USAA Savings Mortgage Complaint

USAA Savings Mortgage department,

Conventional fixed mortgage Credit decision / Underwriting Texas

CFPB Complaint USAA Mortgage USAA is referred to herein as the " lender ''. All agreements to transact real estate were made on the basis of a 15-yr 3.0 % mortgage with 5 % down payment as approved in the prequalification process with USAA. When lender later disqualified the applicant, the only options given to the applicant were 30-year terms and interest rates near 3.75 %. In addition, the lender then enforced a 10 % minimum down payment. Central to this complaint is that the lender baselessly ( or without disclosing the basis ) disqualified the applicant 's rental property income ( $ -/month ) while using the rental property 's mortgage ( PITI = $ -/month ) as a debt in calculating the applicant 's Debt-to-Income ratio.


Seller. As a result in order to get the 15-year mortgage, the applicant now has to refinance with different lender in order to receive the negotiated rate and term, but now must pay all closing costs again. The complaints are summarized as follows : 1. Prequalified the loan applicant for a loan product for which he was disqualified after entering into a sales contract. 2. Initially given no interest rate option that did not include points. 3. Enforced a minimum down payment by virtue of the property being considered a condominium, even though it could be legally considered a single family detached property. Proposed remediation Refund all closing costs from the USAA mortgage.