Consumer complaint received 2024-01-27
Company: U.S. BANCORP
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-issue: Changes in loan terms during the application process

Complaint:
Summary of Issue : 1. US Bank bought my current mortgage from Union Bank earlier this year. 

XXXX. In early XXXX, I was contacted by XXXX XXXX, who was a Private Mortgage Banker for US Bank based in XXXX California. He offered me a no-cost mortgage refinance under US Bank 's private wealth group. I communicated that I wanted to move forward with the Interest Only ARM option at a 5.75 % Interest Rate. ( see attachment of e-mail ) XXXX. On XX/XX/2023, XXXX XXXX sent me an e-mail requesting certain information be sent to him to lock in the refinance interest rate / APY. I was offered two ARMs, one principal and interest and one interest only. 

XXXX. On XX/XX/2023, I sent XXXX XXXX all the information requested to lock in the refinance interest rate. 

XXXX. On XX/XX/2023, XXXX XXXX responded confirming he received all the information necessary to lock in the rate. 

XXXX. Around XX/XX/2023, my wife and I e-signed all the documents to process the loan through underwriting. We signed U.S. Bank paperwork affirming the 5.75 % interest rate. 

XXXX. On XX/XX/2023, I received an e-mail from US Bank stating our refinance mortgage was " conditionally approved based on an initial review... [ a ] member of your loan team will be reaching out to help assist you with documentation requirements. '' XXXX. Around XX/XX/2023, I also paid US Bank a {$390.00} fee for an appraisal of our home. An appraiser who did not act professionally came to my home and performed an appraisal. 

XXXX. On XX/XX/2023, I received an e-mail from XXXX XXXX XXXX, an associate of XXXX XXXX, stating that underwriting had issued conditional approval but needed additional items to complete my file. I provided all the documents requested on XX/XX/2023. XXXX XXXX XXXX sent me an e-mail stating she received everything. 

XXXX. On XX/XX/2023, I sent additional information requested by XXXX XXXX XXXX and I received a confirmation from XXXX XXXX XXXX that she received the information needed. XXXX XXXX XXXX 's e-mail stated " Received. Will review and let you know if anything else needed. '' XXXX. On XX/XX/2023, I received an e-mail from XXXX XXXX XXXX stating : " We are waiting for underwriting to review the items provided. I will let you know once we have an update. '' XXXX. After XX/XX/2023, I received no direct e-mails or phone calls from XXXX XXXX or XXXX XXXX XXXX. I also received no communication from US Bank about my mortgage refinance for several weeks. 

XXXX. In XX/XX/2023, I began sending e-mails and calling XXXX XXXX to get an update on the status of the mortgage refinance. I never received any responses nor a notification they were no longer with US Bank. 

XXXX. On XX/XX/2023, I e-mailed a US Bank employee named XXXX XXXX XXXX, who was very pleasant. She passed my along to her supervisor, XXXX XXXX, who informed me that XXXX XXXX and XXXX XXXX XXXX were no longer employed with US Bank. 

XXXX. In early XXXX, XXXX XXXX put me in touch with a sales manager in the US Bank Mortgage division who informed me the mortgage refinance at the 5.75 % interest rate could not be honored and my loan application was going to be cancelled. 

XXXX. On XX/XX/2023, and XX/XX/2023, I received e-mails from US Bank under the name of XXXX XXXX that state : " Thank you again for your home mortgage refinance application. We truly value you and appreciate your patience ... As we move toward your closing date, please know your loan team is available to assist with status updates and questions or to submit any updated documentation required. '' XXXX. In late XXXX, I sent an email with my complaint to executives at U.S. Bank. They responded by having a mortgage relationship manager reach out to me to find a resolution. After multiple weeks of waiting, they offered me a small monetary value to resolve the complaint, which I did not accept since the immediate value of the offered mortgage refinance rate was greater than the monetary value they offered.

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 non-monetary relief