Consumer complaint received 2022-03-23
Company: U.S. BANCORP
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In regards to refinancing my US Bank loan, see case XXXX I had applied for a loan which was declined because of discrimination by one of the employees XXXX XXXX I had received a response which had a lot of discrepancies and lies. 
When I tried to clarify the numbers the company once went dark on me. 

Even after emailing to CEO of UsBank XXXX XXXX XXXX hoping it would solve the issue I never got any reply When I reviewed reply Unfortunately as I had suspected and raised my hands many times many discrepancies still persist. I had emailed the supporting docs again to XXXX and he went dark 1. You mentioned in your emails and correspondence to the CFPB that you were not being provided the details of your loan denial and felt you were being unfairly discriminated against by sales manager, XXXX XXXX, and our underwriting department. You also felt that you were being pressured into accepting the declination of your loan application by XXXX without being provided a breakdown of your debt to income ( DTI ) ratio or principal, interest, taxes, and insurance ( PITI ) payment. During the processing of your application XXXX spoke with you on several occasions via email and on the phone. 

This is a complete lie. XXXX could not explain any of the numbers. 
When I confronted him to share it via email and set up a call to review it, he simply refused. 

2. In addition, after your application was declined, he also made several attempts to explain the details of your denial and respond to any additional questions you had with regards to your DTI. XXXX also communicated that our senior underwriting managers conducted an additional review of your application file. I apologize if you felt disrespected at any time during your conversations with XXXX This is a lie again, XXXX had threatened me and told me I will not get a loan from US Bank under any circumstances, used profanity as well as accused me of bullying because I kept asking him to provide a DTI/PITI breakdown while he could not explain them. 

3. I apologize if you felt disrespected at any time during your conversations with XXXX. 

XXXX, I cant accept your apology because I don't think its sincere, Frankly speaking, I dont understand XXXX XXXX why you had been continuously covering up lies from XXXX who simply does not give a XXXX about his job in my humble opinion. 

I am a very experience Real Estate Investor with a mortgage background, XXXX is incompetent Manager unable to provide a simple DTI/PITI breakdown that Underwriter had probably communicated to him several times, this person should not be holding a Manager position at a reputable Bank in my humble opinion. 


4. In your XX/XX/XXXX, email to our chairman, president and CEO, XXXX XXXX, you requested that we provide a breakdown of your DTI/PITI. It is important to note that the initial underwriting review was based upon the verifiable income documentation provided by you at that time. The initial underwriting review reflected a combined total borrower income of {$9600.00} ( Borrower 1 as {$1300.00}, Borrower 2 as {$8000.00}, Net Rental Income {$200.00} ), which resulted in a DTI of XXXX XXXX, and exceeded our maximum allowable threshold of 45 %. Your qualifying PITI was {$7300.00} ( XXXX & I {$6100.00}, Homeowners Insurance {$86.00}, and Property Taxes {$1000.00} ). 


XXXX. Can you explain how did you come up with PITI was {$7300.00} ( XXXX & I {$6100.00} payment on XXXX mill? how was this payment calculated with XXXX XXXX rate i/o for XXXX  year loan? ) 5. In addition to the review outlined above, an additional senior level underwriting review was completed on XX/XX/XXXX, which XXXX discussed with you on XX/XX/XXXX. This review was conducted using all the documents you had provided after the initial review was completed. The combined total borrower income was {$15000.00} ( Borrower 1 as {$7900.00}, Borrower 2 as {$7300.00}, Net Rental Income {$470.00}, XXXX {$240.00} ), which resulted in a DTI of XXXX XXXX and still exceeded the maximum allowable threshold of XXXX XXXX. You mentioned that the income from your home rental was ignored ; however, it was not ignored, and it was calculated by using a 24-month average. Your estimated qualifying PITI was {$6200.00} ( XXXX XXXX XXXX {$5000.00}, Homeowners Insurance {$86.00}, and Property Taxes {$1000.00} ).

5a. Why was Borrower 2 income had decreased from {$8000.00} to XXXX? 
Please provide a breakdown how was my XXXX XXXX  income calculated as she has multiple employers?

5b. Your estimated qualifying PITI was {$6200.00} ( XXXX & XXXX  {$5000.00}, how was payment calculated on XXXX loan? 

My rate lock is at XXXX XXXX interest only XXXX yr loan I am calculating i/o payment at XXXX vs XXXX, something is seriously wrong here and way off 6. You mentioned that you included my rental income in my DTI, but I don't think that had happened. 

Borrower 1 income is XXXX Borrower 2 Income XXXX Interest and Dividends are calculated incorrectly see more for details later down below in my email My income does not include rental home income of XXXX per mo. from a new lease agreement that somehow it gets ignored/lost several times I am attaching it again. 


7. Regarding the payment calculated for your sons college, the statement you provided does not reflect any payment amount, rate, or term to calculate the payment. Also, the student loan is in deferment and no payment was reported on the credit report. Therefore, the student loan payment was calculated using XXXX XXXX of the balance, which was explained to you by your mortgage loan officer, XXXX XXXX, on XX/XX/XXXX. 

I had informed XXXX and XXXX that since you could not calculate payment correctly because my XXXX XXXX college loan was in deferment I changed the terms to start paying it now and submitted a revised statement, obviously it was ignored as many other docs and not looked by your Underwriter as was stated. 

My mo. payment is XXXX, see attachment one more time. 

8.. However, the only item you provided to support your XXXX income was a spreadsheet for XXXX distributions ; nothing for XXXX or XXXX and we were unable to locate any corresponding income reported on the XXXX you provided. 

Not true for XXXX  debt fund, I had shared XXXX for XXXX that showed income of XXXX and and a bank statement that had quarterly distribution of XXXX on XX/XX/XXXX both docs were provided to XXXX and XXXX, but somehow miraculously were lost and ignored, re-attaching all docs again for your reference. 

Please consider adding additional XXXX per mo. income going forward as my balance is XXXX at XXXX XXXX annual interest It continues to amaze me that I am not getting a fair treatment after so many emails, complains and escalations. 

What has to happen for someone to take charge and do a thorough job of reviewing my loan file? 

I am not asking for a miracle but for a fair underwriting which is still not happening, so many docs are being lost/ignored/misinterpreted. 

I am kindly requesting another XXXX, Underwriter to look at my file yet again, because it was not looked with correct documents Please move away my file from XXXX and his XXXX Underwriters as far as possible, I don't trust them at all. 

XXXX XXXX Looking forward to your reply and receive more details. 

Please let me know if you have any questions or need additional clarification.

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