U.S. Bancorp Mortgage Complaint

U.S. Bancorp Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker California

US BANK tried to force me to purchase a higher-risk product. The bank allowed my 30-year fixed Refinance application to expire, and then suggested I pursue a - ARM. This is what happened : Interest rates had fallen and I applied to Refinance my home mortgage with US Bank. I was able to lock a low interest rate of 3.375 % for a 30-year fixed mortgage on -/-/2016. My initial paperwork and documents were immediately submitted on the same day. I received Conditional Approval of the loan on -/-/2016. I quickly submitted the additional documents required for Final Approval on -/-/2016. Afterwards, no further supporting documents were ever requested. I waited for Final Approval for more than 2 months. No further documents were being requested during this time, but also no decision was being made by Underwriting. During this wait period, I checked with my mortgage officer every 1-2 weeks. I was concerned because it was widely believed that


But finally after 2 months, the interest rate lock expired. Underwriting never made a decision, but they never asked for more documents either. I was simply informed that the rate-lock expired, and the new interest rate is higher, and so there would be no purpose to pursue the Refinance any longer. The mortgage officer suggested I now consider pursuing the " - ARM '' product with them. US Bank and its underwriters, mortgage loan officer and mortgage loan processor did not process my application in Good Faith. They did not request further information beyond -/-/-. They had nearly 2 months to make a final decision with all documents and information available to them. They clearly took far beyond a reasonable time to make a decision on the application. They did not uphold their end of the bargain. The rate lock expired while the application sat in their department. It appears they purposefully undermined my application by deferring to make any decision for Final Approval by the Underwriting department, and allowed the rate lock to expire. They did not deny my application. They simply did not make a decision. During this time, it was widely speculated that interest rates would rise. And after the rate-lock expired, interest rates were indeed higher. I believe they intentionally allowed my application to expire in an attempt to force me into choosing a riskier product, or at least into paying a higher interest rate.