Consumer complaint received 2016-06-20
Company: PNC Bank N.A.
State: NY
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
On XX/XX/XXXX, I called PNC mortgage to speak with a representative about the requirements necessary for updating the property value of my home. My husband and I were in the process of obtaining a home equity line through PNC bank since this bank currently holds our mortgage. While we were eligible to receive the equity line through other lenders, we figured it would be mutually beneficial for us to go through PNC. Our one concern was whether or not our appraisal would count toward updating the property value of our home. We were told several times that an appraisal from another bank would not count, so we decided to go with PNC. Before signing the documents for the HELOC, I made sure to speak with a representative to confirm our appraisal would count toward updating our property value. We were also hoping it would be high enough to remove our PMI. Either way, we wanted to make sure our property value would be properly updated in order to remove our PMI as soon as possible, even if we were n't eligible at this time. I spoke with XXXX at XXXX p.m. on XXXX XXXX to ask about using the appraisal. She checked with a supervisor and told me, as long as we received a full appraisal during the HELOC application process, we would be able to apply the appraisal amount to our property if the request was made within 120 days of the appraisal. We had, in fact, completed a full appraisal. We immediately faxed the documents to the bank and closed on our HELOC that week. This loan was officially established on XXXX XXXX. We have since been told the appraisal will not count toward updating the current appraised value of our home. 
On XXXX XXXX, I contacted PNC once more to speak with a supervisor. My husband and I spoke to XXXX representatives ; both told us no supervisor was available. When speaking with a woman named XXXX, I asked why the appraisal did n't count toward my property value. She seemed to be looking up something or talking to someone, and told me it did n't count because it was n't a full appraisal with pictures. When I told her it was, she clearly backtracked. She then retracted her statement and said she would escalate my request to speak with a supervisor. I was told someone would contact me by Monday, XXXX XXXX. Someone named XXXX XXXX left me a message around XXXX. on XXXX XXXX. XXXX did not leave an extension, nor did she spell her last name, and I have not been able to find her through the PNC dial-in directory. I received another letter from PNC stating I would need to prove my property was worth at least {$430000.00} in order to have the LTV reduced to XXXX % and have my PMI removed. My house was appraised at {$420000.00}. The closing statement from the purchase of our house, which said we were eligible to have our PMI removed at XXXX % LTV. It says nothing about needing a XXXX % LTV if requesting removal of PMI before it reaches that, nor does it state that the LTV is calculated based on the original appraised value or purchase price, whichever is lower. We were misled by representatives of PNC who confirmed something for us that was not true. We are also being told that our LTV is to be calculated with the current principal balance divided by the purchase price or original appraised value. At the same time, we are being solicited for {$500.00} for a new appraisal, which, presumably, the bank would use to recalculate our LTV. If I paid the {$500.00} for a separate appraisal, my appraisal would have been taken into account. Since I did n't, I 'm being told it 's not eligible. On Tuesday, XXXX XXXX, XXXX XXXX emailed me from PNC 's Executive Client Relations Department. In her email, she told us our concern was forwarded to XXXX XXXX for review, and to reach out to her with my phone number in order for her to contact me. I emailed XXXX later that afternoon, and advised we would be filing a complaint if we had n't heard back by week 's end, which we did n't.

Company response to consumer: Closed with explanation