USAA Savings Mortgage Complaint

VA mortgage Settlement process and costs

USAA Savings Mortgage department,

VA mortgage Settlement process and costs Colorado

I applied for a $0.00 down payment VA loan through USAA and after being told I was pre-qualified and subsequently approved I was then asked to provide a down payment of approximately $9200.00. It was only 2 weeks before closing and after my appraisal and inspection had been paid for and after I informed my landlord I was moving out. I was told I had a loan and then all of a sudden I was unfairly being required to come up with this large amount of money in just a matter of days or I would have ended up homeless. This was very unfair and deceptive and I also never received a clear explanation about why this down payment was being required on a no down payment VA loan product nor was I ever given any additional disclosures. Further detailed information is attached.

USAA Savings customer in Colorado
Aug 18, 2016

* Source: CFPB Complaint Database

USAA Savings response to complaint:
Closed with explanation

Created with Highcharts 4.2.3USAA SavingsComplaint HistoryComplaints2/20123/20125/20126/20127/20128/20129/201210/201212/20122/20134/20135/20137/20138/201311/20133/20156/20159/201512/20153/20166/20168/201612/201601234Source: Consumer Financial Protection Bureau
Created with Highcharts 4.2.3USAA SavingsSettlement process and costs46.7%30.0%16.7%6.7%Closed with explanationClosed with monetary reliefClosed with non-monetary reliefClosed without reliefSource: Consumer Financial Protection Bureau
Created with Highcharts 4.2.3National AverageSettlement process and costs0.4%6.3%5.3%1.1%2.8%6.4%76.1%1.5%Untimely responseClosed with non-monetary reliefClosed without reliefClosed with reliefClosedClosed with monetary reliefClosed with explanationIn progressSource: Consumer Financial Protection Bureau

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