I am so frustrated at this bank. One day I get a nice person who says they are going to help escalate and then the next time I call I am told 90-120 days. Does anyone out there know how to get this approved.

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I totally agree with your comments.  I working on a contract ratified 4/6/13.  After much effort was able to locate a supervisor's supervisor who I think moved it forward.  Finally got it closed to loan mod and opened to SS.  Then, had to keep phoning and faciltate getting the appraisal ordered.  The appraisal has been done and now I need to keep calling to ensure we don't get stuck again.  This has just been awful! 

Our relationship agent is telling us that file is with management for final approval. Is it underwriting stage or different stage? We are approximately 30 days out with no response at this time. The relationship agent told us that it can take upto 30 days thought there is no timeframe that could be guaranteed. The foreclosure on the property is scheduled in next two weeks

I've had the most difficult time with US Bank for any short sales I've handled.  Their claim of helping homeowners seems more to be trying to stop short sales through any means.  It's difficult to fathom that a bank guided by government regulations and under the National Mortgage Settlement list of lenders effected, would act in such a careless manner.  The files I've had "rejected" were recorded with misleading information back to the investor.  I had to have those "reasons" corrected and clarified as they all pointed back to us not having provided the necessary docs we were requested.  Those requests were met time and time again.  US Bank keeps asking for documents with labels that are not heard of or requesting information that cannot be supplied because it doesn't exist.  I'm sad that homeowners who are truly distressed are caught in this lender's inability to perform when the top 5 who are bigger are able to perform so much easier and under the guidelines that they were told to work under.  Their Single Point of Contact has no ability to provide information unless it's fed down by the Underwriting team who do not update as part of their requirements.  Sad.....................

Helena and Linda,

I have formally filed a complaint with CFPB against US Bank. As you noted on my earlier string, US Bank has failed the most basic of lender practices in performance (lack thereof) on our short sale offers.

FDIC does not investigate this lender- I've confirmed that directly with FDIC..they deferred to CFPB. I would suggest you do the same. CFPB Complaint #855-411-2372..I filed a WhistleBlower complaint and if more people were to do so, we might see some form of reprimand against this lender.

Good luck to all-

Seth

An update on US Bank: After 6 months of hassles with this lender, I filed a Whistle-blower complaint through CFPB. I notified USB about this and suddenly my clients received an Approval Letter to proceed with closing.

I cannot stress enough how challenging this lender has been. Were it not for finding a manager and having direct contact (on a daily basis) my submission would still be hung up in "Processing".

For those of you who are still trying to make progress on your own files..I would suggest contacting CFPB-file your Whistle-Blower complaint, inform USB of same and see what happens.

Good luck,

Seth

We were told 30 days ago that our file has been forwarded to management for final approval (after BPOs and all other stuff). What is this stage? Is the management underwriting stage or some other stage?

Is your file an FHA short sale?  My file was a Rural USDA loan. 

I never had any step labeled management.  I went from processing to underwriting.  Then, if an FHA, they issue an Agreement to Participate.  Mine went from underwriting to USDA for their "stamp of approval" which is the final approval, I am told.  Mine is not back from USDA yet (less than a week).   I had to identify a supervisor of the supervisor of the relationship manager to get the file moved from one step to another each step of the way.  It has been horrible!!!!!  I had to call to get the BPO scheduled by getting them to tell me what company was doing it and followup. I feel like I actually work for US Bank since i have spent so much time trying to keep this file moving. 

U S Bank is designed to prohibit any escalation - no one will give you any contact other than your relationship manager, who really does not have much information to provide.  I am praying that I can soon say that I have closed a file with US Bank!  Good Luck, but do not become complacent and expect that they are doing anything with your file. 

 

My case is not FHA file. US bank itself investor in this case. The relationship manager is using term "Short Sales Management" for final decision. It might be another term for underwriting , I do not know.

My BPO was done 6/21 (almost 2 and half months after submitting offer with packet).

 

I will appreciate if you could share a little more information about your case. 

    When BPO for your file happened?

    Underwriting happens after BPO right?

    How long underwriting process took before US bank forwarded to USDA for approval?  

 

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