U.S. Bancorp Mortgage Complaint

U.S. Bancorp Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Colorado

Background : We have been a loyal US Bank Platinum '' customer for more than 15 years with credit scores in the mid - 's. We have not missed any payments or ever been late on any payments on our existing loan, which US Bank originated approximately 5 years ago. Our current LTV and debt-to-income ratios are under 50 %. Details : In -, we received a marketing piece from US Bank advertising a fixed rate of 3.5 % for a 20 year refi loan. At the time of application, the rate was 3.625 % with zero points for a 20yr refi loan. We submitted our loan application at the local US Bank branch on - with - -. - said we could start the process and if the rate dropped to 3.5 % we would get it. The first Good Faith Estimate ( GFE ) he provided on - was at 3.625 % with $1300.00 in buydown points


- and told him we were still waiting for a corrected GFE and mentioned that we noticed the rates had dropped. - issued a new GFE on - with a correct loan amount but with the rate at 3.625 % and $750.00 in points. He said sign and return we can try to get lower rate once loan is approved. I need everything today please. '' We signed and sent everything back the same day. On - we emailed - telling him we still had not received a correct GFE. He requested more documentation from us and sent a new GFE on - at 3.625 % with $740.00 in points. Several months went by. On - - forwarded an email to us from - - of US Bank requesting even more documentation. We sent him the requested docs on -. - kept requesting just one more thing '' several times, including copies of documents that were already of record in the County courthouse. Although we kept requesting a corrected GFE with the correct numbers, - would send a new GFE at random intervals, always with incorrect numbers and usually including buydown points, which we said repeatedly we did not want. On -, he finally sent a final '' - closing statement for review with a rate of 3.75 % and zero points. We spoke with his supervisor, - -, who said he could n't do anything except refund our application fee. We feel we were the victims of bait and switch '' marketing, predatory lending, and possibly discrimination. Also, the lender did not process our loan application in a timely manner ( almost 7 months ).