Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #6221905
Complaint Overview
Complaint ID: 6221905
Company: U.S. Bancorp
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: California
ZIP Code: 92024
Date Received: 2022-11-18T12:00:00-05:00
Date Sent to Company: 2022-11-18T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I was repeatedly assured that I could get a lower rate or lock in a lower rate if the rates went down. I asked this question several times and received the same answer. When rates went down he ( XXXX XXXXXXXX ) with US Bank, acknowledged that they had gone down ( XX/XX/XXXX from XX/XX/XXXX ) and then he said he would shop the loan when he had loan approval that day or the next. I received loan approval on the XXXX and he said he would shop for rates. When I pressed him on the XXXX, he told me that there was not ENOUGH of a difference in rate for him to change it. THIS IS NOT WHAT I WAS TOLD. I was told that if the rates lowered, that I could get a lower rate. THERE WERE NO QUALIFIERS. Only, when the rates lowered, and I questioned AGAIN about securing a lower rate was I told, he needed to wait for loan approval in order to do that? Then after loan approval he says the difference was not substantial enough. When I questioned him about the it on the XXXX, it was a XXXX point difference from the day that he locked it. A XXXX XXXX XXXX XXXX is a very significant difference to me. When I went to his supervisor XXXX, she actually stated to me that he did not technically lie. She completely ignored what I had been previously told and presented his latter statements as true statements. So me being told that I can lower my rate if the rates lower ( which they did lower substantially between XX/XX/XXXX and mid XXXX ) means what? How was I supposed to interpret that answer? Please tell me, how was I supposed to interpret that answer? Yes, I can get a lower rate if the rates drop? There were no qualifiers to that repeated answer to my repeated question. I specifically went with a large bank vs an online lender thinking it was going to be a more respectable and forthright transaction. I WAS WRONG THERE. What I got was repeated misrepresentation. I went out of my way to ask questions as this was a huge commitment to make, even before opening escrow, before depositing my earnest money with escrow and throughout. At each stage I was offered assurances about the loan estimate changing for the better, about the ability to better the rate if rates improved. I know that I am still not being told the whole story by the bank or its representatives. They have yet to be forthright in their representations. Meanwhile, it has cost me $ $ $ $ $ XXXX
Frequently Asked Questions
What is Complaint #6221905 about?
Complaint #6221905 was filed against U.S. Bancorp regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-11-18T12:00:00-05:00.
How did U.S. Bancorp respond to this complaint?
The company responded with: "Closed with non-monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against U.S. Bancorp?
Yes, visit the U.S. Bancorp company profile at readthecomplaint.com/company/u-s-bancorp to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.