US Bank

US Bank Mortgage Fraud Internet, North Carolina

26th of Dec, 2010 by User377332

After my husband (a retired, disabled vet) accepted a federal position in Birmingham, AL, we were very excited about the move and our new life.It took 3 months but we finally found the house we wanted.Having excellent credit (high 700's and 800's), no liabilities, we shopped and applied for a mortage loan with a wonderful rate of 4.25%and was assured there would be no problems.Everything went perfectly, a closing date was set for Dec 27th - that is until the underwriter with US Bank decided late in the day on Dec. 23rd to deny the loan, supposedly because he/she did not like the appraisal (mind you, the appraisal came in HIGHER than the contract amount).Of course, being before the holiday's, everyone was closed so nothing could get resolved.Needless to say, we did not close on the 27th, and the seller could not close on his new house, and I don't know how much further the effect trickled.After the holiday, the appraisor went back to the house and tried to explain to the underwriter how he arrived at his figures, but we were told by the loan processor that "she did not think the underwriter and the appraiser would agree regardless of what transpired" so it was useless to continue.So, we get to start all over with a new mortgage company, again paying processing fees, credit report fees, and a higher interest rate,etc.It is very obvious to everyone that because the rates went up, US Bank was not interested in funding at the locked in lower rate.We will be filing formal complaints with VA in hopes that they will be removed from their lendor list.My advice to everyone, find out who the underwriter is with on your mortgage loan and if it is US Bank, head the other way!It is just a waste of time and money dealing with them and I intend on making sure that everyone I can reach out to, knows it.

Track this Report 1 Comment | Post a Comment

Comments

4911 days ago by RomelM

Many homeowners who are facing foreclosure opt to take mortgage modification. But, instead of saving them from distressing situation, it become more complicated. The Federal Bureau of Investigation is cautioning against a growing number of cases of mortgage scams, mostly from fraudulent loan applications. The FBI is also warning troubled homeowners to be especially vigilant. They're becoming more vulnerable to modification and foreclosure prevention schemes. Source for this article: <a title="FBI says cases of mortgage fraud skyrocketing" href="http://personalmoneynetwork.com/moneyblog/2011/08/15/fbi-mortgage-fraud/">FBI states cases of home loan fraud skyrocketing</a>.