U.S. Bancorp Mortgage Complaint

U.S. Bancorp Mortgage department,

Other mortgage Loan servicing, payments, escrow account California

USBank provided me a construction loan. 1. they failed to provide online banking for review of statements or making payments. I was told in the enrollment process that online banking was available. I had to rely on paper statements. 2. USBank continually failed to provide me timely paper statements. I dutifully looked at my bills each day/month but often I did not receive a paper mortgage statement from USBank. I was forced to call/email each month to arrange for a manual emailed statement from the construction loan mortgage group. 3. I was informed via email by - - -, the construction loan supervisor, that my loan would begin full P & I mortgage repayment from interest only effective as of - -, 2017. This would increase my monthly payment amount from $ - to nearly $ -. My assumption


4. I received a monthly statement on -/-/17 that indicated I owed $ - which I paid immediately. 5. On -/-/17, I received a collections call from USBank indicated I owed the balance of the $ - ( approx $6800.00 ) and would be in arrears if not paid by -/-/17. 6. I called customer service and was put on hold for 10min. When I talked to an agent I was informed that I was required to pay the balance immediately - which I did via phone ACH. 7. I inquired from a customer agent ( employee # - ) why I was sent a statement on -/-/17 showing $ - was due. He had no answer. I also inquired why it was explained to me that full P & I amortization would begin on - -. If the full amortization payment was due on - -, then the amortization began on - - - not - -. Once again, he replied that he had no explanation. 8. This is highly misleading and stressful conduct by - - - - and the customer service personnel. 9. Further, USBank has forced me to convert my construction loan to a fully amortizing loan despite having a $ - balance available on my construction loan. This $ - is placed in escrow- for which I do not have access. In doing so, USBank is forcing me to pay interest on the $ - balance despite not needing the funds.