Consumer complaint received 2016-09-15
Company: PNC Bank N.A.
State: PA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
XXXX my husband got the call that he had landed his dream job- to be the XXXX. His entire family is from XXXX and it 's the one place that always felt like home to him. We found a house that we both loved nearby in XXXX, XXXX We loved the location and the design. It is an XXXX structure set on XXXX acres of XXXX. We have very little debt, great credit scores and made an offer well within our means. In fact, the mortgage on this house would be less than our previous house. PNC had financed our first mortgage for 8 years so we went with them again. Our loan officer, XXXX XXXX led us through the whole 45 day process. We were pre-approved and received a mortgage commitment letter. Everything was all set so we would close XXXX XXXX, which was one day after we closed on the sale of our previous house. We started to get excited. I told our XXXX year old son all about our new house and he was thrilled when he saw it. My husband and I started planning Sunday dinners with his family, which we could host on our beautiful deck in warm weather. Then we got some bad news. Our loan officer, XXXX XXXX told us that the appraiser wanted more money- {$720.00} instead of the {$500.00} we initially decided upon. And we could expect at least a week delay. The appraiser told XXXX that the property was unique and so it was more complicated to do the appraisal. We were a little disappointed, but we figured we could handle the delay and my husband was able to talk XXXX into having PNC pay for the extra {$220.00}. We felt like we were in control of the situation. Meanwhile, my husband had to start his first day XXXX. It was an exciting time for him, but a difficult time for me since I had to stay behind with our XXXX young boys by myself in our home in XXXX XXXX, over XXXX hours away. We also have a XXXX old baby, so the sleepless nights and diaper changing was wearing on me. Since we were all set to close on our house on XXXX XXXX, we decided that we all needed to be together and we would move out XXXX XXXX. My husband was unable to take off work, so it had to be that weekend. My husband worked nonstop moving all our possessions into a storage facility that costs roughly {$200.00} a month. The baby and I hit the road to go stay in a rental property at XXXX XXXX in XXXX that would house us on a weekly lease until we could close on our new house. We hoped that we would only need to stay there a week or two at the most since it cost {$600.00} a week. So we made the best of it. I told my XXXX year old it was a vacation. But the days went by and the appraisal still was n't ready. It had come in, but it needed " minor adjustments '', according to our customer care representative, XXXX XXXX. We took on our second week at the lake house hoping for the best. XXXX told me he thought we could close XXXX XXXX. Meanwhile, the people selling the house were getting restless. The young couple had XXXX children and XXXX. They decided to move out so that they could let us rent the house until settlement. But then on Monday, XXXX XXXX, after hours of phone conversations and being put on hold to try to reach XXXX manager, XXXX XXXX, I finally got the news from XXXX and XXXX that PNC would not be able to finance our loan since there were no exact comparables in a close proximity to the house. It was over. I asked XXXX why he did n't prepare us for this possibility. He claimed he did n't know the house was so unique. I reminded him that 's not true- the appraiser had told him that in XXXX and we had told him that when we first applied for the loan. He had nothing more to say about it. I spent the next day talking to every lender I could find and no one wanted to take on a loan with no comparables. Now we have nowhere to live.

Company response to consumer: Closed