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US Bank / underwriter

1 AL, United States Review updated:

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 appraissor 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.

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  • Ro
      25th of Feb, 2011
    0 Votes

    our loan was just denied after 3 months. We feel ripped off. We have credit scores in the 800's, been with our jobs for 20 yrs. Own two houses outright. This re-finance was for one of our rentals. We currently have us bank on this home and wanted to re-fi it at the raye od 4.75% vs. the 6.75% it is now. We were told upfront everything looked good. It was in limbo in processing for weeks, and there was no person to contact or talk to during this time. Last weekend we get a call that our debt to income ratio was too high. They then sent us an email stating our loan was denied. We are still in shock. What are they looking for in qualifying for a loan? How do they just drop the loan without talking to the applicant about possible ways to qualify. I will try to talk to whoever is over the mtg. loan dept. and let them know how we feel. I also will fight for my application fee of $500. I think they are scamming people for the application fee or they don't want to give these loans with low interests rates.

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