Consumer complaint received 2016-05-26
Product: Mortgage — Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker — 
Company: U.S. BANCORP (CA)

I applied for a home loan from US Bank National Association, XXXX XXXX XXXX, XXXX, CA XXXX, and was wrongfully denied a loan. Less than a year ago, I purchased and moved from a duplex into an excessively large home. It seemed like it might be fun. After being in the very large home for less than a year, it was obvious that this home was not for me. I made a mistake. It is much too big and uncomfortable. It is too much for me to manage. I started looking for a smaller home with a large yard, that would better suit me and my dogs. There were XXXX homes that caught my eye that XXXX had XXXX square foot lots. I put an offer in on XXXX ( the other needed too much work ), but they were asking too much and would n't come down on the price, so the offer was not accepted. About a month later, another property came on the market with a similar lot size. It was advertised as a single family home, even though it was a duplex. I looked at the property and the listing agent went over the aspects of the property and how easily it could be converted into a single family home. It had an amazing view with a huge lot and worked for me. It was perfect! Plus, it was {$200000.00} less than the property that I previously put an offer in on, so that additional money could be used for future work on the property. I submitted all the documentation that was required by the bank and qualified financially, only to find out that I was declined. XXXX XXXX told me, under no uncertain terms, would US Bank provide me with a loan. They ( underwriting ) decided that since my profession is " real estate investor '', that I would not be living in the property. XXXX further stated " he/they did n't believe me and would not give me a loan as I was too high a risk because I was a successful RE Investor and would be buying this property as a rental. '' So, in essence, he/they called me a liar and slandered me. He stated that the property as a duplex was it 's best and most valuable usage. I informed them that it was worth more as a as a single family residence. All they need to do is look at the comparable properties, and I told him that. He disagreed and once again, told me that they decided that I was lying and I was buying this as an income producing property. I would NEVER buy any income property that did not make me money. This property, as an income property, would cost more more than {$150000.00} down and then a minimum of $ XXXX/month, out of my pocket, to have as a rental. How is that in investment? On XXXX hand they tell me that they do n't believe me because " I am a very savvy RE Investor '', then they contradict themselves and state that I would NEVER be purchasing it as a home, but having it as a rental ( at a $ XXXX/month loss ) which would mean that I am absolutely not a savvy RE Investor. In essence, they are discriminating against me for the type of business I am in, which is a legal business, and refused to lend me money based solely on their determination that I would not be living there, and calling me a liar. They can not imagine how any single, XXXX XXXX XXXX woman, with no kids and XXXX dogs, could move from a XXXX square foot home with almost no yard, into a XXXX square foot duplex with a huge yard, and be comfortable. They did n't take into account that I lived in a XXXX square foot duplex before I made the mistake in buying the " mansion ''. I was wrongly accused of being a liar and am penalized for being successful in what I do, real estate investment. This is the ONLY reason used to decline lending me money to purchase a new home. It is unfair and discriminating against me, to not lend me money based on something that they may personally not do. Their personal goals and ambitions ( to live in a mansion ) have nothing to do with mine and they should not be projecting their wishes and desires on me and assuming that they are my wishes and desires. IT IS WRONG!!!