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burghMan
ParticipantI had a very similar experience with USAA Mortgage – twice!
Back in 2001 or so, they barely complted my mortgage on time. Could never get through to them, and then suddenly received lots of last-minute requests from the “underwriter.” Almost didn’t close on time. I remember making many angry frustrated calls — into an answering machine!
I was foolish enough to give them another chance in 2004. Same issues. I gave up on them about a week into to process and went with another lender. I sent USAA a letter explaining my frustration, asking for my $250 application fee back. Never got any response.
Their insurance and banking are great, but their mortgage department is as bad as any. (Mortgage is outsourced to some company called PHH.)
IMO, USAA is very foolish to allow this one segment of their business tarnish their strong brand.
ParticipantI had a very similar experience with USAA Mortgage – twice!
Back in 2001 or so, they barely complted my mortgage on time. Could never get through to them, and then suddenly received lots of last-minute requests from the “underwriter.” Almost didn’t close on time. I remember making many angry frustrated calls — into an answering machine!
I was foolish enough to give them another chance in 2004. Same issues. I gave up on them about a week into to process and went with another lender. I sent USAA a letter explaining my frustration, asking for my $250 application fee back. Never got any response.
Their insurance and banking are great, but their mortgage department is as bad as any. (Mortgage is outsourced to some company called PHH.)
IMO, USAA is very foolish to allow this one segment of their business tarnish their strong brand.
Participant[quote=UCGal] […]When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.[/quote]
True, and I considered this. But we are not in a high-risk fire area (little vegetation, pretty deep into the “burbs”). It would take a wildfire 100 times bigger than anything CA has ever seen to reach our neighborhood, so I don’t consider this to be a risk.
I do wonder what would happen if a tract house is “totaled” and then abandoned because it is not worth it to repair. Are there laws against this? Does the HOA get involved? Anyone know of any examples of an “empty lot” in a suburban tract neighborhood that is the result of a house burning down and never being rebuilt?
Participant[quote=UCGal] […]When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.[/quote]
True, and I considered this. But we are not in a high-risk fire area (little vegetation, pretty deep into the “burbs”). It would take a wildfire 100 times bigger than anything CA has ever seen to reach our neighborhood, so I don’t consider this to be a risk.
I do wonder what would happen if a tract house is “totaled” and then abandoned because it is not worth it to repair. Are there laws against this? Does the HOA get involved? Anyone know of any examples of an “empty lot” in a suburban tract neighborhood that is the result of a house burning down and never being rebuilt?
Participant[quote=UCGal] […]When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.[/quote]
True, and I considered this. But we are not in a high-risk fire area (little vegetation, pretty deep into the “burbs”). It would take a wildfire 100 times bigger than anything CA has ever seen to reach our neighborhood, so I don’t consider this to be a risk.
I do wonder what would happen if a tract house is “totaled” and then abandoned because it is not worth it to repair. Are there laws against this? Does the HOA get involved? Anyone know of any examples of an “empty lot” in a suburban tract neighborhood that is the result of a house burning down and never being rebuilt?
Participant[quote=UCGal] […]When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.[/quote]
True, and I considered this. But we are not in a high-risk fire area (little vegetation, pretty deep into the “burbs”). It would take a wildfire 100 times bigger than anything CA has ever seen to reach our neighborhood, so I don’t consider this to be a risk.
I do wonder what would happen if a tract house is “totaled” and then abandoned because it is not worth it to repair. Are there laws against this? Does the HOA get involved? Anyone know of any examples of an “empty lot” in a suburban tract neighborhood that is the result of a house burning down and never being rebuilt?
Participant[quote=UCGal] […]When you have a large number of displaced households it may not be as easy to buy the replacement house down the street.[/quote]
True, and I considered this. But we are not in a high-risk fire area (little vegetation, pretty deep into the “burbs”). It would take a wildfire 100 times bigger than anything CA has ever seen to reach our neighborhood, so I don’t consider this to be a risk.
I do wonder what would happen if a tract house is “totaled” and then abandoned because it is not worth it to repair. Are there laws against this? Does the HOA get involved? Anyone know of any examples of an “empty lot” in a suburban tract neighborhood that is the result of a house burning down and never being rebuilt?
Participant[quote=Raybyrnes]You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service[/quote]
The representative from USAA told me that they won’t insure for less than replacement value without any explanation. When I asked why this is a requirement, she seemed completely perplexed and just repeated that was the “rule.” Hardly what I would call “doing a good job” or “professional service.”
I’m a fool for just blindly accepting what some clueless phone rep tells me?
I know some people put USSA on a pedestal – and they are a great company for many things – but they aren’t perfect all the time.
Participant[quote=Raybyrnes]You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service[/quote]
The representative from USAA told me that they won’t insure for less than replacement value without any explanation. When I asked why this is a requirement, she seemed completely perplexed and just repeated that was the “rule.” Hardly what I would call “doing a good job” or “professional service.”
I’m a fool for just blindly accepting what some clueless phone rep tells me?
I know some people put USSA on a pedestal – and they are a great company for many things – but they aren’t perfect all the time.
Participant[quote=Raybyrnes]You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service[/quote]
The representative from USAA told me that they won’t insure for less than replacement value without any explanation. When I asked why this is a requirement, she seemed completely perplexed and just repeated that was the “rule.” Hardly what I would call “doing a good job” or “professional service.”
I’m a fool for just blindly accepting what some clueless phone rep tells me?
I know some people put USSA on a pedestal – and they are a great company for many things – but they aren’t perfect all the time.
Participant[quote=Raybyrnes]You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service[/quote]
The representative from USAA told me that they won’t insure for less than replacement value without any explanation. When I asked why this is a requirement, she seemed completely perplexed and just repeated that was the “rule.” Hardly what I would call “doing a good job” or “professional service.”
I’m a fool for just blindly accepting what some clueless phone rep tells me?
I know some people put USSA on a pedestal – and they are a great company for many things – but they aren’t perfect all the time.
Participant[quote=Raybyrnes]You could be a fool and go for an ACV (acutal cash value) policy. Sounds like your insurer is simply doing a good job. In the event something happened, you would appreciate the fact that you had professional service[/quote]
The representative from USAA told me that they won’t insure for less than replacement value without any explanation. When I asked why this is a requirement, she seemed completely perplexed and just repeated that was the “rule.” Hardly what I would call “doing a good job” or “professional service.”
I’m a fool for just blindly accepting what some clueless phone rep tells me?
I know some people put USSA on a pedestal – and they are a great company for many things – but they aren’t perfect all the time.
ParticipantRoots.
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