Consumer complaint received 2026-04-20 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: U.S. BANCORP
State: CA

Complaint narrative:
My original mortage was with Union Bank which was purchased by US Bank in early XXXX. On XX/XX/XXXX I received the following message from US Bank Private Banker, XXXX XXXX : On Thu, XX/XX/XXXX at XXXX XXXX XXXXXXXX, XXXX XXXX wrote : " Hi XXXX, Welcome to US Bank , we are contacting you because your current mortgage has an adjustable rate and its schedule to increase again in XXXX. Due to the rising rate environment, we would like to secure your rate at no cost and lower your monthly payments. In XXXX XXXX, we have a dedicated underwriting team that can make exceptions based off your net worth and current relationship. You will also be eligible for exclusive discounted rates and options for interest only payments. There are no points, no lender fees and we do not roll fees into your new mortgage. Lastly, US Bank XXXX XXXX will monitor your mortgage after we close and will complete another internal portfolio refinance at no cost to lower your interest rate any time there is .250 % improvement. I listed your new payments below, please let me know if you have any questions. '' During the application process, we received estimated closing cost statements from US Bank. XXXX told us to ignore these estimates because AT CLOSING we would received credits and adjustments such that there would be NO CLOSING COSTS. During the application process we were told that interest rates had risen to 6.50 % but we could lock in the original rate of 6.375 % If we would move {$200000.00} to a US Bank XXXX XXXX account. This is the first part of the BAIT AND SWITCH scheme from US Bank. My wife and I applied for this loan package and received Conditional approval within 3 weeks. The application received final approval on XX/XX/XXXX the same day that XXXX XXXX was apparenly fired from US Bank. We received no notice from US Bank that there were any problems with the loan package to which we had applied. Closing was delayed until US Bank received the transfer of funds to the money market account. We Closed on XX/XX/XXXX but were charged over {$9000.00} in closing costs contrary to promises made by US Bank. In XX/XX/XXXX We learned that NO ONE at US Bank was monitoring our loan despite the fact that loan interest rates had dropped to 5.375 %. US Bank had no program to lower our interest rate whenever interest rates had dropped by 0.250 % which was part of the original loan terms. We notified US Bank that we had been overcharged interest costs due to the failure of US Bank to monitor interest rates and lower interest rates at no charge to us. US Bank offered a refinance rate of 5.375 % but would charge {$6000.00} to {$7000.00} for such a program. Since we are now > XXXX XXXX XXXX and have retired since the original loan was finalized, we likely might not qualify for a refinance and should NOT have to refinance if US Bank had not breached our original contract. I contacted US Bank multiple times to try to resolve these issues but they refused to consider refunding the closing costs, interest rate overcharges, and interest rate reductions. Finally, US Bank offered a one time rate adjustment to 5.875 % and gave me only 30 days to accept this offer. I wrote to the CEO of US Bank ( XXXX XXXX ) about my concerns and included my settlement requirements which I felt were fair and appropriate. US Bank refused to discuss this offer. Eventually I felt that I was fored to reluctantly accept this offer. We feel that we have been victims of a BAIT and SWITCH scheme from US Bank and Breach of Contract with the bank.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation