I have been trying to refinance my rental property since MARCH 2012 (it is now JULY 13th) and there STILL is no end in sight… Re-financing my home with USAA's Affiliate (Military Family Home Loans) has been the most difficult, stressful, time consuming, and unprofessional lender experience I have ever dealt with. It is evident to me that this company does not put much thought into repeat business because once you sign your rate-lock agreement you move way to the bottom of the priority list (especially if you're refinancing).
Here are a few red flags that should've alerted me to cut my losses and go elsewhere:
1) My goal was to accomplish two things – first, refinance my rental property and second, pursue options for a new primary residence for my family. Well, after my refinance lock agreement was signed and turned over to a different department the guy I was working with to initiate my refinance vanished. Stopped returning my phone calls and emails… as a result only my $175k rental property is going through them and they will completely miss the $750k opportunity to assist in purchasing our new primary residence.
2) After being turned over to a different department, that is when my true nightmare began… I was supposed to be sent papers to sign, however this package kept getting mailed to my rental property and NOT my primary residence (despite providing and requesting my mailing address to be corrected 3 times via email and at least 3 times via phone). Not to mention the fact that I did not appreciate multiple copies of my SSN, Credit Report, DOB, and other personal information in the hands of my tenants.
3) Next I was sent an email which was supposed to include my loan application. Unfortunately – I was sent someone else's loan application… again with this other person's SSN, DOB, Address, Salary, and employment history (any and all private information you hope never ends up in the wrong hands). I immediately informed USAA/MFHL of their error… I to this day wonder if that other customer was informed his personal info was accidently released (pretty sure this is a requirement).
4) After having my application emailed to me I noticed that my information (such as address again) was incorrect. I informed the company that I refused to sign loan documents with incorrect information. After completing all required forms and sending back a couple weeks later, I email and called for an update with no response and no returned calls. After finally reaching my representative I was told that there is no update to my file because they are still waiting on me to send them back numerous documents, ALL of the documents that I was supposedly "˜holding up' the process on was previously signed and submitted! I must have been asked to sign and return the exact same documents on 3 – 4 separate occasions (I have emails of this history if USAA/MFHL cares to see).
5) I am told 2 months into my refinance after being informed that all required documents are signed and that all of a sudden more documents are needed from my HOA and that my "˜HOA is being difficult and not providing them with the info needed because the requests have to come from me'… while, some of that statement may be true to an extent – I still wonder why it is that I was the one filling out forms on behalf of USAA/MFHL and the rep I talked to from my HOA said that it was unusual that I am the one requesting the information and not the processor.
6) Perhaps the most frustrating part of this whole experience is the fact that I get ZERO RESPONSE from ANYONE within the company when I call, email, or leave a message. I am told I will go to closing in May… the date comes and goes with no update, response, or notification… then I am told I will go to closing in June and again the date comes and goes with no update, response, or notification… then I am told I will close first week in July… came and went…. THEN I am told that I will close THIS week (it's now mid Friday and I'm pretty confident by now that I shouldn't expect to close today…). I have called and left so many voicemails to so many people and I never receive a call back… the answering machine for this representative asks that I afford her the opportunity to return my call within 8 business hours but to call her manager if I don't receive word back…. Well, that doesn't do any good because I have called this person's manager numerous times and have left multiple messages to have no response (still have never spoken to this person).
On one occasion I kept calling all the numbers left on various people's answering machines until I reached someone. I called 6 different people (I swear this is no exaggeration) and left messages with all of them before giving up and calling the answering service and asked the random person I was speaking with to walk down the hall and see if my representative was in (sure enough, that's what it takes to get her on the phone after 4 – 6 weeks of attempts). It begins to looks ridiculous when you keep sending the same email 5 or 6 times over a month with no responses in between (Again, I keep all records and would be more than happy to share with USAA/MFHL).
**HERE IS MY QUESTION TO USAA/MFHL:
IF YOU HAVE HAD ALL REQUIRED DOCUMENTS AND EVERYTHING IS "GOOD TO GO"; WHEN WILL I CLOSE ON MY PROPERTY AND PUT THIS NIGHTMARE BEHIND ME? 5 MONTHS IS LONG ENOUGH**
If I am that much of a pain being your customer, then please do us both the favor and close on my refinance and get rid of me!