Consumer complaint received 2020-11-23
Company: U.S. BANCORP
State: CO
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
Here is a copy of parts of the email I sent US Bank. This loan did finally close but I believe there are potentially two RESPA violations. 

If I could request a few moments of your time, I will lay out the situation and what I see as violations. 

- This started XX/XX/2020. XXXX and I discussed 3.5 % with no points, I applied and received a closing disclosure. We decided to wait to see if rates got better. 

-On XX/XX/XXXX, we locked at 3.5 % and no points. I was told it could be a slow process. XX/XX/XXXX we got our appraisal. XXXX said we should close around XX/XX/XXXX. 

XXXX XX/XX/XXXX, I received more paperwork from USBank automated site. I thought this was just required to complete the loan. I now see that my credit was re-pulled at this point and I believe I was re-app 'd. This was never communicated to me. I thought I was getting close to closing as I had worked with XXXX 's assistant, XXXX to turn everything in within days of request. Why they had me re-app is still unclear to me and was certainly unclear to me then. 

- On XX/XX/XXXX, I asked XXXX where we were ( thinking I would be close to closing ) and this is the text I received : " Only that our rate is secured ( no worries there ) but the bank has made some changes to how we are dealing with refinances currently in our pipeline ( basically guaranteeing the rate promised ) but extending the closing out ( so we can continue to crush the purchase business ) since many lender still aren't able to do jumbo loans we are taking quite a bit of purchase deals and still closing them in 30 days or less ( Awesomeness ) but that comes at the expense of the refinances. '' - Additional months went by and I started bugging XXXX that this was taking an inordinate amount of time. I continued to supply XXXX with any info requested in a very timely manner. I started to get more agitated when a client I referred to XXXX months after I locked closed on his Jumbo refi and still not action on my loan. 

XXXX XX/XX/XXXX, I received the final CD and suddenly there were XXXX points charged for the 3.5 %. I wrote XXXX asking for an explanation. He said don't worry - he would take care of it. A day later I received a new CD with XXXX points. No call, no explanation. I wrote and called XXXX and said that was unacceptable. This delay was completely on US Bank and he had assured me my rate lock wouldn't change. He wrote the following : " Yeah I'd have to go back an see ( since its been some time for sure ) but i do know this is the best pricing we can do as I wrestled with managers ( yesterday as we needed this revision ). " He followed this up in a conversation where he said if I didn't like it I could cancel - he basically said take it or leave it. As you can imagine this was extremely upsetting and it was clear that he was trying to make more money off of me ( this is a $ XXXX loan so significant $ $ in points ). I was not willing to cancel the loan as rates had changed since I locked in XXXX. The next day I escalated this to his manager, XXXX XXXX. I only received one email from XXXX that said he would look into it and then XXXX wrote that the points were removed. No follow up, no explanation, no call from XXXX. 

- This loan still lingered. Multiple re-verifications and requests for more info that I again responded to within days. 

- Finally, on XX/XX/XXXX, XXXX 's assistance XXXX tells me we are clear to close and we must close by Friday or she will have to re-pull my credit and start again with all the XXXX questions. No advance warning for the Title company. Thankfully, I have a relationship with XXXX XXXX XXXX XXXX. They rushed payoff and numbers and were able to get it closed in a few days. I received texts basically implying that the Title company was to blame if we didn't close. Completely crazy as this had been going on since XXXX and they didn't communicate anything to Title. I am just thankful for the XXXX. 


Since I sent a slightly expanded version of this email, I have talked to XXXX XXXX, a manager higher up in US Bank. He said that while he hadn't done a complete review, it looks like some requests were sent to an unknown address so that could justify the change of circumstance and why I needed to re-app. He also expressed multiple times what a high producer XXXX was and everyone else was happy. 

I was so disappointed in that conversation that I believe that this needs to be looked at by a third party.

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