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  • Report:  #708150

Complaint Review: US Bank Home Mortgage - Internet

Reported By:
Lynne - , California, United States of America
Submitted:
Updated:

US Bank Home Mortgage
Internet, United States of America
Phone:
Web:
http://www.usbank.com/cgi_w/cfm/personal/products_and_services/mortgage/home_mortgage.cfm
Categories:
Tell us has your experience with this business or person been good? What's this?
I submitted an application with US Bank to refinance my home

at the low rate of 3.65%.  The initial appraisal came back good, and I

submitted all requested documents to them within 24 hours. 

US Bank Home Mortgage stalled the loan process by asking for

lots of non-relevant documents/explanations, and then waiting 5-10 days to

respond back to me, each time asking for more information. The stalling caused

the process to take over five months, during which time the interest rates were

gradually rising. 

As the loan neared closing, US Bank Home Mortgage ordered a second exterior-only

appraisal which came back $35K less than the first appraisal, and far less than

the market value of the home according to recent comparable sales and two

experienced real estate brokers.

Obviously, with interest rates on the rise, US Bank Home Mortgage did not

want to fund the loan at the 3.65% rate.  They stalled the loan closing process, and

finally ordered an unfair exterior-only appraisal to ensure I would not qualify

for the original loan at the low rate.

Unethical banking practices, under-handed tactics, and zero integrity=BAD BANK. 

I would not recommend US Bank Home Mortgage...consumer beware!




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