Consumer complaint received 2018-01-14
Company: PNC Bank N.A.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
While attempting to refinance a condo owned by my mother and me we ran in to an issue with PNC Bank. Our finance person had the new loan locked in at a significant saving for my mother who is XXXX years old and on a fixed income. She lives on social security and the income from her part time job as the XXXX at a XXXX XXXX XXXX. 

After multiple people and multiple transfers I was finally able to reach someone to ask about the situation and request a payment history. I could not get a consistent answer from anyone. One person would tell me they could fax the information while the next  person would say that faxing was not permitted. I received the same run around with the option of email. 

Finally on XX/XX/XXXX they mailed me a copy of the payment history. Upon review several things stood out. 

First, on a XXXX year old loan which was originally for {$12000.00}, the current balance is {$11000.00}. This means that over the course of 10 years the principal has gone down less than {$1400.00}. Admittedly my mother, who lives in the condo and pays the mortgage, has been late and missed some payments but even with that being factored in that seems highly unlikely. 

Second, the payment history provided ended in XX/XX/XXXXwith a notation that it had been charged off. PNC has continued to accept payment past that point but refuses to provide me with any additional documentation of that payment due to a bankruptcy that was discharged almost 10 years ago. This loan was not part of the bankruptcy. 

On Thursday, XX/XX/XXXX, after many requests, I was finally contacted by a supervisor. He told me that the reason the loan showed as charged off is because they transferred the balance to another loan in XXXX. To the best of my knowledge, no new loan documents were signed nor did I authorize a change to initial terms of the loan. 

When I told the supervisor that I was going to be filing this complaint on advice of counsel, he openly laughed at me and said Let me tell you how this is going to go down. and proceeded to explain to me that they would produce documents from the original loan ( which had been previously acknowledge as no longer the active loan ) and that we would still have to pay them back. Im not trying to discourage you, just giving you advice. 

PCN Bank openly stated that they would knowingly and intentionally provide inaccurate documentation to the US Government as a part of this investigation. 
I have spoken to a number of real estate and finance professionals I know personally about this situation and they all have nothing good to say about this company or their business practices. They are known for manipulating customers and situations in order to assess fees and penalties which make it virtually impossible to pay off the loans they make to the average person. 

I realize that your organization receives innumerable complaints on a weekly basis. However, I would like it to be known that there is a loan offer pending the outcome of this investigation which expires on XX/XX/XXXX. 

Thank you very much for your time and consideration.

Company response to consumer: Closed with explanation