Consumer complaint received 2020-05-08
Company: U.S. BANCORP
State: MN
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I am XXXX XXXX and own a XXXX XXXX that works in the XXXX XXXX. Since early XXXX of 2020 we have not been able to generate income due to the shut down of large gatherings, and shelter in place order issued by the governor. As many families and small business owners in this position we began looking for ways to cut down on monthly expenses. The biggest of those being our Mortgage with US Bank. 

On XX/XX/XXXX2020 My wife and I called in to inquire about the forbearance program they were offering to help people with. Throughout my conversation we specifically asked the rep ( XXXX XXXX ) if our credit would be impacted, if we could refinance while in forbearance, and if we would be reported as making payments late. To which she informed us that our credit would NOT be affected, we WOULD be able to refinance while in forbearance, and then we would NOT be reported as missed/late payment on our mortgage. Upon speaking with a lender early the week of XX/XX/XXXX2020 I learned that not only can we NOT refinance while in forbearance, but they need to see 12 months of on time payments after the forbearance ends. Which means we now have to wait an entire year just to refinance. Our interest rate is currently at 5 %. Had we been given the correct information when we first called in we would NOT have chosen to put our mortgage in forbearance. 

I first reached out to our relationship manager XXXX XXXX ( ext XXXX ) on ( XXXX or XXXX ) via email and phone. I left a voicemail asking him to return my call. When I had not heard back, I called back again on XX/XX/XXXX/2020 and spoke with XXXX XXXX and explained the situation. At first she apologized and simply said she doesn't deal with refinancing and knew nothing of that side. When I pushed the issue a little further saying " if you are helping people with forbearance you should know what happens '' and requested for the bank to reset and re-report as though the forbearance had not happened ( once we pay mays mortgage ), she then spoke to manager for us ( XXXX XXXX ). She informed me that XXXX had agreed to review the recorded call from XX/XX/XXXX20 and then would get back to us. When I had not heard back by end of day, I called back again on XX/XX/XXXX. This time I spoke to XXXX. XXXX, like XXXX, spoke with his manger XXXX XXXX ( ext XXXX ) who said he would look into it deeper and call back. I did not hear back. 

On XX/XX/XXXX2020 with not hearing back from either of the supervisors who said they would reach back out I called again. This time, by chance, I was connected to XXXX XXXX ( who also had never reached back out via email or phone since I initially contacted him ). After explaining the situation XXXX offered to speak with his supervisor. I asked if I could speak with the person directly. He put me on hold and came back having connecting me with XXXX ( ext XXXX ). XXXX had read the notes on our account and said that XXXX was actually planning on calling me back that morning. She explained that XXXX had listened to our call from XX/XX/XXXX2020 with the rep and said that we did not mention anything about refinancing. My wife and I were both on the initial call and are 100 % certain that we asked about refinancing since we are currently at 5 % and knew rates were dropping. This was important to us. Since we are sure we asked, I requested a copy of the call. XXXX said she could not provide a copy but could connect me with Consumer Advocacy. 

Within a few hours XXXX with their Consumer Advocacy department called to inform us they had received our complaint. They said they would review the case and give us an answer by XX/XX/XXXX2020. I again requested a copy of the recorded call, and also asked if they were able to get back sooner since we are hoping to reverse this decision as quickly as possible. She said she doesn't know if we can get a copy but would put in a request. 

I do not feel as though they are being honest with us. Both my wife and I distinctly remember asking about the forbearance.

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