Consumer complaint received 2018-03-25
Company: U.S. BANCORP
State: WA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Struggling to pay mortgage

Complaint:
XX/XX/XXXXTo : U.S. Bank XXXX XXXX XXXX XXXX, OH XXXX From : XXXX XXXX  XXXX XXXX XXXX XXXX XXXX WA XXXX  Re : Error Resolution Notice under 12 C.F.R. XXXX Mortgage Loan Number : XXXX I am writing to request correction of the errors described below in regard to the mortgage on my property at XXXX XXXX XXXX XXXX XXXX, WA, XXXX.

To Whom it may concern, I, XXXX XXXX, received a Loss Mitigation Review Determination dated XX/XX/XXXX ( attached A-1 ). The Servicer Failed to state a correct reason for denying the loan modification under 12 C.F.R.

1024.41. I was not reviewed for any loss mitigation options due to Servicer not being able to complete a property inspection on the property. The determination evaluation notice reason is contradictory to the Notices I received dated XX/XX/XXXX ( attached A-2 ) ( A-3 ) stating that U.S.

Bank would conduct a property valuation, such as a written appraisal or brokers price opinion. The Notice states that if I am applying for liquidation options, U.S. Banks vendors will need timely and sufficient access to the home. The Loss Mitigation Review Determination ( see A-4 ) clearly states that my application indicated that I wish to retain home ownership, therefore my account was not reviewed for liquidation options. Under 12 C.F.R. 1002.14 ( Regulation B ) of the ECOA I am to receive a copy of the appraisal report. Your XX/XX/XXXX notice stated that I would promptly receive a copy of one once completed. The Loss Mitigation Review Determination dated XX/XX/XXXX ( attached A-5 ) states that the Servicer obtained a property valuation for my property and a copy was included. The Copy of the brokers price opinion is dated XX/XX/XXXX ( attached A-6 ) which is not compliant with the rules under 12 C.F.R. 1002.14 ECOA.

On XX/XX/XXXX@ XXXX XXXX PST I received a call from XXXX XXXX, your representative and my assigned SINGLE POINT OF CONTACT ( RELATIONSHIP MANAGER ) from phone number XXXX  ( XXXX ) XXXX  ( attached A-7 ). During our conversation I attempted to provide him with a verbal explanation to fulfil the request for additional documentation notice dated XX/XX/XXXX ( attached A-8 ) and he refused to take the information. He then stated that I need a full appraisal including the interior of my home. I asked him under what authority, as my notices had stated differently. He then raised his voice and told me that if I dont do it then I dont get loss mitigation!

He then stated that he was closing out my request for loss mitigation. At that point I requested a Supervisor. He denied my request and stated that hes as high as it gets! OnXX/XX/XXXX@ XXXX XXXX. PST, an appraiser by the name of XXXX XXXX, license # XXXX ( attached A-9 ) called in regards to an appraisal. He stated that there is no current law that requires a complete appraisal for a loan modification. As, it was not a refinance. Your representative, XXXX XXXX engaged in unfair and deceptive acts and practices UDAAP by impeding my access to loss mitigation options. This outrageous behavior and unprofessional conduct violates the functions of Servicer personnel under 12 C.F.R. 1024.40 as well as policies and procedures under 12 C.F.R. 1024.38.

Thank you for taking the time to acknowledge and address this letter and notice of errors as required by law under 12 U.S.C. 2605 ( e ).

Sincerely, XXXX XXXX Real Estate Settlement Procedures Act Fair Review Process : The servicer must consider all foreclosure alternatives available from the mortgage owners or investors those with decision-making power over the loan to help the borrower retain the home. These options can range from deferment of payments to loan modifications. And servicers can no longer steer borrowers to those options that are most financially favorable for the servicer.

Direct and Ongoing Access to Servicing Personnel : Servicers must have policies and procedures in place to provide delinquent borrowers with direct, easy, ongoing access to employees responsible for helping them. These personnel are responsible for alerting borrowers to any missing information on their applications, telling borrowers about the status of any loss mitigation application, and making sure documents get to the right servicing personnel for processing.

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