Consumer complaint received 2015-07-23
Product: Mortgage — Conventional fixed mortgage
Issue: Settlement process and costs — 
Company: U.S. BANCORP (WI)

My wife and I purchased a new home using US Bank as our mortgage lender and it was a horrible experience. We were verbally pre-approved for the loan in XXXX, submitted to US Bank the signed contract for purchase of our home on XXXX XXXX, 2015 with a close date of XXXX XXXX, 2015 and sent US Bank the required checklist documentation on XXXX XXXX. Those documents included XXXX 's, asset statements, copy of the cleared escrow check, IRS form to request XXXX and tax returns, etc. After XXXX phone calls and numerous emails, I finally received confirmation of receipt from US Bank a week later. I was informed they had everything they needed and my application was submitted to underwriting. I called and emailed my loan processor a minimum of XXXX times between XXXX XXXX and XXXX XXXX asking for an update and was told everything was going smoothly. XXXX days prior to close I received a letter from the IRS stating US Bank had incorrectly submitted the XXXX form and I needed to fill out a new XXXX in order for US Bank to obtain my XXXX 's and tax returns. I responded immediately. When I called US Bank at XXXX on Monday, XXXX XXXX ( less than 4 days from close scheduled at XXXX am on Friday, XXXX XXXX ) I was told my application had finally been reviewed by underwriting and they had requested more documentation. They had lost the letter I wrote back in XXXX informing them about what I was doing with my current home as well as the copy of the cleared escrow check. They also had legitimate requests for updated statements and last paycheck. I submitted the required information the same evening. On Tuesday I received the seller 's closing statement and sent it to US Bank to assist them with preparing the HUD and related paperwork. I also called the seller 's title company the same day and they informed me XXXX XXXX at US Bank told her our title company would be XXXX XXXX. This was incorrect as the seller 's title company called XXXX and they had no indication from US Bank they were handling our closing. It was n't until late Wednesday or early Thursday that the seller 's title company was informed by US Bank they would be handling both sides of the closing. At XXXX on Thursday ( less than XXXX hours before close ) I contacted US Bank and was told our loan had finally been approved. Given there was not time for US Bank or the title company to complete the paperwork by XXXX the following day, our close time was moved to XXXX on Friday, XXXX XXXX. I received a call from US Bank at XXXX on Friday XXXX XXXX informing me US Bank had received the title commitment and discovered a contract amendment they had n't seen before. It was for several minor home repairs we 'd requested the sellers to make and they agreed to. We were told the paperwork was going to underwriting but we were still on schedule to close on Friday. XXXX hours later and after calling XXXX people at US Bank, I was finally informed at XXXX they had missed the wire cutoff time so the closing had to be moved to the following Monday at XXXX. Our seller 's had to go home, unpack their moving truck as they were unable to sell and subsequently make their new home purchase. They returned the truck and re-rented it the following Monday. Of the XXXX people I spoke with at US Bank, no one apologized or even came close to accepting blame for the delays, lost paperwork and misinformation on their side. In fact, they blamed the title company, my realtor and their own IT vendor for system issues. They had nearly 6 weeks to process my application but literally waited until it was too late to meet our closing date. It was embarrassing and impacted us, our seller 's, the title company, the seller 's sellers and their agent.