US BANK DELAYS...AN ONGOING PROBLEM WITH THIS LENDER..

I've reviewed several complaints against this lender for massive delays in processing their short sale contracts dating back 3+ years now and I'm curious if there is any new information about challenges presented with US BANK.

I'm on my 2nd submission on a contract that was originally submitted in January. Not Freddie/Fannie..USB solely, no Jr Leins.Their Mtg Asstance Point person (India Trussell) failed on several occasions to contact me and on Feb 5th they summarily closed the file..I resubmitted it immediately and the file remains under Processor review since 2/11/13..a month later and the file hasnt moved an inch. (BTW- I highly recommend contacting the Mortgage Assistance Dept #866-698-7627-not their appointed account rep. who fails to know the slightest about  your file or their process).

I've confirmed all documents are on file and are current-seems to be a recurring theme-they wait for a minimum of 14 days so that they have cause to close the file due to out-dated bankstatements,paystubs etc..My clients are on-call in the event anything is needed.

Last week I was grateful to actually speak with a floor manager who informed that he would review the file and determine what the delays are in submitting it to underwriting (where the real decision makers are located).

Side-note: I also spoke to a Mortgage Assistance agent earlier this month- she confided that USB recognizes their poor performance on S/Sales and are instituting new procedures to spread the workload among some of their other offices but I see no evidence of any progress.

Sorry for the rant but I'd appreciate any details that you are willing to share about your experiences with this lender and or your advice on dealing with USB..thank you in advance.

Seth Russell 

PS- I was informed they don't have an 'escalation procedure' like other major banks.

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Seth,

     We have great success with US BANK, but like any bank they can drop the ball at times. If they fall outside their given time frames just escalate to supervisor and mangers. If they don't communicate back within their time frames than escalate on them. Keep climbing and pushing until you get a response or some sort of adequate update.

Brett@ishortsalenow.com

www.ishortsalenow.com

310-564-6389

I have had the exact same experience with US Bank. One of my listing even got foreclosed on and we had a all cash Buyer with a purchase price over the appraised value the bank had received. They are awful in getting these SS processed. Do not let them fool you with the statement that the file has to go to an underwriter or has to have an investor decide to accept or not---the person on the phone is the decision maker as with all banks. The bank reps use that phrase to get you off the phone and take the blame off of them if the file is not processed in a timely manner!!! They have perimeters they have to meet so as long as they are within these guidelines they can make the decision on the spot!! 

I had a short sale with them that took 9 months for approval. They kept moving the file from one short sale negotiator to the next. Everytime it was moved, the seller had to provide updated financials. Once we got approvals, the efficiency improved and we had to have 3 extensions to the closing date that they were fine with approving. Hang in there.

That is farther than I got.

I actually did a loan mod with US Bank for a client 3 years ago, it took a while, but we got it!

Then last year the same client wanted to short sale his house as he got a divorce, and then U.S. Bank would not even consider a short sale, stating he could afford the home.

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