Consumer complaint received 2016-03-01
Product: Mortgage — FHA mortgage
Issue: Settlement process and costs — 
Company: U.S. BANCORP (OH)

After being a happy US Bank customer for 15 years, they were our logical first stop for our mortgage. We met with our loan originator, who did a fantastic job explaining our options, helping us understand the costs involved, and making sure we were fully prepared for buying a home. It was all downhill from here ... After we had talked through the new law ( TRID ) with the loan originator, he made us aware that it would take a full 45 days to close a loan. He stressed the importance of this timeline and we made sure to include him in our decision for our closing date. We were told that our date would n't be a problem. After getting the go ahead from the originator, we drew up a contract with the sellers and started in on the arduous process of actually getting the loan. During this time, my wife and I took no longer than three business days to produce everything that was asked of us including : tax returns, pay stubs, employment verification letters, etc. After we had gotten the preliminary approval, we started in with the underwriting team. Our contact made us aware of what was necessary to clear with the underwriters and move into closing. We had all of these documents in the hands of US Bank a week before our closing date was scheduled. We then waited for two weeks while our contact was waiting for a response from the IRS which she later deemed " unecessary '', and a week after our initial closing date she sent everything back to the underwriters. They returned with yet another condition ( rather arbitrary at this point, in my opinion.Also in the opinion of our loan originator, who, at this point, had put in his notice of leaving US Bank citing our mortgage as one of the prevailing examples of the poorly run mortgage department ). After returning this final condition we were finally cleared to close 12 days after the initial closing date in our contract. At this point, I got in contact with the sales manager helping to push through the close, and his boss to try and get some concrete answers on a time frame. After making them aware that our lease was ending in four days, they said they could close no sooner than nine days later, three full weeks after our original date. Luckily for us, our apartment complex did n't have a new tenant until a day after our closing date, so we extended our lease. I asked the sales manager 's boss to cover our rent for those five days and he obliged up to XXXX , which he claims is the highest amount he was allowed to authorize. When I asked about adjusting the fees collected by US Bank ( for a clearly inefficient and flawed system ) I was told that it was impossible and illegal. The check for the rent did n't arrive until a week and a half after our closing ( 10 days after it was due ), so I was yet again inconvenienced by the inefficiencies of the US Bank mortgage department. Five days prior to the closing I was told by the sales manager that I needed to continually check my e-mail all day for the disclosure, which needed to be viewed and consented before we could actually schedule the closing. I interrupted my job ( XXXX ) all day checking for this e-mail which arrived at XXXX XXXX. We consented and scheduled the closing for the following Wednesday. 30 minutes prior to closing, the sales XXXX called me to say the amount that I was responsible to pay had increased by around XXXX . He could not tell me what the charges were for, but assured me that if I did not pay it ( with a wire transfer, no less ) that I would not be closing that day. I was told he would get back to me on the charges and we arrived at the closing only to have the wrong disclosure ( everyone ), and only after getting the correct one ( still missing a XXXX $ fee ) faxed over could we comb through it, item by item, and figure out the discrepancies. Not until XXXX hours later did I receive an e-mail detailing the changes.