Consumer complaint received 2018-06-24
Company: U.S. BANCORP
State: NY
Product: Mortgage
Sub-product: FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
US Bank complaint I have been in the process of a mortgage assumption over 4times in the past year. I took out a mortgage in XX/XX/2016 with my fianc. 6months later we broke up and I have been trying for a mortgage assumption with US Bank since. The first was denied due to debt to housing ratio, the loan officer for US Bank wrongfully advised me to try again since I just got a new job and future earnings would be taken into consideration. It was denied a second time The third time my father co applied with me and it was denied again due to housing to income ratio despite the fact both of our credit scores are in the high 700s and combined income is over 180K a year. I was told by the loan officer, that it was due to my father not going to be a resident in the house when in fact he was going to be ... due to a recent separation. I applied a fourth time listing my house as his primary residence. He signed statements it would be his primary residence. It was denied for a fourth time. Every application took two months and cost me money. The communication beteeen the loan officers was pretty much non existent and was extremely bad. No phone calls were returned, emails were answered sporadically. I do not understand why US Bank showed absolutely no interest in keeping my mortgage with them and forcing me to seek refinancing at another institution. I have the income, I have the credit scores. Other banks are calling me daily to have me refinance with them but US Bank wont even return phone calls. It has been the most frustrating experience Ive ever had with a banking institution. I have bent over backwards in supplying all documents and statements requested in a timely manner and US Bank has done nothing to assist me or keep me informed of the status. Their loan officers advised me to reapply each time and it ended up he same. My interest rate is 3.75 % with my current mortgage with US Bank. To refinance will cost me much more money as interest rates have climbed. I would like my case reviewed and told why Im being denied after I have done all I can. The problem of my father, who is a coborrower now, not residing at the residence has been resolved. I have wasted almost a years time and hundreds of dollars and have gotten nowhere. The customer service is atrocious. They have given me bad infkrs, toon in advising me to reapply and assured me my application would be approved this fourth time. My case number on the fourth attempt is XXXX. After waiting months I finally sent an email saying Im withdrawing my application. However, I do not want to after investing all this time but I had no choice as was getting no information from US Bank and I have to get this mortgage assumption done or refinance elsewhere. Please advise what I need to do to get this application active again and approved. There is no reason I should have been denied. If I am denied then the loan officer has given me false information asking me to reapply for a fourth time to specify my father will be a co occupant, I would like someone at US Bank to help me keep my house. I have more than enough income and great credit scores. I have consistently paid my mortgage promptly on my own despite my current co owner not assisting at all. There is absolutely no reason I should be denied and I would like to file a formal complaint.

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