Ripoff Report Needs Your Help!
X  |  CLOSE
Report: #1102490

Complaint Review: US Bank Mortgage - Owensboro, Kentucky

  • Submitted:
  • Updated:
  • Reported By: Todd — Magalia California
  • Author Not Confirmed What's this?
  • Why?
  • US Bank Mortgage 4801 Frederica St Owensboro,, Kentucky USA

US Bank Mortgage will not cancel impound accout (my money) without credit report and `review' Owensboro, Kentucky

Show customers why they should trust your business over your competitors...

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

First off, I was in the mortgage industry for 35 years. I am now on SSDi. In August of 2013, USB approved my loan for a refi. It was a portfolio loan, meaning USB is keeping the loan. The amount was $84,000 with an appraisal of $151,000 (ordered by USB). I had escrow impounds on the loan. After some issues with USB NOT paying homeowners insurance, I contacted their customer service and asked them to release the impounds and I would pay my taxes and insurance myself, something I had always done on my numerous prior homes. They said they would send the release request. What I got, was a letter saying "the investor requires a credit report to release funds (my money)". But they agree USB is the investor! It is a portfolio loan! So I am supposed to pay for a new credit report for $12, and then they would `review' the account and decide if they would release the funds. Again, an impound account is basically a savings account, and it is my money, NOT theirs. There is no shortage in the escrow account. My loan is paid directly from my bank account, so it is paid early. No lates. I have fewcredit cards with the same zero balances as when I got the loan, with no lates. My credit was good enough 3 months ago to approve a bank loan (we know how hard that has become). Aside from that, there are only 3 reasons to run credit... applying for credit, for employment, or for collection. AND, an impound account is really a savings account that is FDIC inssured. It is MY money, not theirs! The form they sent me was for a mortgage application! I called Customer Service, and the answer was....yes, your taxes are paid, your h*o insurance is paid, but too bad. Pay for the credit report and review, take the hit on your credit scores due to another inquiry, or we will not release the funds that they agreed, were mine, not theirs. And, it is `up to them' to decide if they will release my own money.

This is bascically fiduciary blackmail. It's like a bank telling you they have to have a credit report to release funds from your own savings account. After 35 years in the industry, even I know this is illegal. I am considering filing a small claims action serving through a local branch, plus punitive damages.

Do NOT do a mortgage loan with this bank. Do not do any business with this bank.

This report was posted on Ripoff Report on 11/26/2013 09:18 PM and is a permanent record located here: https://www.ripoffreport.com/reports/us-bank-mortgage/owensboro-kentucky-42301/us-bank-mortgage-will-not-cancel-impound-accout-my-money-without-credit-report-and-rev-1102490. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

X
What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

WATCH News
Segment Now