Consumer complaint received 2023-11-22
Company: U.S. BANCORP
State: NJ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-issue: Negative impact of inaccurate appraisal

Complaint:
I am writing to you to seek your assistance in resolving a series of unprofessional and possibly illegal actions involving XXXX XXXX, the Loan Officer, and XXXX XXXX, the Supervising Lender at U.S. Bank in XXXX. 

I recently went into contract for a house in XXXX and was set to close this winter. However, my appraisal came up {$40000.00} under the purchase price from my original lender, XXXX XXXX. As written into my purchase agreement, the seller rewuired that I qualify through their personal lender, XXXX XXXX, at U.S. Bank. Immediately, XXXX XXXX had another employee ( XXXX XXXX at U.S. Bank ), conduct an unsupervised appraisal to qualify me for the exact purchase price. I grew suspicious when I noticed that the appraisal used a combination of outdated sales, homes in more expensive neighborhoods, and homes with substantially more features than the subject property, which was further confirmed by my agent and a representative of XXXX. When I questioned XXXX XXXX about the appraisal, he became hostile over the phone and grew belligerent, accusing me of putting " demerits '' on his record. 

I contacted a Mortgage XXXX, XXXX XXXX, to explain my issue and seek his assistance. Initially, XXXX XXXX informed me that appraisals at U.S. Bank should have a reviewer ( which this one didn't appear to have ) and that he would look into it, but that did not happen. Because my issue with the appraisal was never resolved, when the expiration of my finance cotinigency agreement came and I still never heard from XXXX XXXX, I requested my lawyer to contact the seller and cancel my purchase agreement. 

Within hours of requesting the contract cancellation to the seller, the attorney contacted XXXX XXXX, who provided the attorney with my private account information ( without my permission ). Shortly after, XXXX XXXX called me, screaming that I was getting him in trouble and repeatedly implying that I was unintelligent. He threatened that I had to submit several additional documents ( that they never requested prior ) by the next business morning or that they would tell the seller that I never completed my application. XXXX XXXX also disclosed to the seller 's lawyer that my XXXX taxes were never filed, which the seller 's lawyer used as their sole reason for denying my request to cancel the purchase agreement. 

This factually incorrect information provided by U.S. Bank and the following malicious acts have now cost me my entire deposit of {$56000.00} plus additional legal fees. What the employees at U.S. Bank did has put me in a financial hole, caused me significant mental and physical distress, and has stripped me of my dreams of owning a home in XXXX, as I didn't have a lot of money saved up. The bottom line is that XXXX XXXX, XXXX XXXX, and XXXX XXXX behaved maliciously and not in my best interest as their customer. This includes falsifying an appraisal, neglecting my application for weeks, becoming hostile over the phone when I questioned the appraisal, sharing my personal banking information with a third party, and finally, lying to the seller about my incomplete application status. I am willing to provide any necessary documentation to support my claims.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation