Consumer complaint received 2021-06-02
Company: TD BANK US HOLDING COMPANY
State: SC
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
To Whom it May Concern : I am refinancing my home which has an existing HELOC loan associated with the mortgage. Both the original mortgage and HELOC are via TD Bank.

I am refinancing through Key Bank and chose to subordinate the TD HELOC loan. We now are approaching 90 days after submission of the subordination request without resolution. A timeline of events is outlined in a recent email sent by the loan attorney to TD bank below. The email string is attached as a PDF. 

I understand there is a large number of loans being refinanced and great demand on subordination process. However, I was led to believe by TD Bank that this process would take about 30 days. We have submitted all requested documents with <24 hour turn around. The customer service at TD bank has been very cordial and apologetic. The subordination division is only accessible via email, even for TD Bank customer service. 

Notably, my appraisal expired, costing me {$2400.00}. My rate lock has also expired. Collectively, TD Banks ( in ) action is costing me significant amount of money over the life of the loan. My loan officers tell me that a typical subordination, even in todays refinance environment, has taken about 15 days. 

Best, XXXX XXXX Account, AMCB Subordinations XXXX ; XXXX ; XXXX XXXX, I am in receipt of your email but I would like to, again, ask that you prioritize the processing of this subordination request that has been outstanding since XXXX. I have reached out to your department multiple times for updates without any response. I have summarized the timeline of the pertinent communications/events below : XXXXSubordination Packet sent via email and XXXX overnight with documents requested on the TD checklist form- was told it could take 30 days to process XXXX received a request for 2 additional items that were not required on the TD checklist : 1 ) payoff statement for 1st mortgage and 2 ) verification of tax bill payment. I promptly ordered a payoff and sent these 2 items back to the Subordination Dept within 24 hours ( on XX/XX/XXXX ) XXXX received an email from the Subordination Dept advising the file was being transferred to underwriting and to allow 7-10 business days XXXX received a request for a Preliminary CD ( another item that was not requested on the TD Checklist ) and sent this back to the Subordination Dept on the same day ( XX/XX/XXXX ) XXXX received an email confirming receipt of the missing document which I assume refers to the Preliminary CD requested ( and sent ) on XX/XX/XXXX with yet another request to allow 7-10 business days processing. ( see email below ) We are now nearing 90 days of processing without any progress. In my 15 years of practice, I have never seen a subordination request take this long. I have copied the borrower and loan officer on this email as I expect they will also be reaching out to management about the handling of this matter. In the meantime, please let me know as soon as possible if there is ANYTHING else you need to get this subordination request granted as soon as possible. 

Thank you, XXXX

Company response to consumer: Closed with non-monetary relief