U.S. Bancorp Mortgage Complaint

U.S. Bancorp Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Iowa

I went in to my bank with all the needed documentation so I could get an adequate loan estimate. I was prepare to not proceed at this time if it did n't make financial sense. I was looking for a refinance. I explained I 'm a single mother living paycheck to paycheck struggling to pay my mortgage for the home I bought with my ex and I 'm not attempting to keep my home on - income. I explained I had little to no money to bring to close. She understood, presented me with options and provided me with a loan estimate with a cash to close estimate of $54.00, which I was comfortable with. I then was asked to pay $390.00 now for " administration fees '', she explained I 'd get a refund from my old escrow as well as skip a payment, so I agreed to pay the $390.00. After an appraisal, that actually came back much higher then anticipated I decided to go with a PMI loan since I was much closer to the 80 % LTV then earlier thought ... instead of the lender paid PMI with a higher interest rate that we had originally


comfortable she assured me it wAs just an estimate and the loan process " is a moving part '' and things can change. Also she had previously estimated my PMI as $ -/month and then new estimate had it at $ - month. As explained as things went up it made the amount I 'd be saving much smaller and my out of pocket high. She again said things should be down after I they get a new payoff quote once I paid my - payment. So I reluctantly proceeded. Then finally as we are about to close she emails and says we are almost ready to set a closing date and I 'll just have to bring $1800.00 to close ... - $1800.00!!!! WAY more then I had planned or could afford. She said well you 'll get to skip a payment and get a refund of escrow in - days! Money she had previously told me I could use to make " an extra principle only payment or use it for whatever I choose, such as paying off a higher interest rate credit card or whatever "!! Never was I told I 'd need to use all that for my cash to close. We had talked about from DAY - that since we 'd be closing around - -, when my taxes were due, WE would have to pay the taxes with the new loAn and then I 'd get a refund from my old mortgage companies. We already knew by looking at my statements that my escrow from my current company would be SHORT $600.00 for taxes!!! SO she KNEW and told me we 'd be covering taxes but somehow failed to include it in my $ - loan estimate that she gave me. Leaving me short my entire taxes ... $1700.00 and having to come up with that cash and then waiting - days for my escrow refund ... that we KNEW would only be $1100.00. I do n't have $1800.00 cash to pay now. So they offered to raise my loan $2000.00 and pushing close back a few weeks ... again. Now a new loan estimate of $ - made this much less of a good deal then she had presented to me. I called her manager to complain. He offered nothing and asked what I wanted. I said I want my $390.00 back and I 'm going elsewhere. He declined and said he speak with her and see what she was thinking but assured me I 'd never been given false information, he said he 'd call me back after speaking with her. That was 5 days ago and I 've never heard from either of them again!! She had previously told me I could walk away but I 'd have to pay MORE FEES then the $390.00 I 'd already spent!