Consumer complaint received 2024-07-30
Product: Mortgage — FHA mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Application denials
Company: U.S. BANCORP (WA)

I am writing to file a second formal complaint against the U.S. Bank Assumption Department and the U.S. Bank Underwriting Department due to their persistent negligence and misconduct in handling our assumable mortgage application. Despite our previous complaints, the issues have not been resolved, and our application process has been closed prematurely for a third time.

In our previous complaint, we specifically requested that U.S. Bank not close our application prior to obtaining all necessary information from us. Unfortunately, they have closed our application yet again, causing significant distress and inconvenience. We are now in our third attempt to secure an assumable mortgage with U.S. Bank, and the process has been exceedingly difficult due to the bank 's negligence and failure to adhere to FHA guidelines.

They have told us the previous two times that " it is just a timing issue '', and " it is out of our hands ''. There needs to be accountability, and there needs to be compensation. We have been nothing but diligent and punctual every step of the way. 
They have refunded us the cost of the credit checks which is appreciated. They have also refunded us the {$900.00} application fee each time that we apply to the next application. This does not make up for the pain and suffering this process has caused my family and I. The second time they denied us of this application, they sent us an email saying my income was not sustainable and we can't continue with the process. I have a base salary which has never changed except for raises, with additional overtime income that is consistent for the past 4 years. They didn't try to ask questions, or seek any information from me which was just a misunderstanding on their part, this inevitably lead to the closing of our second application. 
The stress this has caused my XXXX wife and I has been unfathomable. 
As a XXXX XXXX XXXX XXXX XXXX XXXX XXXX with an annual income exceeding {$150000.00}, and with both my wife and I having credit scores above XXXX, there should be no reason for these repeated issues. I have maintained continuous employment as a salary based employee for the past XXXX years without any breaks in income, overtime, or benefits. We have no delinquencies on our record, and yet we continue to face unwarranted obstacles in this process. While we acknowledge that the bank has been slightly more helpful each time, the recurring premature closures of our application are causing unnecessary delays and increased costs for my family and me as we attempt to purchase this home. Every month that this process is extended adds to our financial burden. 
We humbly request the Consumer Financial Protection Bureau ( CFPB ) to intervene once more and guide us through the remainder of this process to ensure there is no further negligence or malfeasance by U.S. Bank. We are seeking your assistance to ensure our application is handled fairly and in accordance with all relevant guidelines. We are also requesting that we are financially compensated for the multiple delays in this already long and arduous process. The previous complaint id number is XXXX. Below attached is an email I received at the end of their work day stating " sorry cant continue '', with no attempt to gather further information. Also attached is a photo of a wrongly addressed letter to us after they told us we cant get ahold of you. And closed us out for the first time. 
Thank you for your attention to this matter. We appreciate your support in resolving this issue. 

Sincerely, XXXX XXXX