Consumer complaint received 2017-09-18
Company: TCF FINANCIAL CORPORATION
State: MI
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
This Complaint is being filed subsequently to those filed last spring. The " Construction '' period has expired and with no further documentation, payments, etc provided by the bank. 

I closed on my home on XX/XX/XXXX. Unbeknownst to me until XXXX of this year when I finally received my Closing Package, I was given a straight " construction loan '' on my home that was built in XXXX. The " one year interest only " construction '' period '' expired over a month ago. I have not received any updated information or payment amount for the permanent phase. Thus, my " Complaint '' and requests as follows- The correct information to " know before I ( went ) '' was not given to me prior to close. 

I need it now to know before I keep going. 

I 'm asking for straight, simple and honest answers to the following- 1. The Closing Disclosure provided by Chemical Bank states I paid {$140000.00} for my home. The loan estimate they prepared and which is dated XX/XX/XXXX also states I paid {$140000.00}. The XXXX states I paid {$110000.00}. Is Chemical Bank correct or incorrect? 

2. My home was built and granted an Affidavit of Occupancy in XXXX. I was given a " Construction Loan '' for the purchase of my home. Does Chemical Bank believe current RESPA/TILA rules and regulations allow that? 

3. The Mortgage, Deed, and Title are all in my name alone. Does Chemical Bank have any documents that are part of my loan in anyone else 's name? 

4. There is no downpayment indicated on the Closing Disclosure. Does that mean no down payment was required for my loan? 

5. There is no " Construction Holdback '' on the Closing Disclosure. Does that mean there was not an amount held back for Construction but rather that the entire loan amount, namely {$110000.00}, was disbursed? 6. Other Costs ( E ) states them to be {$110.00}. ( 01 ) a. Does {$25.00} plus {$68.00} equal {$110.00}? 
b. Is Chemical Bank willing to present the Closing Disclosure to the CFPB to be reviewed for Compliance? 

7. Cash to Close. 

Chemical Bank states the Closing Disclosure was based on the Loan Estimate they dated XX/XX/XXXX and which states Seller would be RECEIVING {$100000.00} at close. This follows estimate dated XX/XX/XXXX for a Purchase Loan. 

The Closing Disclosure which was provided on XX/XX/XXXX for the XX/XX/XXXX closing required {$26000.00} be BROUGHT to close. 

Do those numbers meet compliance /tolerance requirements? 

Please include the specific regulations Chemical Bank utilized to support this {$130000.00} difference. 

8. Loan Calculations ( page 5 of CD ) states {$110000.00} was " financed after paying upfront finance charges ''. Please provide the amount of those " upfront charges '' and a ledger of where the {$110000.00} was disbursed. 

9. The Closing Disclosure does not state this loan to be " construction to permanent ''. 
Does that mean it 's not construction to permanent? 

9. The closing took place on XX/XX/XXXX. I moved into my home last fall and have not received any " construction draws ''. 

10. The attached Appraisal states the current value of my home to be {$170000.00} ( {$1000.00} more than the value given on the Closing Disclosure ). 

No work has been done by others on my home in the last 120 days. a. Is Chemical Bank willing to provide a draw for the {$23000.00}? 

b. If not, is the bank willing to make the required corrections to the Closing Disclosure and all other associated documents and recordings reflecting the actual purchase and loan amounts? 

c. Refund the {$650.00} " Construction Admin Fee '' I paid at close? 

d. Refund the differences incurred in the lesser loan amounts? 

e. Refund any and all other excessive amounts charged and which will be revealed upon executing the Closing Disclosure properly/as required? 

11. The Closing Disclosure states XXXX XX/XX/XXXX and XXXX XXXX to be my contacts. 
a. Did XX/XX/XXXX/Chemical Provide the required letters, information and local contact pertaining to their take over of XXXX XXXX? 
b. CD states that on XX/XX/XXXX XXXX XX/XX/XXXX" intended to service '' my loan. Is that true? 

12. Does Chemical Bank have an Intent to Proceed on a Construction Loan in my file? 
( the only one I have or signed is the one attached and dated XX/XX/XXXX for a Purchase Loan )

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 explanation