Consumer complaint received 2023-07-19
Company: Comerica
State: MI
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Complaint against organization : Organization Name : Comerica Bank XXXX XXXX XXXX : COMERICA BANK XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX : Michigan XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  Type of Business : Financial Institution Estimated Employees : XXXX Employees or More Most Recent Date Of Harm : XX/XX/XXXX Area of Complaint : Housing Request Description : Denied a loan based on " not enough value '' when appraisals show higher value than loan requires, state tax assessment exceeds appraisals. 
I just finished a two year project building a house. I completed it in XXXX, got Certificate of Occupancy with City of XXXX in XXXX, and closed on a Mortatge with XXXX XXXX XXXX XXXX in XXXX. 

My real cost to build was well over 500k. I borrowed XXXX from owners builders loans to finance the construction. 
I invest at least 200k out of pocket, It is a custom designed, and I managed the build. 

I order two full appraisals see attached.. 
XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX before house was finished XXXX XXXX {$520.00} XXXX XX/XX/XXXX Comerica drive by {$400.00} XXXX XXXX and XXXX Encounters I applied for a second with Comerica online.. 
I was hoping to borrow XXXX XXXXXXXX take care of some outstanding credit card debt and protect my XXXXXXXX XXXX 

I was pre-approved in Feburary.. 
Then I was contacted by Title company because the XXXX had not been recorded yet. 
They threatened to delete application and requuire me to start over. 
I had the XXXXXXXX XXXX  company explain that legally they had 90 days to file but would expeidite filing for me. 
The Title work was recorded and clear in XXXX. 

I then recieved a call at the end of XXXX to say I was denied becasue Apprasial did not come in high enough. 
I was dumbfounded because they had all this info for weeks. I asked the lady to let me send her my real appraisals so they could correct thier stuff. She insisted it wouldn't do any good. 
So I asked to speak to someone else before I talk to my attorney because I felt like I was being discrimanted against. She finally had someone call me back who was very rude.. 
Kept trying to over talk me.. 
Said crazy stuff like the drive by 's always come in lower.. so I asked did they come in lower for just XXXX people? 
It was a fight and struggle trying to get her to consider actual appraisals that were XXXX more. Told me insane stuff like it was illegal for her to look at another appraisal, but send her the comparables. 
She made comments like he has no way of knowing you are XXXX ... duhh he came by and took pictures while I was home. I'm a XXXXXXXX XXXX XXXX with my pic and name all over social media.. urrrggg. 

If they do this to a XXXX, with excellent credit ... the average guy does not stand a chance.. 
I later got approved for same loan, by XXXX XXXXXXXX XXXX, same type of drive by appraisals. The tax assessment is actual higher than the apprisal! XXXX

Company response to consumer: Closed with explanation