- Report: #1102490
Report - Rebuttal - Arbitrate
Complaint Review: US Bank Mortgage
US Bank Mortgage4801 Frederica St Owensboro,, Kentucky USA
US Bank Mortgage will not cancel impound accout (my money) without credit report and `review' Owensboro, Kentucky
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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: http://www.ripoffreport.com/r/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.
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