Consumer complaint received 2016-05-26
Company: U.S. BANCORP
State: CA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker

Complaint:
I applied for a home loan from US Bank National Association, XXXX XXXX XXXX, XXXX, CA XXXX, and was wrongfully denied a loan. Less than a year ago, I purchased and moved from a duplex into an excessively large home. It seemed like it might be fun. After being in the very large home for less than a year, it was obvious that this home was not for me. I made a mistake. It is much too big and uncomfortable. It is too much for me to manage. I started looking for a smaller home with a large yard, that would better suit me and my dogs. There were XXXX homes that caught my eye that XXXX had XXXX square foot lots. I put an offer in on XXXX ( the other needed too much work ), but they were asking too much and would n't come down on the price, so the offer was not accepted. About a month later, another property came on the market with a similar lot size. It was advertised as a single family home, even though it was a duplex. I looked at the property and the listing agent went over the aspects of the property and how easily it could be converted into a single family home. It had an amazing view with a huge lot and worked for me. It was perfect! Plus, it was {$200000.00} less than the property that I previously put an offer in on, so that additional money could be used for future work on the property. I submitted all the documentation that was required by the bank and qualified financially, only to find out that I was declined. XXXX XXXX told me, under no uncertain terms, would US Bank provide me with a loan. They ( underwriting ) decided that since my profession is " real estate investor '', that I would not be living in the property. XXXX further stated " he/they did n't believe me and would not give me a loan as I was too high a risk because I was a successful RE Investor and would be buying this property as a rental. '' So, in essence, he/they called me a liar and slandered me. He stated that the property as a duplex was it 's best and most valuable usage. I informed them that it was worth more as a as a single family residence. All they need to do is look at the comparable properties, and I told him that. He disagreed and once again, told me that they decided that I was lying and I was buying this as an income producing property. I would NEVER buy any income property that did not make me money. This property, as an income property, would cost more more than {$150000.00} down and then a minimum of $ XXXX/month, out of my pocket, to have as a rental. How is that in investment? On XXXX hand they tell me that they do n't believe me because " I am a very savvy RE Investor '', then they contradict themselves and state that I would NEVER be purchasing it as a home, but having it as a rental ( at a $ XXXX/month loss ) which would mean that I am absolutely not a savvy RE Investor. In essence, they are discriminating against me for the type of business I am in, which is a legal business, and refused to lend me money based solely on their determination that I would not be living there, and calling me a liar. They can not imagine how any single, XXXX XXXX XXXX woman, with no kids and XXXX dogs, could move from a XXXX square foot home with almost no yard, into a XXXX square foot duplex with a huge yard, and be comfortable. They did n't take into account that I lived in a XXXX square foot duplex before I made the mistake in buying the " mansion ''. I was wrongly accused of being a liar and am penalized for being successful in what I do, real estate investment. This is the ONLY reason used to decline lending me money to purchase a new home. It is unfair and discriminating against me, to not lend me money based on something that they may personally not do. Their personal goals and ambitions ( to live in a mansion ) have nothing to do with mine and they should not be projecting their wishes and desires on me and assuming that they are my wishes and desires. IT IS WRONG!!!

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