Consumer complaint received 2020-11-23
Company: U.S. BANCORP
State: SC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In XX/XX/2020 we called our original lender ( US Bank ) to inquiring about refinancing our mortgage. By XX/XX/XXXX we had provided all the information they requested. They sent disclosures, requested an application fee ( which we paid ) and ordered an appraisal which was done in XXXX. By XXXX we had not heard anything so I followed up with the loan officer, which I was told underwriting had a few questions on our information. They sent us the questions the next day and we responded like wise. A couple weeks later still no response so I followed up again. I was told we had to resubmit bank info and pull credit again as 60days had passed. We complied and waited. Again, after a few weeks, followed up and was told they were waiting on subordination to our equity line. It had a XXXX  balance so should not have been an issue. On XX/XX/XXXX I reached out to them again and was told they had received the subordination but needed to pull credit and new bank statements again as 60 days had passed again. We were frustrated but we agreed. I was told closing should be in a couple of weeks. After several emails to the proscessor and loan officer being ignored, I called the 1-800 customer service number and explained I had a complaint and wanted to talk with supervisor. Originally they tried to send me back to the loan officer but I declined and insisted I get a member of management. On XX/XX/XXXX the processing supervisor called. Apologized and indicated I was waiting final approval, should happen the next day and would call to inform once formal approval was received. I never heard back from the supervisor ... her name was XXXX in Kentucky. A week and a half later I called customer service number and asked for another supervisor. This time I was given the supervisor of the loan officer ... XXXX XXXX. I called and left a message but my call was never returned by the supervisor. The loan officer did reach back out on XX/XX/XXXX to inform me it still had not been approved. Then, on XXXX XXXX, my husband sent an email indicating we wanted to either close asap with no origination fee being charged or give us our application fee back and waive any other charges ( like appraisal fee ) and we would take our business elsewhere. They did not respond to his request regarding waiving of fees but said underwriting just had a few more questions which ended up being the same questions we had addressed in XXXX. I pointed this out to them and even sent the email we had provided. I pointed out they had failed to communicate to us and respond in a timely manner and I was filing a complaint. We have great credit, and equity and expense ratios are not an issue so underwriting for this credit should be very easy. We are very frustrated by the extremely poor communication and 6 month lag in processing a strong credit request.

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