Consumer complaint received 2021-11-09
Company: U.S. BANCORP
State: OH
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
The XXXX People involved are XXXX ) XXXX XXXX XXXX Business Banking Relationship XXXX XXXX | XXXX XXXX ) XXXX XXXX XXXX XXXX | Business Banking P. XXXX | XXXX XXXX | XXXX XXXX Bank XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, OH XXXX | XXXX | www.usbank.com I had made a payoff request from usbank that provided the loan on XXXX XXXX XXXX, XXXX XXXX XXXX OH XXXX XXXX The reason being that I was selling the property and I would need that statement during the closing to release the money to me and dispense all liabilities. 

On XX/XX/2021, I made a request for payoff statement official by sending them a purchase contract even though I have been requesting it for XXXX months prior. I have documents to prove that. They had received the purchase contract and promised to get working on it. I had thought that this would be quick now that they had the purchase contract. The XXXX house was XXXX of XXXX houses that UsBank used as collateral for a commercial loan. So I figured that they would just divide the loan up amongst the properties and the outcome would be the payoff amount for XXXX home. 

However, it was not. The bank decided to put me through a rigorous application phase - kind of like the one you would go through for application on a brand new loan. They asked for all my financials, they used an appraiser and a title company. Obviously this started taking weeks to process. Inspite of my protest, they continued to treat this like a new loan application stressing that this is the way they do things. Instead of initiating a multi-prong action such as title search, home appraisal, document processing and underwriting work, they did things one at a time. Every step in the process was painfully slow. XXXX week they would bring up an issue that came up in the title search. Than couple of weeks later, they would bring up another issue that the title company had found. I have pleaded them to speed up the process but all I get are excuses and continuing delay. I still haven't received the Payoff Statement to this day. Since submission of purchase contract it has been XXXX days. But I had filled up request much earlier and so would really be running about 125 days. Without payoff statement, I haven't been able to get the money ( proceeds acquired from sale of XXXX house on XX/XX/XXXX ) released from the selling title company. The absurdity of it all is mind boggling. Infact, the latest issue brought up on Monday last week, only when I called to inquire, was that the title company found a few liens on my properties. However, presently they haven't called me to describe the nature of the problem to me. 

Another issue that came up is that I made a request to get more money out of the loan since they decided to treat it like a new loan - again, not at my request. After a few weeks, they refused to do so. I asked for the reason or the criteria that I failed to meet. They gave no reason and left it at that. They also wanted me to pay off {$70000.00} on the loan from the sale of XXXX home. I found this to be highly irregular and unfair. Specially so since I have been made aware that the bank is still giving out commercial loans to people up to 70 % LTV ( loan to value ). XXXX years earlier, when I first received the commercial loan I was at 50 % LTV. Since then my properties have appreciated in value and my loan stands at around 30 % LTV. After the sale of XXXX house to pay the bank {$70000.00}, my loan would still be at 30 % LTV. Considering that they were redoing the entire loan, I figured that I could qualify for more money out. I was well aware that my financial situation is even better than it had been XXXXyears ago when I first got the loan. The request was for additional {$100000.00} cash and that no money be taken out of the sale XXXX house. It made sense to do so as it would land me at 46 % LTV ( less than 50 % LTV when I first got the loan ). Which is a number far less than the max of 70 % LTV. So when they refused, it didn't make sense. Presently they still wouldn't tell me why. 

The XXXX people mentioned above are the ones I have primarily communicated with. I was never initially told that they were planning on a complete remodification of loan even though I only asked for a payoff statement. They have remained very vague about the whole process and unapologetically making excuses, blaming third party for delays. They keep mentioning that they have no control over this but wont connect me with anybody who does. This is clearly an indication that I am being treated unjustly.

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