Consumer complaint received 2019-06-17
Company: FIRST NATIONAL BANK OF PENNSYLVANIA
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I was given a pre-qualification letter by XXXX XXXX of FNB on XX/XX/19. I was told in writing and over the phone that they would pull the equity out of my current home to be able to purchase the new property. I submitted all required documents and completed the loan application on XX/XX/XXXX. I was then contacted by XXXX XXXX from FNB on XX/XX/XXXX and was told that I needed to open an online banking account with FNB in order to qualify for the interest rate that was promised. On XX/XX/XXXX I completed the online banking application and have recently been billed for this account. After repeated calls to XXXX XXXX between XX/XX/XXXX and XX/XX/XXXX, to get a status, he finally wrote back to me on XX/XX/XXXX, telling me that he was still waiting to get the appraisal back on the bridge loan but would get back to me later that day. I called XXXX on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX and also had my Real Estate agent call to get a status as we were supposed to close on XX/XX/XXXX. Finally, on XX/XX/XXXX, XXXX responded via email that they couldn't do the bridge loan because he thought they could get the full value of the equity originally but was capped at 75 % -80 %. I then told XXXX on XX/XX/XXXX that I could take a penalty and pull the money out of my 401k. He told me that I should do so. I applied the same day and had the funds available 2 days later ... and wired them to the Title Company so that we could close by XX/XX/XXXX.  Once again, XXXX never followed up. After reaching out to him on multiple occasions with no response, he finally responded on XX/XX/XXXX that he had spoken with his VP and that everything was good and that I should get confirmation later that evening. I then received a XXXX at XXXX XXXX and signed it, the evening before departing on vacation. On Wednesday, XX/XX/XXXX, I  received an email from XXXX stating that they were changing the plan once again and that I needed to pay an additional {$15000.00} to buy down the rate to 3.5 % to get the debt-to-income ratio below 50 %. I was told that he needed my answer immediately and so begrudging sent him a note that we accepted. He told me that the mortgage would drop to {$3300.00} and that cash to close would go up to {$170000.00}. I agreed to everything. Then, on Monday, XX/XX/XXXX, I received an email from him that once again, they were changing the plan and that I needed to either give them another {$25000.00} to buy the rate down lower or that I would have to buy my leased XXXX. 

As a result of all of this, I am at risk of forfeiting my {$10000.00} in earnest money, I have already spent ~ {$3000.00} to get the well inspected and the property survey. I will lose ~ {$20000.00} in 401k age penalties. I am getting billed for an FNB bank account that I never wanted and have paid for utilities at the new place. All together, this Bank has probably cost me nearly {$35000.00} due to their incompetence.

Company response to consumer: Closed with explanation