Consumer complaint received 2021-02-17
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: U.S. BANCORP (OR)

Below I've included a letter, in full, that was mailed to US Bank on XX/XX/XXXX. I have included it within the asterisk marks. Under the letter I have added information regarding US Bank 's response. 

XXXX XX/XX/XXXX XXXX : Customer Complaint regarding Re-finance Transaction of Account Number XXXX Dear U.S. Bank Home Mortgage, On XX/XX/XXXX, I began the process of refinancing my loan with your bank, account number **********, by speaking with XXXX XXXX. He guided me through the process, told me the rate the bank could offer, described the ongoing difficulties with COVID-19 and surplus demand, and stated that, within a few days, a XXXX XXXX would be contacting me to collect U.S. Banks {$390.00} fee and initiate the online platform where I would submit the necessary paperwork. On XX/XX/XXXX I paid the fee and on XX/XX/XXXX, XXXX XXXX introduced herself as my loan processor. 

For the remainder of XXXX and into XXXX, XXXX continued to request various documents. She also informed me that the appraisal had been requested. That appraisal was submitted to my online portal on XX/XX/XXXX. On XX/XX/XXXX, XXXX e-mailed congratulating me that my loan had been conditionally approved. She also requested some additional documentation. By XX/XX/XXXX, I had submitted all the requested information. XXXX informed me on XX/XX/XXXX that the remaining pending items were all things she had to obtain herself. I believed the loan was on track to close before the XX/XX/XXXX time limit. 
Continually, throughout the remainder of XXXX, I asked XXXX what the loans status was and why I hadnt received any update. She stated that everything was under control and on track to close before XX/XX/XXXX. When I asked what would happen if the loan did not close before that date, both XXXX XXXX and XXXX repeated that, to quote XXXX XX/XX/XXXX e-mail directly, Due to our longer processes right now, we understand that little to none delays are the fault of the customer. So we are extending rates without charges during these crazy times. I was sure nothing was amiss even though the process had already started to drag. 
On XX/XX/XXXX, XXXX sent me the following, Ive now received everything Ive put in requests for. Im requesting your loan to be reviewed with a rush & coded it as priority as well. Im so very sorry for the length of time we have taken to complete this process. I greatly appreciate your patience & understanding. Little did I know that she had not ordered title before this point. Needless to say, and counter to all of XXXX and XXXX insistence that the loan would close before XX/XX/XXXX, it did not. 

The entirety of XX/XX/XXXX passed without any significant update. XXXX repeated many times that she was in the final phases of acquiring the necessary documents, specifically a title commitment. I work with mortgages and know that title commitments, even the rough ones, should take 1-2 weeks. In my instance, the property is a SFR purchased in XXXX with the title documents with US Bank. This means the bank has the most recent title policy which hasnt changed or been affected since XXXX! In such an instance, title should never take longer than a week. XX/XX/XXXX came with XXXX telling me the title commitment was still outstanding. When I spoke to the attorney selected to do the title work, he said they sent title back to U.S. Bank on XX/XX/XXXX, after having received the request on XX/XX/XXXX, that is to say, well beyond the deadline for the entire loan closing. 

XX/XX/XXXX arrives, four months after starting this process, and the first thing I hear from U.S. Bank is that theyll need to re-pull my credit and renew the compliance for the appraisal because it has been so long since those items were originally pulled. Yet again I have to bear the consequences of U.S. Banks incompetence. Begrudgingly, I give consent to the renewals on XX/XX/XXXX. On XX/XX/XXXX, I received the following from XXXX, Ive received the updated title! I will be finalizing your loan & sending it back to Underwriting for Final Review. Finally, Final Review! I check my online portal but nothing has updated. I feel a bit more at ease but cant shake the question, How can this be taking so long? 

XX/XX/XXXX, my first e-mail from XXXX XXXX arrives. He tells me the loan has been moved to a new specialized team to help get the loan ready to close as soon as possible. At this point, even reading this, you have to laugh. 138 days into the process, and we are still talking as soon as possible. I immediately respond to XXXX and provide all the documents requested, consent to the renewal of the credit report ( Didnt I already to that on XX/XX/XXXX? ), and confirm my mailing address. Thennothing. The year ends without any action or update from XXXX. 

