Consumer complaint received 2021-02-18
Company: U.S. BANCORP
State: IL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I initiated a refinance with US Bank on XX/XX/XXXX. I was told we would close within approximately 60 days. As of today XX/XX/XXXX, we have not closed, it has been over 170 days. I have shared my concerns with several US Bank employees and asked several time that this situation be escalated and it has yet to make any progress or be resolved. 
I have been misinformed and misled several time by US Bank employees. On XX/XX/XXXX, I received an email from the Mortgage Sales Manager at US Bank stating that they were waiting for the subordination form to be returned from Citizens Bank, ( 2nd mortgage holder on the property ). I later was informed by a US Bank underwriter that the subordination request was not even sent until XX/XX/XXXX, over a month after I was told that US Bank sent the request and was awaiting a response. I later contacted Citizens Bank and was told that the subordination submitted by US Bank was inaccurate and/or incomplete and it was sent back. US Bank submitted a 2nd subordination request which was again denied by Citizens Bank because it again was inaccurate/incomplete. Again, on several occasions I have asked to speak to senior management/leadership and I have never been given the opportunity. The only US Bank employees I have communicated with have been a Mortgage Sales Manager, Mortgage Operations Supervisor, and an underwriter. 
I recently asked the Mortgage Sales Manager if the original APR should change since rates have decreased since we initiated the refinance and that the rate lock has definitely expired. The Mortgage Sales Manager told me he would look into it. I had to follow up several times before getting a response. Finally, I was left a voicemail telling me the rate will decrease by .50 %. I truly believe that if I had not inquired about the rate and if I didnt continue to follow up, US Bank would have never adjusted the rate to the current market rates. I felt that this was very deceptive. Clearly, US Bank is not looking for the best interest of their customers. 
Originally, I was informed the entire refinance process, including closing, will take approximately 60 days. This process has now exceeded 170 days, my credit has been pulled several times, I have had to supply the same documentation, XXXX bank statements, mortgage statements, paystubs, etc. ) multiple times due to information expiring since this process is taking so long. US Bank has asked my current lender for payoff balances several times, ( at least 3 time ), and every time my lender sends the payoff statement I am charged a fee. At one point US Bank requested 2 payoff statements within 2 days of each other and I was assessed 2 fees by my current lender to provide the statements. Furthermore, I have not been given a concrete solution to this problem. I am constantly being told that we are working on it or we are doing our best. The last information provided to me is that US Bank will contact Citizens Bank and submit a 3rd subordination request. I have paid all requested fees and costs in full and timely. I have provided all requested documentation accurately and timely. I continuously communicated and followed up with US Bank. US bank has misled me on several occasions. US bank has clearly not been transparent and at times has been deceptive. US Bank senior management/leadership have refused to listen to my concerns and have refused to take any action to address/resolve any of my concerns. This has been an absolutely terrible experience, yet, I have continued to be patient and continued to fulfill any and all requests. At this point, I ask the CFPB to intervene to help resolve this issue and help prevent other consumers from having a similar experience.

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 monetary relief