Consumer complaint received 2016-08-29
Company: BANK OF THE WEST
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
First, Bank of the West sold me a loan on false pretenses and will make {$600000.00} off that loan that should have gone to their competitor, XXXX XXXX. Second, due to their false statements, we are in jeopardy of not having the money we need to complete the renovation of the downstairs apartment and backyard of our duplex - thus we will not be able to request as high of a rent as we would if we were able to complete all repairs. Third, while they are reviewing my case I am losing " would-be '' rent. 
The false statement : Bank of the West 's agent, XXXX XXXX, assured us at least twice by email and also by phone that we would get a home equity loan to XXXX % loan to value ratio - {$83000.00} on our {$920000.00} XXXX XXXX. See the two emails in Appendix A. Before the closing of the loan I asked how we could get the ball rolling on the HELOC ( see Appendix B ) and was told we have to wait for the closing of the mortgage loan. Everyone was so sure and reassuring that I trusted them. After the mortgage loan closed so it was too late to switch to XXXX XXXX, they decided that they ca n't give us a HELOC because it 's a duplex so they ca n't go above the XXXX % loan to value ratio that we 've already reached. Per Appendix A, XXXX XXXX was aware the property is a duplex. 
We made a XXXX % down payment at Bank of the West. If there was doubt about the HELOC we would have gone with XXXX XXXX where we would have only paid XXXX % down ( leaving the {$46000.00} difference for repairs ). 
I have repeatedly assured them that we are extremely capable of repaying the loan. See Appendix C for support on why we are no risk for a further loan. They still tell me I can not get the HELOC product because I do n't have the collateral, but they would be happy to sell me an unsecured loan for less money at a higher interest rate. I also escalated this to XXXX XXXX 's boss, XXXX XXXX, who called to apologize for this " frustrating '' situation. ( XXXX XXXX has since left Bank of the West and knew XXXX from a previous dispute with Bank of the West that has already been resolved in my favor. See Appendix D. ) He has since forwarded my case to Bank of the West 's " resolution team ''. He did n't mention at that time that it may take up to 20 days to reach a resolution ( and of course the resolution may not be final or favorable ). Of course this is a problem for us, as we can not execute the majority of the repairs until we have more money and the duplex lower unit remains unrented. 
Some of the requests above have not yet been formally communicated to Bank of the West since I had planned to simply wait for their response. However their actions since the denial of the HELOC have not assured me that they are taking my lost rent seriously. 
I will send them a copy of this complaint, unedited, for their review and consideration. 
I am extremely thankful for the existence of the Consumer Financial Protection Board to aid consumers who are stuck in situations like this. Thank you very much!

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 explanation