Consumer complaint received 2024-01-19
Company: REGIONS FINANCIAL CORPORATION
State: TX
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-issue: Application denials

Complaint:
Discrimination and XXXX XXXX XXXX 

On XX/XX/, I applied for a Home Equity Line of Credit for my home with Region 's Bank with an excellent credit score of XXXX to XXXX with NO DEBT and substantial amount of month income. Regions conducted an appraisal, and the value of my home was showing XXXX XXXX with a remaining balance on the home of XXXX XXXX. Leaving me with substantial amount of equity in my home. I requested XXXX XXXX for the Home Equity Line of Credit based on the calculation of equity that was showing in my home. 
After a long wait the underwriter said they could only do {$42000.00} for the loan amount. I asked why they could only do half of the loan amount and the Regions Bank Underwriter could NOT provide a valid reason for the reduction in the loan. I was very upset with this decision but just went ahead and agreed to the terms of the loan. Signed ALL of the paperwork for the HELOC to go to closing and was waiting on the closing date. After waiting several weeks waiting for the closing date i started to having problems with the loan officer XXXX XXXX ( XXXX ) from responding to my email and phone calls trying to find out the closing of the HELOC. After several weeks of trying to get a hold of her tells me my loan has been CANCEL due to Debt-to-Income ratio. I explained to her how is this possible when the ONLY DEBT and PAYMENT I HAVE IS MY MORTGAGE PAYMENT. I HAVE XXXX DEBT. 
I REQUESTED THEM TO PROVIDE AN ITEMIZED STATEMENT OF WHAT THEY USE TO CALCULATE MY DEBT and Regions would not provide this information. I requested to speak to the OBUDSMAN Office and was denied. 

PS : During the application process the underwriter requested to speak to me and when he called he real had nothing to talk to me about. He stated that he wanted to know if my mortgage account was escrowed. Which didn't make any sense because the underwriter had copies of my mortgage statements showing CLEARLY that my account was escrowed. I BELEIVE the reason of the call was to try to identify IDENTFY IF I WAS XXXX DUE TO THE NATURE OF MY NAME. THE UNDERWRITER SENT ME A DENIAL LETTER DATED THE SAME DATE THAT SPOKE TO ME ON THE CALL. WHICH DID NOT MAKE ANY SENSE SINCE WE HAD SCHEDULE A CLOSING A MONTH AND HALF LATER FROM THIS DENIAL LETTER.

WANTED TO FILE A Discrimination and XXXX XXXX XXXX against this company IMMDEDIATIELY. 

XXXX XXXX XXXX XXXX COPY OF EMAIL BELOW OF HELOC APPROVAL : XXXX XXXX XXXX You XXXX XXXX I got word from our processor to comply with Texas HELOC guidelines we will need both your wifes signature and your signature on TEXAS XXXX .

I have attached it to this email.

Email received.

Update from Processor : Notes from Reviewer : Processor : is the document acceptable? 
Comment : TX XXXX Spouse will need to sign Internal Use From : XXXX XXXX  Sent : Tuesday, XXXX XXXX XXXX XXXX XXXX To : XXXX XXXX XXXX Subject : [ EXTERNAL ] XXXX XXXX Follow up on Closing Date for HELOC [ External Content ] Please use caution. 

Good morning, XXXX I wanted to follow up on the closing date for the HELOC? Thanks for all your help!

Sent from my XXXX On XX/XX/, at XXXX XXXX XXXX XXXX  wrote : Thank you XXXX XXXX, XXXX received. 



Internal Use From : XXXX XXXX XXXX Sent : Thursday, XX/XX/2XXXX XXXX XXXX  To : XXXX XXXX XXXX ; XXXX XXXX XXXX Subject : [ EXTERNAL ] XXXX XXXX Signed Docs for HELOC .... Applicant 's Authorization, XXXX, and Notice Concerning Extensions of Credit [ External Content ] Please use caution. 


Good evening, XXXX Here are the signed documents that you requested to complete the HELOC Loan. Let me know if you have any questions or concerns. Thanks for all your help! 


XXXX XXXX XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with non-monetary relief