Anybody have their mortgage with the geniuses at US Bank?

4,977 Views | 32 Replies | Last: 9 yr ago by AliasMan02
AliasMan02
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AG
This is an exciting story because it uses the word "escrow" a bunch:

We are loving our brand new house OTB. Of course, we ended up going with the builder's mortgage company because it was the least expensive. Of course, they sold our mortgage within a week of closing. After one statement, that company then sells it. Enter the geniuses at the super-generically named US Bank.

Apparently we haven't been escrowing enough money. We get a letter stating that our monthly payment is going up by a mere $1000/month. With this statement, they included a nice little black box of a breakdown of what our payment was, which included two different chunks of cash labeled "COUNTY" and no school district, and a MUD tax that doesn't add up to the actual tax percentage. And it's the wrong county.

I call and they open a ticket. Someone will look into it, and get back to me with a breakdown of how they arrived at the numbers, but nobody can talk to me about that on the phone.

Just got two pieces of mail from US Bank. One is a check for about 75% of all the money that I had sitting in escrow. The other is a new corrected statement. Apparently I only have about $50/month in county taxes, about that much in MUD taxes, and still no school taxes. And still the wrong county. Still no breakdown of how they arrived at these new, ridiculously low numbers. Needless to say we'll just cancel the escrow entirely and pay our own taxes when they come due.

If your mortgage gets sold to these geniuses, pay close attention.
Ragoo
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AG
pity post

mine got sold to wellsfargo
att hello
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quote:
This is an exciting story because it uses the word "escrow" a bunch:

We are loving our brand new house OTB. Of course, we ended up going with the builder's mortgage company because it was the least expensive. Of course, they sold our mortgage within a week of closing. After one statement, that company then sells it. Enter the geniuses at the super-generically named US Bank.

Apparently we haven't been escrowing enough money. We get a letter stating that our monthly payment is going up by a mere $1000/month. With this statement, they included a nice little black box of a breakdown of what our payment was, which included two different chunks of cash labeled "COUNTY" and no school district, and a MUD tax that doesn't add up to the actual tax percentage. And it's the wrong county.

I call and they open a ticket. Someone will look into it, and get back to me with a breakdown of how they arrived at the numbers, but nobody can talk to me about that on the phone.

Just got two pieces of mail from US Bank. One is a check for about 75% of all the money that I had sitting in escrow. The other is a new corrected statement. Apparently I only have about $50/month in county taxes, about that much in MUD taxes, and still no school taxes. And still the wrong county. Still no breakdown of how they arrived at these new, ridiculously low numbers. Needless to say we'll just cancel the escrow entirely and pay our own taxes when they come due.

If your mortgage gets sold to these geniuses, pay close attention.

Ours got sold to Wells Fargo as well.

Anyway, if you didn't put 20% down, you're pretty much stuck with escrow.
toucan82
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you should call them and yell "escrow you!!!!!"
AliasMan02
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AG
Put 20 down fo sho. What do you take me for?
BMoreBirds
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Last week I got a call from USAA saying they didn't notify me in time about what we owed on closing or something like 3 years ago. The money was accurate, they just didn't tell me in time. I never had any issues. Anyway, to make up for it they just sent me a check for what I originally paid. Cool. Free Money.
Brian Earl Spilner
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I don't know about no mortgages but I did just open a savings account with 1.05% APY.
WC87
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Your story only used the word escrow 3 times. Your entire post used it 4. So not as exciting as you predicted.
Beer Baron
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Poors who have to finance homes.
G.I.Bro
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Mud spelled backwards is dum

histag10
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quote:
pity post

mine got sold to wellsfargo


Same here. Haven't had problems with them though
aTm2004
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We refinanced through Wells Fargo and haven't had any issues. But we also don't escrow.
Predmid
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I closed last month and was told my mortgage was sold already.

To who, I know not.

I would really like to know who I need to send this check to.
aTm2004
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quote:
I closed last month and was told my mortgage was sold already.

To who, I know not.

I would really like to know who I need to send this check to.

On my first house I was informed my mortgage was sold at the closing table.
AliasMan02
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You can pay your old company for something like 30 or 60 days i think.
Biz Ag
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Why would you escrow your taxes? Did US Bank require you do so?
AliasMan02
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quote:
Why would you escrow your taxes? Did US Bank require you do so?


