U.S. Bancorp Mortgage Complaint

U.S. Bancorp Mortgage department,

Conventional adjustable mortgage (ARM) Loan servicing, payments, escrow account North Carolina

At first we were thinking of refinancing our home, but then read about this other option of recasting ( or re-amortizing ) the existing loan with US Bank. The process was straightforward ; we just needed to pay at least 10 percent of the existing loan plus a $250.00 fee and the bank would reamortize the loan with lower monthly payments. I called the bank to make sure of this and was given an estimated new monthly mortgage payment of approximately $550.00 per month less that we pay now. We sent the money with the notarized form plus the $250.00 fee, and I noticed online that the balance of the loan had dropped as expected, but I had received no information as to the new monthly payment amount. I sent a request to the bank through their online messaging system, but received no reply after several days, so I followed up with two more requests. Still nothing. I finally called them last Saturday, to speak to their customer representative, and he told me two strange things ( 1 ) my escrow account was deficient $ - dollars, ( 2 ) and then he read me my new re-amortized payment amount which was - dollars per month lower. My calculations showed this new amount should be approximately $550.00 lower, which was the reason I embarked on the recast process in the first place. Also I have received nothing in writing ever on this escrow shortfall. I am very worried.