Consumer complaint received 2020-07-31
Company: U.S. BANCORP
State: NC
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
In XXXX of this year we approached USBank for a construction to permanent mortgage to build on our property in XXXX, TN. This mortgage includes myself, my husband XXXX XXXX XXXX, XXXX, my stepson XXXX XXXX XXXX XXXX and his wife XXXX XXXX. We have been working with XXXX XXXX at USBank. We agreed on terms through an email on XX/XX/XXXX. We worked through the process and we closed on XX/XX/XXXX. Since it involved 2 couples, my husband and I signed and notarized the documents on XX/XX/XXXX, then sent the documents via XXXX  XXXX to XXXX and XXXX to sign and notarize on XX/XX/XXXX. They were then sent via XXXX  to the bank. {$32000.00} was wired to the bank for Cash to Close, as indicated in the signed Closing Disclosure ( see attachment ). 

On XXXX/XXXX/XXXX, XXXX XXXX received a phone call and then we received an email from XXXX XXXX stating that underwriting had written the down payment incorrectly on the Closing Disclosure, and we needed to send the bank an additional {$9000.00}. XXXX wrote {$1000.00} to be distributed to the builder for the original draw instead of {$10000.00}, which is what the builder requested. Of note is that this was 16 days ( 12 business days ) after the closing. 

The correct amount of {$10000.00} was written on the XXXX, so the Cash to Close there  is {$41000.00} ( see attachment ). We do have a copy of that. Mr. XXXX states that is also what is on the XXXX, but I do not have a copy of that to verify. Mr XXXX has so far been unable to get us a copy of that. The amount on the signed Closing Disclosure, of which we received numerous copies, has the Cash to Close as {$32000.00}. The bank received {$32000.00} from us at closing. We have received documents from USBank since then indicating the loan process is complete and I have even sent the first payment to them. 

We have corresponded with Mr. XXXX by email and by phone, and he stands firm that we are expected to pay the remaining {$9000.00}. The bank has agreed to give the builder the appropriate draw, and the builder has received that. The bank states we may pay the {$9000.00} at the end of construction. 

We have not received any official documents from USBank recognizing the need for us to pay {$9000.00}, all correspondence has been through email with MrXXXX XXXX and 2 phone calls. His regional manager was to be on the conference call on XX/XX/XXXX, but was not. We had set up a conference call with Mr XXXX and his regional manager for XXXX on XX/XX/XXXX. I received a text from Mr XXXX at XXXX that he was trying to get a hold of his manager. We then set a time for XXXX, but did not receive a call until XXXX. We were not available at that point to talk and we called Mr XXXX back at XXXX. His regional manager was not in on the call. 

Mr XXXX has agreed that this is a fault of USBank, and not a fault of ours. 

We feel this has been handled poorly and in a very unprofessional way. We have not received any official documents of this error, or requests for payment. We do continue to get emails from Mr XXXX explaining the error in the documents. We would not be comfortable simply paying any sum without legal documentation of the error and indication of the appropriate way to rectify the error, although as we feel this is a USBank error, we do not feel we should be held responsible for it in any way.

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