Replies to This Discussion

Permalink Reply by Larry Story on October 17, 2012 at 4:39am

Judith, I have been it has been about a year since then. From what I remember it was not that bad just time consuming waiting for responses.  The problem I found with "escalation" is that each time someone escalates the file it sometimes makes the file start over in some regards.  If you like I can look back and see what information I have.  

Permalink Reply by Helena Kaucheck on October 17, 2012 at 5:31am

Hi Judith, I had a short sale that unfortunately took 6 months for US Bank to decline.  Throughout the process, the degree of requests escalated and were repetitive.  While the homeowner supplied quickly, reviews would take weeks and then would generate a new set of requests.  There were also 3 closings on my file which I had to escalate to get reopened.  I finally filed a claim against them with Freddie Mac (the investor on this loan).  It took FM approximately 2 months to get through to US Bank and at that point was only escalated because FM has a timeline for response as well.  The file was declined but the reason for decline made no sense.  In fact, prior to the decline, US Bank requested a full payoff of the file (with both first and second liens as part of the decision monies) for the "benefit" of a short sale.  It made no conceivable sense.  The denial letter stated that we did not provide the requested documentation which was a HUD showing a full payoff (via seller contribution).  Freddie Mac was amazing to work with but unfortunately, it was difficult even for them to move this file forward.  Seems to me that the consensus on this lender is that they are one of the toughest to work with.  Of course, no short sale is guaranteed, but the degree of difficulties they threw our way with massive document repeat requests and non communication was nothing short of unusual.  I would highly suggest that you first determine who the Investor is on this file and move on escalations accordingly as you go through this process.  I've worked around 70 or so short sales (mostly in the past 1.5 years) and have not had many with this back and forth.  Majority of issues I see if this goes on is with the negotiator but in the case of US Bank, I truly feel it's the organization itself.  Hope this helps.

Permalink Reply by Jeff Payne on October 17, 2012 at 5:33am

I have closed alot of US Bank Short Sales, many very quickly, depending on the negotiator.  I have a marathon one now that is 10 weeks in and they want a brand new package sent. 

Permalink Reply by Steven Angelil on October 17, 2012 at 8:18am

I am about to get involved in a US Bank short sale as a Buyer Agent.  The loan was just sold to US Bank from BofA in July of this year.  Based on what I'm reading here on SS Superstars I wish BofA would have held onto it!  

Permalink Reply by Donte Tribble on November 9, 2012 at 3:07pm

sounds like we are going to need your contact @USBank, Jeff!!!

Permalink Reply by Seth Russell on March 5, 2013 at 9:53am

Jeff, have you had any opportunity to escalate files with USB? If so, How and Who did you contact?.

I've got a file that has taken 6 months with 2 seperate submissions on the same contract..They confirmed they have everything they need but the  file is stuck with the Processor (Minh) who isnt moving this file to U/Wg-Negotiator..

Any help would be appreciated as I'm not alone on this issue, seems like there are over 500 current complaints filed against this lender..

 

Seth  Russell

Permalink Reply by Sarah Ford on October 19, 2012 at 6:26am

UGH!!! I am dealing with them also. The file as been in review "no other docs needed at this time" since AUG. 27th. they can't give me a timeline, they said that it takes 2-3 months if not longer. my "relationship contact" is very nice, but nice doesn't close deals every time! we will just keep waiting!!

Permalink Reply by Jane Billings on November 9, 2012 at 11:20am

Same here Sarah! I've got 3 files stuck in the mud with US Bank and all they can say is they are swamped and it takes 90-120 days for an approval after all documents are in! Frustrating!!!! I've reached out to everyone and anyone at Us Bank that I can for help and I get no response from anyone! 

Permalink Reply by Stephanie Hart CA 310-930-2342 on March 5, 2013 at 1:15pm

Anyone figure out a good escalltion within US bank. I closed my last with them in Dec and they were AMAZING. Now with my HELOC I am in hell! I ahve approval (3 months out) but they wont budge on payoff (26K) when 6K is max allowable by 1st. Any help would be appreciated. I have approached both sides again to no avail.

 

Permalink Reply by Linda Cadotte on May 14, 2013 at 6:01am

I'm looking for a good escalation person too.  Let me know if you find one.  I have tried to reach Christina Onstott, who is supposed to be the VP home mortgage person.  She will not return calls.

 

Permalink Reply by Tyra General on June 14, 2013 at 6:42am

So I'll add to this list of Realtors that needs someone over at US Bank that can get these files through…I wish there was some type of formal petition, we as Realtors could file.

Sounds like we need to pick up the phone and start a political/economical cry….

This is absolutely ridiculous…..

Permalink Reply by Seth Russell on June 14, 2013 at 7:09am

For anyone considering a short sale with US Bank...ABSOLUTELY RECONSIDER THIS CHOICE..I've spent the better part of the past 6 months trying to get USB to make a decision on an offer that was stalled for several months in 'processing' ..now its in Underwriting for final review which was to take 7-10 days..now a month later we still dont have an answer. I've enlisted upper management and get nothing but more delays. (Keep in mind there is no Escalation Process with this lender).

As a result, I've placed a complaint with  CFPB about this lender. No one should have to put up with such a miserable experience. We have handled hundreds of short sales but nothing compares to the complete disaster that US Bank has been. Unless you like working for absolutely nothing..take your chances with USB.

BTW- FDIC does not investigate this lender--I was directly informed by them that USB can only be investigated by CFPB (consumer finance protection bureau)

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