Consumer complaint received 2019-02-07
Company: PENTAGON FEDERAL CREDIT UNION
State: PA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage

Complaint:
We applied for 2 equity loans. The whole thing took so long we had started looking elsewhere to do them. Our goal was to have all our financial accounts under one bank/lender to make things easier. 
Well the easier part did not happen. We had 1 loan at XXXX XXXX that we were moving to Penn Fed FCU as well as converting our equity line of credit balance at Penn Fed to a fixed equity loan leaving the line of credit open with a reduced credit line. Both of these loans had credit life and XXXX on them already. 
From the beginning we advised that we needed the credit XXXX and Life on our loans. We were assured that was not a problem XXXX XXXX Senior Equity Loan Processor we could have individual or joint coverage we opted for joint. We were even quoted rates however since it is an equity loan they can not add on the insurance up front it would be added on as soon as the loans are active. We were even given quotes for the amount per month. 
Once the loans were processed we were advised that joint life was not offered only main borrower could get. Contradicting what we were told in writing and offered before the loan closed. It was disappointing since the loan we had given up had that coverage. But at least one of us had  coverage. Or so we thought. We were told that life and XXXX for The Main Borrower would be processed .. plan 2. 
We never received any info for the coverage Life and XXXX for the loans and we questioned it. XXXX XXXX checked on it and referred it to her supervisor XXXX XXXX Manager of loan operations XX/XX/XXXX.We called a few times and e-mailed again on XX/XX/XXXX we received an e-mail from XXXX stating her supervisor XXXX XXXX is actively working on it for us. 
Ms. XXXX assured us that she was having it taken care of for us to be patient but she would send a letter that if we chose to go to another lender that they would waive the closing fee credits if is before 24 month requirement. We believed she was working on it so we decided not to move the accounts. ( Really did not want to add more credit inquiries and looks bad switching accounts so soon. To be honest after how this turned out how would we know if they would honor that??? 
I spoke with Ms. XXXX only a few times ( but I called many times ) each time she stated she was having the insurance coverage added. She was working with IT and since effects only 2 accounts will take a while they have to fix/work on bigger issues 1st. Silly me I believed her and was trying to give her time to make good. 
XX/XX/XXXX I called Ms. XXXX several times again and advised her I had been injured and needed that insurance It was then that she told me that they do not offer that insurance on Equity loans. She agreed that she should have just told me that in the beginning. 
Went all the way to XXXX XXXX XXXX & Manager of Member experience XXXX XXXX they caould not add/fix. 
Since I was injured I would not qualify to get a loan anywhere especially with the XXXX coverage since I was XXXX. I was stuck. 
I was on XXXX from XX/XX/XXXX thru the end of XX/XX/XXXX. 
I am entitled to the XXXX insurance that was offered and accepted. 
I should get $ back I made in payment 's that should have been made by XXXX insurance.

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 monetary relief