Zach Trevino sent a message to Stuart Parker that said:
Mr. Peacock:
I am an active duty engineer sergeant. I have accounts with USAA and enjoy being a customer of yours. I was interested in moving my mortgage to USAA, however, as of yesterday I was told that refinancing my mortgage was cancelled.
I moved my mortgage to USAA in March, refinancing at a rate of 3.25, an improvement over my current rate and a significant reason for the change. Because of the pandemic, I was informed that the paperwork would be delayed but that I was locked into the rate.
After receiving this guarantee, over three months ago, after having rearranged my budgeting and my future projections for financial security around this refinancing, and after incurring financial obligations dependent on this refinancing, yesterday I was told that your company is no longer refinancing my home, due to the program being cut.
I had to track down the agent, and her manager, in order to have any kind of update on the much delayed finalization of the refinancing. The glib response was passed along without explanation for the lack of communication, nor the initial misinformation. All I have been told is, "the program for investment properties has been cancelled."
I shouldn't have to explain the norms and demands of military life to USAA. That we maintain an "investment property" in a location where I will be ordered to return in less than four years time, is hardly a scheme to line my pockets, however, the cancellation of the mortgage refinancing represents a loss of nearly $300 per month, or roughly 10% of my monthly income. Extend that for thirty years, I am now facing a loss of over $100,000, not including any time lost in this project or other opportunities forgone specifically due to the guarantees given to me and my family by your company.
That the program was "cancelled" months after I refinanced my home should not affect my mortgage. This property should not be considered an investment property and the matter should be immediately rectified. I look forward to your return email, and I look forward to discussing this matter on the phone with you shortly.
Thank you.
Sgt. Z. Trevino
