the loan to the builder to the point the builder said give us the money today or else your clients (us) will be evicted today. This was 3-5 days after we closed. The bank gave in and its all good now. Plus the bank sold our loan to GMAC before we made our first payment. I would look elsewhere if possible, but as others advised compare all of your options. Go with what will work best with your situation.

BTW: I recently purchased a new car. USAA wanted to raise my car insurance. I decided to look around. I found Geico was $80-$100 less a month for the same coverage as what I has with USAA. Needless to say I am now with Geico. I did try to talk with USAA to see if they would match the rates I was quoted. They offered to take $100 off total for the year. Just pays sometimes to shop around for everything...
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Old 02-09-2010, 05:57 PM
45 posts, read 116,547 times
Reputation: 18
We use Geico also for car insurance and our rates are MUCH cheaper than USAA. I love USAA for Checking/Savings. Because of that I was thinking about applying for a mortgage with them. I am so glad I read this post.
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