Consumer complaint received 2022-02-18
Company: U.S. BANCORP
State: MD
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage

Complaint:
This is my third complaint regarding Escrow Advances charged by XXXX Bank XXXX - XXXX in the following amounts : Amounts charged by US Bank in Escrow Advances ( HELOC loan ) - Non-Escrow Account : XX/XX/XXXX - {$1100.00} XX/XX/XXXX - {$1100.00} XX/XX/XXXX ( Refund ) - ( {$1100.00} ) XX/XX/XXXX - {$1100.00} XX/XX/XXXX - {$1200.00} XX/XX/XXXX - {$1100.00} Amounts Charged by XXXX XXXX XXXX ( non-HELOC ) for Escrow Account : XX/XX/XXXX - {$1400.00} XX/XX/XXXX - {$1400.00} XX/XX/XXXX - {$1400.00} XX/XX/XXXX - {$1500.00} XX/XX/XXXX - {$1400.00} US Bank submitted a response and I found it to be unacceptable. Specifically, US Bank stated, " LPI is only able to be removed from an account when proof of insurance is received. At this time we have not received evidence that active coverage was present on the account from XX/XX/XXXX-XX/XX/XXXX. A XXXX XXXX Policy was received indicating coverage active from XX/XX/XXXX - XX/XX/XXXX. Upon receipt of proof of acceptable insurance coverage for the remaining lapse of coverage period, the account may be reviewed for any possible reimbursement owed. 

In XX/XX/XXXX I forwarded US Bank proof of insurance documents from XXXX XXXX XXXX from XXXX XXXX. I also included proof of insurance from XXXX XXXX XXXX in my first complaint against US Bank. US Bank stated that the LPI placed by XXXX  XXXX XXXX was unacceptable and refused to reimburse me. Although, it appears US Bank accepted the Lender based Policy that I provided them from XXXX XXXX XXXX as adequate coverage in XXXX because I received a refund in the amount of {$1100.00} in XX/XX/XXXX. 

Note, US Bank included the XXXX XXXX XXXX LPI for the period ofXX/XX/XXXX-XX/XX/XXXX in their response and I was not charged by US Bank during this period. So the statement that LPI placed by another bank only covers their interest is false. It covers the amount of the loan and all stakeholders as evidenced by the refund I received for providing such documentation in XXXX. 

In addition, US Bank responded stating, " In reference to your concerns with the payment of more than one LPI premium within a 12-month period, the timing in which the premiums were billed resulted in he overlap of issuing more than one premium within a 12-month period for coverages from XXXX and XXXX - XXXX ''. 

This response is unacceptable. US Bank should not be issuing more than one 12-month Premium in a period. US Bank should not have spent {$2400.00} for two LPIs policies in XXXX that overlapped each other. 

US Bank stated, " Escrow Advances owed on the account are attributed to the payment of the LPI policies placed on the account due to lapses in insurance coverage. '' I have furnished proof of coverage for all periods in question to US Bank and they have still refused to reimburse the funds. I am attaching once again to this complaint proof of insurance I had with XXXX XXXX XXXX for the period of XXXX XXXX. 

" Furthermore, US Bank states in their response : We have enclosed your 1098 Mortgage Interest Statement reported for XXXX, XXXX, and XXXX. Only the most recent forms are retained in our system. '' It is unacceptable that US Bank has not retained documents prior to XXXX and they should not randomly lose or dispose of statements until a loan is closed out. The statements from XXXX would reflect that US Bank never charged Escrow Advances previously nor did they send out letters requiring that I furnish them proof of insurance because they knew I had an Escrow account as part of my mortgage with 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 non-monetary relief