U.S. Bancorp Mortgage Complaint

U.S. Bancorp Mortgage department,

Other mortgage Settlement process and costs California

I obtained a construction loan using - - and - - as my loan officers at US Bank. When I went to signing at - title the initial loan amount was incorrect based on the fees and total contract price of the construction minus the funds I brought to closing. During the signing we called and spoke with - about the discrepancy and he recognized it as well and said go ahead and sign and that he would look into it and get back to me. He did not get back to me. Since then I have contacted he and - several times about this issue via phone and email. When I contacted - via the phone he has said he would have - look into it, which he did not do. After I emailed - multiple times, she finally sent an email back saying that was based on 80 % LTV, although her numbers were incorrect, and never offered any explanation as to when or how that number would be adjusted to account for the discrepancy. I replied with what I believed to be more accurate calculations, which she ignored. I followed up by attempting to contact - -


communication has been worse than sub-par and the lenders knowledge about their own product appears to be extremely lacking. I have had several mortgages from online banks and felt that since a construction loan may be more involved and I may need more explanation I should go with an established bank who has brick and mortar business as well in the hopes they would be more professional and knowledgeable. Unfortunately I was proven wrong by their lack of communication and apathy towards making sure things were done correctly. I still need to know how this initial loan amount affects my loan. During the conversation - and I had on the phone during closing, he specified that the Builder, -, would not be able to draw any more than our contract price. He did not, however, specify when or if the extra amount would go away. It may very well be that at the end of construction the amounts are added up and at that time will be correct, however they need to explain this and not assume customers who admittedly have never had a construction loan will figure that out on their own. It also seems unprofessional and suspicious that the number was not adjusted prior to closing even though they had all the information necessary to correct it.