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@usbank – Richard Davis – Dear Mr. Cecere, At the beginning of May, 2021, my husband and I began the

Betsy Kagan sent a message to Richard Davis that said:

Dear Mr. Cecere,

At the beginning of May, 2021, my husband and I began the process of refinancing the mortgage on his home in order to lower the monthly payment, with Rob Hogencamp of US Bank.  There is currently a mortgage on the house which is held by US Bank. There is also a HELOC which is held by Bank of America.
Every time we have furnished the information requested, there is another list of information requested, with which we have complied.
Our house is listed as a 'condo' but is only one of four units (two connected house in each parcel).  In the State of Virginia this is common practice and 2 and 4 unit 'condos' do not fall under the same guidelines as large unit condos (we were informed that it's done for the financial benefit of the builders).  Apparently, your underwriters were unschooled in this and denied the loan, until we sent a copy of a letter which was sent to us from an attorney explaining this practice.  The loan was ultimately approved. Since that time, your people have again requested more information, which was supplied.  I (Betsy) have a townhouse in Boca Raton, FL, which is free and clear (which they could have determined by the fact that no mortgage appeared on my credit reports). I had held a mortgage on that home and on a previous home, so I am not unfamiliar with the process of obtaining a mortgage, and refinancing.   Frankly, with all the information they have, they could probably know what we have for dinner each night and when we sneeze.
Now the hang up, according to Jordan Bishop, is the insurance company needing to verify that the new loan is indicated on the homeowner's policy, and the subordination letter from the Bank of America. 
Jordan gave me the phone number they had for the insurance agency, but it was incorrect and was, in fact, for the real estate offices for the City of Virginia Beach.  Today, I supplied her with the correct information.  I also called my insurance agent and was informed that this is common practice and once the agent receives the email from the bank requesting the mortgage information, the turn-around time is one day.   We are waiting for this to happen. 
A subordination letter from BOA is also necessary and  Jordan informed me today that there is a two week wait for this, which she claims is Bank of America's policy. I asked her to have USBank request BOA expedite the letter
If not expedited, This will put us into August which means that the August mortgage payment will have to be paid. According to the new mortgage, this is $700 more than we would have paid, had the mortgage been processed in an efficient manner.  There have been  inefficiencies all along the way and will be over 2.5 months since the beginning of this process. 
A couple of years ago, I was going to cosign a mortgage for my son (I did NOT), however, I did seek approval for a mortgage and was approved immediately, same day!!!!  I tell you this just for comparison  purposes. 
The frustration my husband and I have and are experiencing should not have occurred..I am asking you to please look into this and have this loan done before the end of this month. The errors and delays along the way were due to errors and inefficiency on the part of US Bank.
Sincerely,
Dr. Harvey and Mrs. Betsy Kagan

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