Consumer complaint received 2017-03-26
Company: BB&T CORPORATION
State: GA
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Settlement process and costs

Complaint:
1. On the advice of a branch executive at the XXXX branch, we decided to refinance our existing second mortgage to reduce the interest rate from 7.8 %. 
2. We started the process with XXXX, the market leader at the same branch, in XX/XX/XXXX requesting to borrow $ XXXX. Part of this was to pay-off the 7.8 % second mortgage, and the remainder we would use to do some work in our backyard. 
3. XXXX told us that that we would not be responsible for any finance charges, points, closing cost and appraisal fees. 
4. Later we were then told that underwriting requested documents from XXXX. because of an old timeshare loan that was still showing on our credit report as current, even though we had, through our lawyer, filed documents relieving us of the responsibility ; we provided whatever was requested. 
5. This loan was taking so long we contacted XXXX, XXXX manager, who promised to determine what has delaying the application, and do what was required to get it completed. 
6. XXXX told us that an appraisal was necessary, and the " desk appraisal '' came in lower than market value. 
7. We then were informed that the amount we were approved for was ONLY $ XXXX because of the appraisal coming in at $ XXXX, and the difference between what we owed, approximately $ XXXX, and 80 % of $ XXXX. Definitely not what we expected. 
8. We were told the process would start with a HELOC that we could pay interest only for 10 years at a very low rate before the principal payment would start. We wanted a fixed rate for the life of the loan. We discussed this with XXXX who informed us that she would " term it out '' at a fixed rate of 3.39 %. This would happen after the 3 days right of rescission, and the funds were taken from the HELOC. 
9. We had asked prior to being given a date for closing, that a copy of the " good faith estimate '' be sent to us, but our banker did not know what that was. We the asked for a breakdown of the new loan that we could review prior to the closing, but XXXX was unable to provide the information. 
10. We signed the HELOC, and at the time of signing XXXX and I asked the pointed question about the interest rate. XXXX again told us it was 3.24 % on the HELOC, then once we used the funds that would convert to the FIT@3.39 %. 
11. On XX/XX/2017 I transferred {$25000.00} from the HELOC to pay-off the high interest 7.87 % second mortgage, moved the balance of {$7600.00} into checking account ending with XXXX to be used to pay for the work on our backyard. 
12. On XX/XX/2017 I visited the bank to discuss the " royal mess '' that had been created by some gross incompetence from the banker. The payoff amount that we made online that we thought would pay-off the {$25000.00} mortgage was applied but the account still showed a balance of {$120.00}. The HELOC also showed a balance of {$40000.00}, and the FIT was showing {$33000.00} already used. 
13. XXXX called and received instructions from another banker, and she again made payment of {$25000.00} to the second mortgage account and reassured me that she would fix the " mess '' she created. Just before leaving she tried to explain, " this is the first I am doing this and thank you for being so patient with me ''. I left the bank feeling as if my wife and I had made the biggest mistake in allowing this banker to handle our financial future. 
14. On XX/XX/2017 the bank called to alert us that we had made a payment of {$25000.00} on the second mortgage even though our existing balance was {$120.00}, and wanted to determine how we wanted the overpayment refunded to us. My wife called me immediately to alert me. 
15. I visited the XXXX to talk with XXXX or another banker about our experience, and to get some resolution as our second mortgage is in a total mess. I spoke with XXXX who escalated our concerns. 
to date no call from any bank official as promised.

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