Consumer complaint received 2020-01-23
Company: U.S. BANCORP
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I purchased home on XX/XX/XXXX. My purchase amount was XXXX my interest rate is 5 percent my PMI is XXXX. Projected payment is as XXXX plus XXXX for insurance and XXXX in escrow. The total monthly payment at signing was XXXX. My homeowners, insurance was with XXXX. To knowledge at this time everything with my mortgage was accurate until my Tax Return Information for the year XXXX was received and my XX/XX/XXXX Mortgage payment statement. The Tax documents show that the insurance was paid in the amount of XXXX according to my calculation my insurance should have cost XXXX that year. On XX/XX/XXXX I called the mortgage company in XX/XX/XXXX I inquired about the increase to my mortgage payment as it went from XXXX to over XXXX. I was informed at that time that the US Bank put enforced insurance on my file. I updated the insurance on XX/XX/XXXX the explanation was their was an issue with the underwriting with the original insurance company. I at that time advised I did not receive any documentation to support their claims I asked why was I not called emailed or mailed notification. The rep stated a notice was mailed. I NEVER received anything in written form acknowledging there was an issue with my original insurance company. I provided the bank with my Steadfast exception which stated my property taxes were XXXX. Moving forward to XXXX tax documentation. As I review my tax documents I notice right off the bat that I am charged XXXX in home owners insurance when my policy was for just over XXXX I also noticed I was over charged for my property tax in the amount of XXXX and Mortgage insurance at XXXX Initially I called the tax department and was assured I was over charged for one insurance policy in the amount of XXXX The rep stated the refund will take 48 hours I was transferred to the Escrow department at which time I was advised my escrow balance is delinquent in the range of XXXX I asked why this was their answer was that the property taxes went up. I asked why if I have a Steadfast placed on my home. The rep was unable to address that concern however did say that since they paid out XXXX in insurance that left my escrow balance in the whole. I proceeded to ask what is my upcoming mortgage payment the rep stated XXXX will be due on XX/XX/XXXX. Of course I asked why would my mortgage go from XXXX To XXXX The response was due to Property taxes. On XX/XX/XXXX I called the tax department to inquire if the over payment was credited back to my escrow account. The individual explained to me that due to their being an underwriting issue with my original insurance it laps on XX/XX/XXXX. I asked the rep to explain to me as to why I was not informed of this information right away to address the property taxes before it got out of hand in addition I NEVER received any documentation that there was a problem. The gentleman continue to say that on XX/XX/XXXX a letter was mailed to my property advising of the laps in coverage So I asked if the insurance laps on XX/XX/XXXX why would you wait 10 months to claim a letter was mailed and again I NEVER received a letter. I explained to the rep in the insurance department if they were monitoring the mortgage insurance would it not be their responsibility to educate their homeowner so that they can address the issue as soon as possible. The insurance rep stated they would not refund me the insurance because it was my fault that I went without insurance. AGAIN I was NEVER informed of an issue so being fair. If you are not informed you can not make changes When I asked to speak with a supervisor I was given a Team Lead to speak with I asked him 5 times to get a manager on the line and then the line was disconnected WHY would I be penalized for their lack of professionalism file review loan follow up and/or the ability to monitor a consumers property insurance In the year of XXXX I was billed XXXX for Property Tax even though I have a Steadfast Exception which was in the amount of XXXX. The explanation I am receiving as to why my mortgage payment will increase is due to the property taxes going up. So I called the Tax Collector for my county and confirmed my new property taxes are in the amount of XXXX This is a difference of XXXX a year the monthly break down would be XXXX. There is no due cause for US Bank to charge me for Forced insurance I did not authorize and I was not properly provided the opportunity to address the issue within a timely manor The escrow account should never gone delinquent. I should not have a delinquent balance over XXXX It is my believe that US Bank is not properly monitoring my loan the insurance department are ill equipped with the ability to address an Insurance concern within a timely manor and the tax department lack the ability to follow the regulations around a Steadfast Exception. Moving forward I am concerned that my money is not being properly handled US Bank lacks the professionalism commitment ability to monitor the financials of my home loan and to effectively communicate they have my email address phone number and address the bank lacks the proper protocol to provide their customers with the services they deserve.

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