Consumer complaint received 2020-12-07
Company: TD BANK US HOLDING COMPANY
State: PA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
Hello CFPB! 

Now that the dust has almost settled ( taking a long time for the dust to settle, ) there remains an outstanding issue what we define as abusive lending practices from TD Bank. We purchased two new construction properties and secured lending for both with TD Bank.

_____________ BACKGROUND _____________ For the record, we have had several mortgages with TD over the years and all went smoothly. The below experience was such a shock to us, especially for TD Bank. Maybe these were newer staff members inside lending. We are not a disgruntled customer of TD Bank ( we even opened 4 new checking products since ) and we do not have an axe to grind. We were treated terribly and taken advantage in such a major way. Experience was horrible, and we were treated worse when trying to reconcile and work w/the bank.

TD Bank offers some of the best rates for many situations so it is hard to avoid TD Bank for loans. We even checked on an additional loan months AFTER this terrible experience because the rates were hard to ignore ~ equally disgusted on this experience as well ... story for another day. Point being, we do not have an axe to grind, TD did take advantage ( in a big way ) and we were treated horrible.

We are agreeing to publish the description in the hopes that, at a minimum, others will be aware not to trust the innocent sincere sounding voices of TD Bank lending, to expect TD to go back on their word ( even their written word ) and to expect being treated like a criminal if you express concerns about the process or experience. 
( TIP : TD Bank Chairman Board is designed to support internal departments of TD Bank, NOT the customer. ) __________ SITUATION __________ The terms of the mortgages which TD offered, and we accepted, were not the terms furnished at the closing table. We were a captive audience unable to change midway. Penalties of default were too high to seek new financing options.

TD Bank quoted based on a special program that required borrowers to meet to qualify.

Apparently not 'all ' qualification terms were disclosed in advance as we kept learning of " new '' qualifications throughout the process. In addition, TD Bank kept changing the goal posts.

Both loans were quoted as 3.75 %, 30year fixed, Opt, rate lock fees waived.

Both loans at settlement incurred points, higher interest rates, unexpected fees.

T.D.Bank missed closing several times ... no show one day.

We also incurred over {$8000.00} in per diem fees.

Efforts to work w/TD Bank and reconcile included : Direct conversations with lending department ; situation worsened severely.

Contacting TD lending senior management ; ignored.

Seeking TD management support outside of lending ; traction, yet denied Filing concern with TD Bank ChairmanService Center ; dept purpose is to support TD. 
Filed a complaint with the XXXX XXXX XXXX 

Recently spotted an article directing me to CFPB for support. 
This was a highly charged, convoluted and dramatic dumpster fire. 
We appreciate any support CFPB is willing the provide. 

_______________________________________ SUMMARY FROM BORROW 'S PERSPECTIVE _______________________________________ TD Bank did not furnish either loan as promised.

TD Bank lied and went back on their word on terms ( aka no fee rate locks. ) TD Bank kept revealing 'new qualification ' requirements throughout the process.

TD Bank kept changing the goal posts at random.

-- -- When lending manager eventually got involved, the discussion centered on 1 ) Manager 's qualification from another bank, 2 ) Questioning why primary source of funds were stored at another bank ( not TD. ) 3 ) TD was entitled to 'more of the business ' ( profit ) and that can happen when having an over eager commissioned sales agent etc. 

TD Bank waited too long to work on the loans. We committed at the beginning of XXXX with a closing in mid XXXX. The entire process rebooted from scratch in mid XXXX. Long long delays between steps, told no one wanted to touch these loans, key staff MIA and no communicating, sudden unannounced vacations w/no one covering ( as an example. ) TD Communication was difficult throughout. Multiple requests for the same documents, one person not knowing what the other had done or requested, every day something new. Document management process a black box where the borrower has no insight any not able to help or support lending team.

TD Bank made unilateral decisions after we were already in default paying per diem fees that significantly added to the cost of closing.

Though TD made these above decisions, actually failed to show up for closings ( etc. ) TD refused to cover even the costs of the per diems directly associated with these actions. 

TD agent continued to make fun and make disparaging comments about us throughout, including to a large group in a special meeting to discuss his problem and options that included the builder, realtors, ourselves. 


______________________________________________________ SUMMARY FROM LENDER 'S PERSPECTIVE ( as we understand ) ______________________________________________________ Buyer did not qualify for preferred loan option and as such we needed to change the loan in order to reach closing. 

Customer wasted time trying to qualify adding to delay and costs at closing TD Bank was the hero as we managed to get the loans through. 

Customer is whining about the problems they caused and need to be thankful we got the loans approved.

Company response to consumer: Closed with explanation