N9373M

I can't seem to locate any reference or documents to my SSB account. Is it for active duty only? I was able to join USAA as a dependent and have been a member since mid 80's. I do receive a check every year or so for about $700. Since I cash these checks, is that the reason I don't seem to have a SSB? I have also sent a message to USAA. Our Home, Cars, Flood, Umbrella, and personal items are all with USAA

thx

rickair7777

You should have an SSB account. The annual check is a return of excess SSB funds. Your annual SSB statement is printed on the same piece of paper the check is on.

Tenacvols

If you look under your documents on the USAA website, you'll see a document titled "Subscriber's Account Annual Statement". That will show you the balance in your SSB account. It will be under your insurance documents and mine was posted 2/4/2013 so look around that time frame...

N9373M

Based on your eligibility as the adult child of a USAA member, your auto insurance is provided by the USAA Casualty Insurance Company (CIC). As such you are not eligible for a Subscriber's Account. However, you are eligible for the Automobile Insurance Dividend.

thanks for all the replies

PilotWife2

Thanks okawnerfor mentioning National Bank of Kansas City. We work hard to take good care of our customers!

KYTBRD – On behalf of all mortgage loan officers, I would like to apologize to you for the endless paper chase to obtain a mortgage especially for purchases. Ever since the mortgage and financial meltdown, standard underwriting guidelines have been ramped up significantly. I know the info you have been asked to send seems obvious and mindless, but there usually are sound underwriting reasons behind the requests.
I hope your Loan Officer is taking the time to explain the process and prepared you up front for the type of paper work needed.

You are welcome to ask me any mortgage questions you may have! I have worked 12+ years as a mortgage loan officer with National Bank of Kansas City and most of my borrowers are pilots both military and airline.

550pilot01

PilotWife,

You sound like a great resource. Thanks for posting. If you missed the all time low rates get your refi's done now.

LowSlowT2

No, there is no good reason for many of the questions - especially the same ones over and over. The real problem is there is no incentive for the banks to lend money - they make more off the government if a house sits in foreclosure, they get more subsidies for the properties they "hold", and there is not enough return at 3.5% on what they'll lend out.

The underwriters enjoy toying with people because they can. After 75 days of back and forth ridiculousness and endless requests for inane and irrelevant papers (including stupid written statements like I had access to funds my minor child was an ITF name on an account, why I paid cash for my last house, why I sent money from one account to another every month, etc) - I fired my last mortgage broker and paid cash. It didn't matter that I was only financing 40% of the value, that I had cash on hand to pay for the house three times over, a credit score well north of 800, already had another mortgage with them, and investments that were another four or five times the value of the house, they wanted their stupid paperwork...I told the loan officer she should be embarrassed because she was no longer a loan officer who made decisions, she was now just a paperwork collector for the underwriters - gone are the days when a loan officer lent money to a person they evaluated for credit worthiness, now they lend money to a stack of paper blessed by the underwriter.

The mortgage before that got drug out to the point where I had to get another appraisal. Like the market will have changed enough in 60 days to impact whether or not to lend me 60% of the value of the house - never mind this was a refi of a 100% paid off house, never mind I again had enough in the bank to pay it off again. One of the hangups was I was told they had all the paperwork they needed. I asked to be sure because I was getting deployed and after three more days wouldn't have access to any files or paperwork. 'Yes, of course, we have everything we need.' Then the underwriter decided that the signed authorization for IRS acccess to my tax transcripts wasn't enough, they wanted to see my actual signed filed tax forms. After six weeks of back and forth explaining that all the info was contained in the transcripts, I finally just downloaded a 1040 from the web, used my transcript to fill it out, signed it, and sent it to them and they were happy. Seriously? I actually think I could have filled it out however I wanted because I don't think they actually looked at it - I think they just wanted it for their pile of paperwork because they could.

If I never deal with another mortgage again, it'll be too soon. It's just another perfect example of bureaucracy for the sake of bureaucracy. Process over product. People no longer matter.

PilotWife2

You are justifiably frustrated! The easiest borrower to finance at this time is one that is a young/first time home buyer with no other properties and little assets that they move around. Piece of cake!

It is the sophisticated borrowers like you who own other real estate and have assets especially those that they may move around that get the proverbial short end of the stick. The paper trail for this type of borrower can be overwhelming especially if your loan officer didn't prepare you for this up front before the file hits underwriting.

Ironic thing is that the more sophisticated borrower is in reality the lower credit/default risk than a first time home buyer.

The mortgage industry is in the midst of a classic over correct....Guidelines had been much too lax (basically a heartbeat and the ability to fog a mirror was all you needed to obtain a mortgage) and now are quite involved.

Common sense underwriting will make a return but it will take a while.

Sorry you have had such a bad experience! Please know there are lenders out there who do their best to prepare their borrowers for the paperwork involved so there are no surprises once the file goes to underwriting.

LowSlowT2

There is nothing ironic about it. It is stupid, unnecessary, and pointless. ...and I'm very careful about distinguishing between ignorant and stupid.

I actually learned after my first attempt not to tell them anything and instead just tried to get a loan on income and my checking accounts alone (which more than offset everything)...even that didn't work.

It's not the loan officer "not preparing me", it's the stupidity and ridiculousness and irrelevancy of the paperwork requested - and each underwriter is different - I know, because I tried a couple times with one mortgage before giving up.

I maintain that there is no money in it for them...

Chris99

LowSlowT2 is right on point. I refinanced two houses in the past year and sold another one. Unfortunately, you have to endure the pain if you want to take advantage of the low rates. It doesn't help when the brokers and underwriters are clueless. I've already posted my experiences with the clowns that USAA uses in their mortgage department. I think broker incompetence is rampant on a wide scale. I had a broker tell me he had to deny a millionaire a small home loan because he was retired and had no "income." Even the people in USAA's car loan department aren't that bright. I was shopping for a small car loan a year ago and had found a better rate from a credit union than USAA. I was talking with USAA about it and the guy actually had the gall to say "it's only a three hundred dollar difference over the life of the loan, why not just go with us." Unbelievable. Yes USAA, I would like to hand you over my hard-earned money for no good reason.