Consumer complaint received 2019-07-24
Company: U.S. BANCORP
State: OH
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
This letter below was sent on XX/XX/XXXX and we were ultimately told on XX/XX/XXXX that we'd have a response by XX/XX/XXXX from the lender, US Bank. To date, they've not offered any remedy to our initial letter from XX/XX/XXXX. 

XX/XX/XXXX VIA CERTIFIED US MAIL US Bank Home Mortgage  XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX and US Bank National Association  Attn : XXXX XXXX XXXX XXXX XXXX XXXX XXXX . 
XXXX, OH XXXX RE : Loan # XXXX Acct. # XXXX XXXX, XXXX XXXX XXXX XXXX XXXX. 
XXXX XXXX XXXX, XXXX, OH XXXX Dear Sir/Madam : Please be advised that this law firm represents XXXX XXXX XXXX and XXXX XXXX XXXX with respect to their claims against US Bank Home Mortgage. 

The XXXX had worked with your XXXX Ohio XXXX to refinance their home. The goal of the refinance was to consolidate debt of a first and second mortgage and to payoff their home in 10 years. The loan officer, XXXX XXXX XXXX, showed they could lower their monthly payment and accomplish the goal. On or about XX/XX/XXXX, a closing disclosure was furnished to Mr. and Mrs. XXXX showing a monthly payment of {$1900.00}. Based on this information, they consummated their refinance and closed on or about XX/XX/XXXX and disbursed on or about XX/XX/XXXX. Within the monthly payment of {$1900.00}, was an escrow of {$240.00}, of which {$150.00} was the amount stated for real estate property taxes. Apparently, an error was made by the loan officer and all the  way through the checks to closing and the tax amount only represents half of the amount needed. In Ohio real estate taxes are charged semi-yearly, which has been the case over 100 years. 
US Bank Home Mortgage US Bank National Association Page 2 XX/XX/XXXX Recently, the XXXX received an annual escrow account disclosure statement which shows that they have a shortage of {$3500.00}. Keep in mind that all payments have been made timely and that the half year tax amounts actually went down in XXXX. They are now $ XXXX/half and last year they were $ XXXX/half. 

The XXXX believe that but for the negligence of US Bank they would not have refinanced their home. Also, the XXXX  were trusting their lender to handle their paperwork accurately and to use all due diligence to correctly address establishing escrows and disclosing the proper payment information. 

We would like to request that US Bank remedy this situation in either the following manner : 1 ) Waive the escrow shortages and begin a payment starting XX/XX/XXXX with the correct amount ( without arrearage ) and a check to the XXXX  for {$500.00} for their legal costs and trouble ; or 2 ) Refund to them all payments made and make them whole to refinance with another lender. 

You have 20 days to respond to our requests. I have advised the XXXX  that if you can not resolve the matter to their satisfaction, they should file a claim with the Consumer Financial Protection Bureau and we may bring a lawsuit for damages against US Bank. 

Very truly yours, XXXX XXXX XXXX RS/rcs cc : Mr. and Mrs. XXXX XXXX

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 monetary relief