US BANK HOME MORTGAGES

I was looking for a construction to perm loan. I Contacted US bank, Brent Lucas ( District Sales Manager - 9185 SW Hall Blvd, Tigard) via email w/ the details. He referred me to their construction specialist Chuck Feenstra (14800 Kruse Oaks Dr. Lake Oswego). Chuck was to contact me, but did not until I nudged Brent 2 days later. The phone conversation went well and Chuck was responsive, provided the details. He sent a form for the subject property information, income, assets, disclosure questions etc. I told him I would likely not go w USbank as my first choice but then 2 weeks latr, decided to go ahead after realizing their terms were actually favorable. VERBATIM EMAIL EXCHANGE BETWEEN CHUCK AND I 1 - Me "Hi Chuck, I have completed the sections you had listed, the document is attached. Let me know what terms you can offer." 2 - Chuck "Because of the new disclosure laws, I cannot generate a Good faith Estimate and TIL with the APR unless I know you are going to move forward. I do have closing cost estimate for both the construction loan and the take-out loan that I have attached" 3 - Me " I have already signed an agreement with the builder, and I need a loan. I will not move forward with USbank unless I get a good deal and I will not commit until I know the terms of the loan. The other lenders I have worked with did not have any restrictions on giving an estimate a priori. What you have attached looks good on the surface but then if it is not an estimate what is it? " 4 - Chuck "In order to generate a GFE, I must input your loan into our system. It takes me several hours to input one loan, and I am not willing to spend the time if your are not committed to moving forward. I am not trying to be difficult, but I do value my time and how I spend it. When I provided you the estimates, I used previous construction loans that I have closed with your loan amounts to make sure the fees I quoted were accurate. I would love the opportunity to help you with your construction loan and our product is excellent. If you want to move forward that would be great. If not, I understand and wish you all the best." 5 - Me " Chuck, That is quite presumptuous of you. It boils down to you cannot be bothered to give me a GFE because your time is valuable. This is wrong (and rude) on multiple levels. You have all the info you need, twice now I get a response that you cannot provide a loan estimate unless I commit to move forward. My understanding of the way the system is supposed to work is quite the contrary; the lender provides the terms, and the buyer decides based on the best terms they can get. This is in direct contrast to the demand that I commit in order to receive a GFE. What does commit even mean here, there is no legal basis for what you are asking. How else do I show my intention to get a loan other than filling in the details you requested and submitting an application. On the valuable time issue: I took an hour of *my* time to fill in the form *you* requested. If your system is not streamlined and you have to re-enter by hand what I already had to enter on a form and email to you, that is not my problem. I suggest devising an online application system so when the customer enters theinfo to a form, you can directly use that info. It is not a big invention, many forms like this exist today, and U.S. bank can speed things up by adopting such procedures. In today's post-housing-bubble-market, when it is very difficult to find eligible people to lend to, here I am with an excellent debt to income ratio, virtually guaranteed for approval, and I am turned down. I do not understand your motivation, I do not understand your business model, and I do not care because I will not work with U.S. bank. Actually I do care, b/c I will actively share this exchange with friends and family and whoever I can find willing to listen. " ---------------- At this point I was frustrated enough to escalate this back to Brent Lucas, the District Sales Manager, and he was apologetic and thats great but he also squeezed in the statement that there is truth to Chuck's response that they could not issue a legal GFE until an application is entered. WELL THEN ENTER THE APPLICATION - I SENT YOU EVERYTHING YOU NEED TO ENTER IT MULTIPLE TIMES. SIMPLY LAZY & RUDE. Note that I already have GFEs from 3 other banks, and USbank seemed to be on par with the best one. until that point. Later on I found much more favorable conditions from WASHINGTON FEDERAL, and went with them.