Consumer complaint received 2023-03-17
Company: U.S. BANCORP
State: AZ
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
We have been working with US Bank for XXXX months to prepare for the closing on our new built home. Today XX/XX/17 should be a day of celebration but instead US Bank dropped the ball, didnt collect our documents in a timely manner, and did not send us our ECD until Wednesday which pushed back our signing title to Monday. Not only are we not closing on time but our rate lock expired today also. They informed us we now would have to pay XXXX XXXXXXXX {$30000.00} to buy back down our rate when this whole situation is their fault. As inexperienced home buyers, we feel extremely frustrated and taken advantage of. 

Here is a timeline of the last month of events per our emails with our mortgage loan office for your review : Monday XX/XX/XXXX I reach out and say 38 days till close and asked if they needed anything from us- XXXX sent us a list of docs they wanted XX/XX/XXXX XXXX sent them all docs. 

XX/XX/XXXX XXXX replies to that email a week later saying he was out of the country sorry for the delay just getting caught up with 4 items we need. 

XX/XX/XXXX XXXX responds she needs to rerun credit XX/XX/XXXX We respond ok to rerun credit Friday XX/XX/XXXX XXXX says Hey, We have the new application going these are the updated items we need to get underwriting Sunday XX/XX/XXXX I start working on the docs by emailing our accountant and signing disclosures. I notice the loan estimate is completely off. 
I emailed XXXX to go over the loan estimate. 

Monday XX/XX/XXXX XXXX responds he is traveling and will call me later. 
Sends me an updated loan estimate at XXXX After XXXX calls me and goes over the loan estimate. 
I go in and sign and acknowledge initial disclosure in our portal. 

Wednesday XX/XX/XXXX I email saying I'm working on getting these docs. 
W2 had to come from XXXX tax accountant and final sale from our realtor for the last house. 

Thursday XX/XX/XXXX ( one week before close ) XXXX XXXX said please send these items as soon as possible as the underwriter need these to review XXXXI send final settlement & XXXX & XXXX XXXX responds we still need these items below, also really need these items asap at this point we are risking not closing on the XXXX '' -I send remaining items Friday XXXX XXXX XXXX responds thank you Monday XX/XX/XXXX XXXX I email that it is closing week and ask for update loan estimate XXXX XXXX emails back at that he is traveling but we got final approval and we need ECD by tomorrow to close Friday XXXX XXXX said we got approval and XXXX final things we need Tuesday XX/XX/XXXX XXXX I sent last XXXX remaining items XXXX XXXX says the requested ECD to be sent today and that after that there is a 4 day waiting period till we can sign Friday ( first time we ever heard about the waiting period for ECD ) XXXX I ask for clarification because we thought wed sign Thursday morning and if this would delay our keys Friday XXXX replies quickly that the best case is signing Friday since the ECD hasnt gone out yet. Waiting on processing to get sent -I reply we do want to push for signing Friday because till said if we dont sign Friday we wont get keys until monday Wednesday Acknowledged ECD XXXX

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 monetary relief