Because doing so saved us something like 800 bucks at closing with the original company. Obviously ceasing to do so now.
hunterntexas
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I went 0 down on two houses.
Both have escrow accounts. No problems with either.
I guess Bank of America and Citibank are better than US Bank.
03_Aggie
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Our mortgage company keeps sending our mortgage statement to our old address. We aren't even sure why they send it in the first place since we are enrolled in online billing.

Been going on for over a year even after multiple calls to let them know they should think about mailing to the address of the home covered by the mortgage.
AliasMan02
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quote:
I went 0 down on two houses.
Both have escrow accounts. No problems with either.
I guess Bank of America and Citibank are better than US Bank.


Never had issues with BoA. They sold our mortgage but kept the operating portion so it never affected us.
Ryan the Temp
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AG
USAA sold my mortgage to US Bank. Every year they failed to properly calculate my escrow and I ended up with a big balloon payment to cover the shortage every year. When GMAC managed my previous loan they got it right within +/-$50 every year. US Bank was never able to provide an explanation as to how they kept falling so short.

I finally decided to just pay the escrow waiver fee and manage it myself. Not only can I make money with my own money during the year, but I can also get CC points when I pay my property taxes.
Willis
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My mortgage was sold to Wells Fargo who then sold it to Fannie Mae, but kept the operating portion. Have not had an issue yet with WF and hope to be off escrow in about two years.
ac04
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"fannie" lol
FiTxAg04
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Our 2nd year payment ballooned bigtime, too, due to the fact that the estimated taxes were based on the unimproved property value, which is what the county had appraised prior to the house being finished. So, for year 2, we had the deficit from year 1 to pay off plus the increase going forward. The mortgage company let us spread the deficit out over 6 years to lower the payment, at our request, with no interest. Could be what you're facing here.
Jill
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We have US Bank as well. I would be so pissed. Thankfully our information is set up correctly.

Dallas >>>>>> Houston


nuRowdy
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ITL >>>> OTL

FIFidnomybffjill
AliasMan02
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quote:
Our 2nd year payment ballooned bigtime, too, due to the fact that the estimated taxes were based on the unimproved property value, which is what the county had appraised prior to the house being finished. So, for year 2, we had the deficit from year 1 to pay off plus the increase going forward. The mortgage company let us spread the deficit out over 6 years to lower the payment, at our request, with no interest. Could be what you're facing here.


I'm sure that's part of it but come on... they have us in the wrong county for crying out loud.
AliasMan02
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AG
quote:
We have US Bank as well. I would be so pissed. Thankfully our information is set up correctly.

Dallas >>>>>> Houston





We are gonna make y'all come visit.
Alan Pavio
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quote:
Our 2nd year payment ballooned bigtime, too, due to the fact that the estimated taxes were based on the unimproved property value, which is what the county had appraised prior to the house being finished. So, for year 2, we had the deficit from year 1 to pay off plus the increase going forward. The mortgage company let us spread the deficit out over 6 years to lower the payment, at our request, with no interest. Could be what you're facing here.

My recommendation would be to always question any escrow surplus/ decrease in escrow payment until you can confirm the numbers against what you know you will most likely owe. The unimproved lot issue can be a disaster if not realized I time, and if the bank/servicer isn't keen enough to come up with a reasonable game plan to help you out.

You should have he option of asking them to collect your escrow in year 2 based on the projected amount on your improved lot (which is what they would have calculated at closing), as opposed to projecting your year two amounts based on the unimproved lot.

agracer
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quote:
Needless to say we'll just cancel the escrow entirely and pay our own taxes when they come due.
FAIL on your part for not doing that to begin with. Never give the bank money unless it's absolutely required.
agracer
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quote:
I finally decided to just pay the escrow waiver fee and manage it myself. Not only can I make money with my own money during the year, but I can also get CC points when I pay my property taxes.
Apparently not. WTF would you pay the bank a fee to NOT give them money?

If you people would just use Jed from Texas Bank you would have none of these problems and still get very good rates.
Ryan the Temp
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They cut off 1/4 point if I escrowed. The fee is just paying back a prorated portion of the point savings.
DadAG10
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quote:
but I can also get CC points when I pay my property taxes.


And you likely pay an additional fee for using a CC to pay that way.
AliasMan02
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quote:
quote:
Needless to say we'll just cancel the escrow entirely and pay our own taxes when they come due.
FAIL on your part for not doing that to begin with. Never give the bank money unless it's absolutely required.
You missed the part where they paid me to escrow.
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