Consumer complaint received 2022-01-01
Company: FIRST CITIZENS BANCSHARES, INC.
State: GA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Before the clocks strikes midnight, I intend to file a complaint that I've wanted to file for months. On XX/XX/2021, I reached out to XXXX XXXX at First Citizens Bank representative XXXX XXXX in XXXX regarding a HELOC loan for a mortgage free home I own in at XXXX XXXX XXXX XXXX XXXX XXXX NC XXXX The home is valued at about {$270000.00}. My credit scores at the time were in the mid to high 700s. Initially, I'd hoped to get a heloc with my son who is a customer with the bank but didn't feel comfortable adding him to the deed due to marital issues he was having at the time. On XX/XX/2021, I sent XXXX XXXX the requested two years of tax returns and the requested W2 financial documents but I had not signed and completed the application. XXXX XXXX then called me on XX/XX/2021 and I informed her that I did not know how to complete and sign the online application and verification of financial information page. XXXX XXXX had said that she put the HELOC amount down as {$100000.00} which was more than I was considering but decided to go with it. She advised me how to access the signature verification page and I signed and emailed the signature document and application to her the next day on XX/XX/2021. On XX/XX/2021, I noticed that my name on the HELOC documents was listed as XXXX XXXX instead of XXXX XXXX XXXX. I emailed XXXX XXXX about this concern and she said not to worry about it and that it would be corrected at closing. I didn't understand how this error could have occurred since all the paperwork I sent to XXXX XXXX contained my correct name. It then occurred to me that I'd seen XXXX XXXX as one of the incorrect names listed on XXXX of my credit reports and that XXXX XXXX had obviously pulled my credit report before the signed verification of Financial information document had been sent to her on XX/XX/2021 because she knew my credit score when I spoke with her on XX/XX/2021. I just didn't understand how a bank could issue a HELOC loan to me in the wrong name so I mentioned it again and was told that it was too late to change the name on the information and not to worry about it. 

I even visited the XXXX branch bank in person and XXXX XXXX had me speak to another loan officer who opened an account for me and told me that I had been approved for a {$15000.00} XXXX XXXX credit card at 8 % interest. After many days and weeks of sending XXXX XXXX one document after another, and sometimes the same documents twice, XXXX XXXX said that underwriting was concerned about my debt to income ratio. When she presented me with a list of the debts below, except for my car loan with XXXX bank, the other debts had mostly been paid off after the XXXX 2021 refinancing of my home here in XXXX, Ga. 
XXXX XXXXXXXX XXXX XXXXXXXX XXXX XXXX XXXX I wanted to have this information corrected because XXXX XXXX said if the accounts were paid from the HELOC that I could never have an account with these companies again. i didn't understand why I had to close accounts that had already been paid off when I refinanced my XXXX home. 

XXXX XXXX said she needed proof from the creditors that the debts had been paid. I contacted the creditors and had each one send me an updated statement with the correct amounts owed. I sent this information to XXXX XXXX who then said she couldn't accept the creditors ' statements. 

On XX/XX/2021, I emailed XXXX XXXX that I had called her several times and left a message for her to return my call and did not hear from her and that was the last day that she'd said she could submit any updated information. On XX/XX/XXXX, XXXX XXXX finally called and said that the loan counter offer had been reduced to what I thought she said was {$62000.00} because I wrote the amount down. The next day on XX/XX/XXXX, I received an email from XXXX XXXX stating that the counter offer was {$52000.00}. I emailed XXXX XXXX that I was never comfortable with {$100000.00} HELOC loan anyway and that the {$52000.00} would be sufficient. The next thing I know, I get a letter in the mail from First Citizens a week later stating that the HELOC had been denied. I have never been so disrespected by a financial institution in my entire life. I maintain that when the HELOC loan went back to underwriting for closing, that having the incorrect name of XXXX XXXX on the documents invalidated the entire process and that was an error that could have only occurred if my credit report had been accessed prior to the signed documents being submitted.

Company response to consumer: Closed with explanation