XX/XX/XXXX, I decide I can no longer trust U.S. Bank to follow through on its commitments. I begin by sending an e-mail pleading to understand the delay and get some solid update on the loans progress. I repeat this e-mail, sent to XXXX, XXXX, and XXXX, every day of the first week in XXXX. I also call XXXX and XXXX and leave messages that are not returned. From this weeks attempts I receive 0 response from U.S. Bank. I decided I needed to keep pushing and schedule a meeting at a local U.S. Bank office for Monday, XX/XX/XXXX. I meet with XXXX XXXX. I understood that he was powerless to influence the transaction as he is customer facing but pleaded none-the-less that he attempt to help me in any way. Miraculously, his e-mail is seen by XXXX and responded to within the hour. Let me repeat that, my, the customers, many attempts over a 20 day period are met with radio silence, while XXXX e-mail gets a response. 

Finally, I believe we are making some progress on the loan. That is until I notice that XXXX requests, on XX/XX/XXXX, my rental history verification. This is a document I provided XXXX on XX/XX/XXXX. Regardless, I immediately send the request to my propertys manager and forward the document they send to me. I also ask them to send it directly to XXXX. On XX/XX/XXXX, we returned to radio silence despite still attempting to call and e-mail XXXX for better details. 
On XX/XX/XXXX I receive an e-mail noting that I was conditionally approved for my loanagain. This was the last straw. I could no longer take the hypocrisy. I have been a U.S. Bank mortgage holder for 7 years. I have never paid late, I have never complained or given the bank any trouble. My credit score hovers around 800, my LTV shows I have equity. When U.S. Banks refinance offer was originally put forth, I decided I would stay with the bank because of the generally enjoyable experience I had had being your borrower. After this process I will never work with you again. 
In all fairness, XXXX did say, on XX/XX/XXXX, that U.S. Bank was extending a {$300.00} discount on closing costs and a slight rate reduction from 4 % to 3.75 %. While I appreciate the gesture, these changes do not come close to compensate the time, costs and emotional distress I have withstood throughout this process and, more significantly, do not close the loan as of XX/XX/XXXX, 168 days after my phone call with XXXX XXXX. 

To resolve this issue, I want one of two things. First, U.S. Bank can honor its commitments and close the loan on or before XX/XX/XXXX. This option, though not optimal, will at least settle the matter once and for all. This closing has to entail a loan with the terms of the attached Loan Estimate, at 3.65 %, my current rate. The {$300.00} closing cost reduction would also have to be honored by U.S. Bank. 
If the bank is not willing, or competent enough, to close the loan on or before XX/XX/XXXX, then I request to close my application and demand a refund of the {$390.00} I gave to U.S. Bank as well as an additional {$400.00} for the costs I will incur with another lender to restart the refinance. Since XX/XX/XXXX, I have spent in excess of {$750.00} in interest on my current loan, I have paid more than {$150.00} in PMI, and I have forgone more than {$1200.00} of rental income that would result from an adjusted mortgage term. I wont demand compensation of such from U.S. Bank. Still, I can not simply walk away from this transaction without U.S. Bank taking responsibility for its misleading and potentially fraudulent behavior throughout this process. 
I look forward to an official response and conclusion to this matter. Please contact me at the above address, by phone at XXXX, or by e-mail at XXXX. 

Cordially, ____________ *************************************************************************************************** Since this letter was sent, via First-Class Mail, I have received no official response from US Bank. Again, every person named in this letter ignored my inquiries into how the situation was progressing. On XX/XX/XXXX, I was informed via private message by the US Bank portal, that my {$390.00} fee was being refunded. I had not expressly asked to terminate the application. When, again, I attempted to reach out to anybody at US Bank, I was ignored. Even today, I am able to log into my online portal and see that my refinance application is in process. No authorization was given on my behalf to cancel the transaction. No notice from US Bank was provided that the transaction has been cancelled on their end. As of today, XXXX, XXXX, XXXX, this has still not been resolved.