Consumer complaint received 2021-02-28
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

Complaint:
On XX/XX/XXXX, I applied for a home equity line of credit ( HELOC ) with Regions Bank. They advertise a compelling .99 % introductory APR on their website, so it seemed like a good fit to help me fund some home improvements. I began to receive automated email communications regarding my application that were signed by a specific Mortgage Loan Originator who become my contact point for my HELOC application. 

On XX/XX/XXXX, I received an automated email notification stating that my application had been conditionally approved. I subsequently spoke with my assigned Mortgage Loan Originator the evening of XX/XX/XXXX, about the terms of the HELOC and the documentation that would be required to finalize my approval. During this conversation, she stated that I should expect 45 to 60 days to close. 

Initially, the next steps went smoothly and my application was moving forward, but I hit a roadblock beginning on XX/XX/XXXX. On this date, I received an email from my contact stating : The application is now in the processors que for the final review. Please allow up to 48 hours for the final review to be completed. Please follow up with me on XX/XX/XXXX if I have not yet informed the final review is completed and to schedule the closing. On XX/XX/XXXX, as suggested, I began following up with her. As of today, XX/XX/XXXX more than 6 weeks after my application entered the queue for final review and after numerous follow-up emails my application is still pending, and my repeated attempts to get any visibility into the status of my application or how much longer it will be until I can close have fallen on deaf ears at Regions. 

As seen in the provided email thread of my communications with the Mortgage Loan Originator, the only replies I get to my inquiries are that she is emailing the processor again or emailing her manager and the processors manager about my request for any update. Not once have I received a response back from her that provides a follow up response from the final processor and/or the managers in question and all ongoing communication related to the status of my application is being driven by me.

Ive also tried calling about my application. However, the Mortgage Loan Originators voicemail does not allow for leaving a message and directs the customer to either send her an email or call Regions Banks general retail banking customer service line ( XXXX ). The individuals at this number tell me they cant access any information in the system about my application, put me on hold and call my contact point, and then come back and tell me she doesnt have any update for me and shell email me when she does another dead end.

It has now been over 100 days since my initial HELOC application was submitted to Regions far longer than the 45 to 60 days that was initially communicated to me. I understand that banks are facing a huge volume of mortgage/refinance and home equity-related applications due to the current low-rate environment, however it seems egregious that a bank can apparently hold consumers in limbo for as long as theyd like, without any standards for communicating to the consumer about the status of their loan application. 

At best, Regions seems to be severely understaffed and lacking in effective process. At worst, they are falsely advertising a HELOC rate to consumers that they have no intention of actually fulfilling upon, which is how I now feel. Im simply asking for Regions to provide me with 1 ) a substantive and specific update regarding the status of my application in the final reviewers queue and 2 ) a firm expected timeframe for closing on my HELOC.

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