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US Bank - US Bank - I would like to speak to the President of US Bank regarding what we consider highly unprofessional conduct on the part of US Bank. I cannot tell you of the emotional, mental and physiological toll this has taken on my husband and I, that we ha
Posted on Monday, July 26th, 2004 at 12:00am CDT by 10daa490
Company: US Bank
Category: Business, Finances
I would like to speak to the President of US Bank regarding what we consider "highly unprofessional conduct" on the part of US Bank. I cannot tell you of the emotional, mental and physiological toll this has taken on my husband and I, that we have experienced at the hands of US Bank.
My husband and I had decided to take advantage of the continuing interest rate decreases, and to refinance our home. We were looking for a 20 year, fixed with escrow. I emphasized the escrow of the utmost importance. The high taxes were really hurting us.We chose our own hometown Bank, who we have direct deposit with, US Bank.
I called an800 number) and was advised by "John" a sales rep in oregon,there would be no closing fee. It sounded ideal, we felt like we were getting a break for being good customers with US Bank. We applied, and was at first declined, due to a 'low credit score.' My copy of our credit report states 672, which is certainly not bad. He claimed he had a credit score in low 600s.
I called my branch, and they said they wanted to make a few phone calls, because there was apparently some other branches of US Bank that might be able to assist us. A few days later she informed me that he had made contact with the “Alternative Loan Division” of US Bank, in Cincinnati, Ohio. The 'slick' loan officer, "Joe" I spoke with , via email,indicated that all was not lost. We provided all the information requested us in terms of tax documents, statements, and payment stubs.Our conversations were done via email, phone messages, or fax.
A few days later, on May 17, 2004, we were pre-approved. He faxed us a good faith estimate of closing costs only, which were $2400.00 I told them I had been advised there would be no closing costs, they then said no, no out of pocket money, except for the appraisal. The closing costs would be included in the loan. (Double speak) I would still be paying them.
The second GFE came June 10. It was with with an APR of 6.788%. Closing costs were now $4171.25 - A 30 year term-and No Escrow. Suspicions arose, but I always give people the benefit of the doubt, I assumed a mistake had simply been made. I attempted to notify the loan officer 'Joe' many times and left messages, but got no response. I called my local branch and she said she had trouble reaching him as well, he would never respond to her, but she would continue in her attempt to reach him and tell him.
She finally did and informed him we wanted a 20 year with escrow. We had a Florida trip planned, from July 5-15 and it was looming, and their apparent incompetency started me to worry. I told them I would be out of town we needed to do this. Never being able to reach him, I was told by the local branch, the next step was the appraiser. The GFE quoted a price range between$125.00-250.00.
We waited weeks, with me emailing daily questioning when he would show up.The Bank responded by using every tactic possible to extend the process and make it more costly to us. I cannot tell you how many hours I have exasperated myself trying get this loan with US Banks pathetic loan officers.The appraiser finally showed up and he charged us $275.00.
Then I questioned Joe, via email for over 2 weeks for the results. He finally responded, saying we had been appraised for $135,000, our loan was for $120,000.
At that point things were looking good, he said it was going into underwritting. We had email indicating that pay off statements had been obtained and all that was needed was the final appraisal Then I received an email saying the apr was now 7.15% due it being a modular home. I questioned it, it sounded like discrimination, but was willing to accept it, especially with the clock ticking. It had now turned into July. I nearly pleaded with them to rush it, so I could sign before I left.
"Joe" advised me not to pay my current mortgage, that it was included in my loan.
We were getting pretty nervous now but were assured time and time again that all was well. It was just a matter of paperwork processing. All the in-house approvals were complete. I was leaving for Florida in just days, had been advised not to pay my mortgage, which was now late.
We were informed the day before leaving, we were not going to be able to close by the 15th and it would now be a few days after I returned. Well, this suddenly panicked us. Our mortgage funds had been spent on the appraiser and other things, on his advice. Our nerves were frazzled, we went on vacation, distraught, but still hopeful. We spent a very tension filled 10 days with my children and grandchildren with the expectation of closing upon our return. We returned, (July 15th) started emailing 'Joe' again, never speaking to him by phone. The word now came back that we had been 'disqualified' due to having a cistern. I had now had enough. I told him I wanted my appraisal money back. He gave me his supervisors name and number, I called him and actually spoke to 'John' I questioned it, again calling it discrimination. He said it was not discrimination but 'inadequate collateral' (I wasn't ready to give up without a fight.) He told me 2 other homes in our area had recently sold, both with cisterns, he went up against underwriting, and said he would try to put it through once again. Either way, if we were turned down, he would see to it we got our $275.00 Appraisal fee back. Suddenly we got an actual phone call from Joe. 'Great news!" he says 'Everything is ready. It's a go. You got a pen?" "Sure I say excitedly." "OK here we go. We have some good news and some bad news. The good news being that we were still set to close on that following Monday-The bad news was that It was now an APR of 8.9%. "8.9%? " I ask, "What? why? What happened to 7.15%?" "Well, it's the best we can do at this time." As if it is not a big deal. I am distraught. "20 years?" I ask, holding my breath. "Well, no...now that's the other thing." Its a 30/15 fixed balloon. I gritted my teeth "Escrow?" I ask incredulously, as my stomach drops. "No, No escrow, but we could Get you that if you wanted." (As if it was the first time he had heard me ask.) That is when I lost it. Suddenly the offer was not so appealing anymore. What else could we do…the 'fight for our loan' was done. To me, it was over right then. I thought I must be dealing with some twisted alternate universe. I asked him to fax to my home the latest GFE.(so I had a hard copy) My husband and I discussed it, unable to believe the ridiculousness of the situation. I emailed his supervisor, unwilling to deal with 'Joe' any longer, a person that we would personally enjoy seeing expelled from his position. I told him no thank you to the new terms of the loan and requested the refund. To add insult to injury he replied 'Since we are able to offer you lending I am notable to refund you the cost of your appraisal' I should have expected nothing less from US Bank. They had hung us out to dry. . We advised the bank that the Appraisal money was given on the contingency of different terms. This latest 'offer' was nothing either of us had agreed to, or even talked about-it came right out of the blue.
'Joe' told us it was at 7.15%. When they appraiser came, those were the assumption of the terms we were under. Those were the terms WE had agreed to. At that point in time 'Joe' was still attempting to figure out the mind boggling task of how to include the escrow into our loan.
US Bank were the ones who have reneged on the deal. NOT WE. They tried to scam us by saying "NEW DEAL!!! 8.9% 30 years LET'S CLOSE NOW!" No Escrow
I wanted to scream from the mountain tops and beat my chest and tell the whole country what rotten dirty scoundrels US Bank and its associates are and what they have done to my family and me for the past two months. Instead of freeing ourselves from debt, we suddenly found ourselves deeper in it. We were stuck with being late on our mortgage, and no funds to cover it. I am sure there are details that I have left out, my mind spins in anger when I talk about it.
I know US Bank is counting on me hanging my head and going away after this travesty. I will not. I feel I have no choice but to contact the better business bureau, and the Attorney Generals Office. Consumers have rights too. In addition, I will advise anyone that will listen, not to go through US Bank because they are dishonest, disloyal and thieves.
After reading online, the BBB complaints,
Government Guide: Complaint Center Main
Search Results: us bank to name a few I should consider myself lucky to have been shown the light before signing with such a 'BANK'(?)
At his point, I just want my appraisel money back, we intend to withdraw all funds from both checking accounts and stop direct deposit and cut all ties with US Bank