Consumer complaint received 2020-06-17
Company: U.S. BANCORP
State: LA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
On XX/XX/2020, I contacted my current mortgage company, US Bank, to refinance my home. I completed the process by submitted all supporting documentation ( tax documents, pay stubs,  employment history, et ) in a timely fashion. On XX/XX/2020, I paid {$390.00} for the US Bank-selected appraiser to appraise my home ; XX/XX/2020 is the closing date for which I was told to prepare. On XX/XX/2020, I received the appraisal and contacted the Loan Officer and the Loan Processor on XX/XX/2020 asking if I read it correctly because I believe that there was an error. The Loan Processor told me that if I challenged their appraisal, " the only way to dispute the appraisal is for you to provide at least 3 additional MLS listings that have sold in your area in the last 6 months, and write up a detailed explanation of what you feel is inaccurate on the current appraisal. We would submit that information for review but you should know that it is extremely difficult to get a dispute approved. At this time I am needing to know how we are going to proceed so I can get your loan to underwriting, which needs to be done by the end of the week. Please advise as soon as you can if you intend to move forward with a dispute, with the loan as is, or cancel. '' On XX/XX/2020, I provided the following response : " My home has 7 rooms, 4/bed 2/baths, 1,993 gross living area and 2,304 total sq. ft. Site : 6600 sq. ft. 

According to your appraisal, you selected 2 single story ranch homes in close proximity to my home and one 2 story ranch home. However, your selected two single story homes that have total of 6 rooms and your two story home with 7 rooms. All of your comps have a total of 3 bedrooms. The gross living area of your homes are 1670, 1671 and 2070 sq. ft. respectively. The site of the comps you picked range between 5400 sq. ft. and 5500 sq. ft. My home has 1,993 gross living area and 2304 total sq. ft. My site has 6600 sq. ft. 

The average Sale Price/Gross living Area of your homes would be approximately {$120.00} per sq. ft. Your suggested Sale Price/Gross living Area for XXXX is {$100.00}, far below all of your single story ranch comps which is approximately {$120.00}. Also, note the difference in lot size. 

Using your comps, with an average of {$120.00} per sq. ft. would suggest a value of {$230000.00}. If you make a -.4 % adjustment, a {$110.00} Sale Price/Gross Living Area would suggest a value of approximately XXXX " It is important to note that the Loan Processor wrote me back on XX/XX/2020 stating that my argument was compelling but that I must get 3 MSL listings with images and the specified information before my request would be considered. On XX/XX/2020, I sent the Loan Processor the requested information and the original floor plan of my home indicating 4 bedrooms, not 3 and stated, I want to be treated fairly ''. The Loan Processor put me in touch with her  Supervisor who contacted me a week ago and I have yet to hear back from anyone. 

I paid the application fee, submitted a valid complaint, and have not had a timely response nor resolution to my query. I want to be treated fairly and not be cheated out of the value of my home. This is the 2nd time in the last 3-4 years that US Bank has given my problems when I have attempted to refinance my home.

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