Consumer complaint received 2015-04-17
Company: PNC Bank N.A.
State: PA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I went to my local PNC bank branch where I do the majority of my banking to apply for a mortgage loan. Initially I gave them permission to run a credit report and begin the loan application process. Their originator called me to let me know that my credit score was a XXXX and my rate would be 4.125 % on a 30 year fixed, I then decided to shop the rate. I received a better rate from another lender and let PNC know this so they decided to match that rate of 4 % and not charge me any points to get there. When I finally received my credit score report from PNC 12 days later I realized that in fact my score was a XXXX ; which is obviously a significant difference. By the time I realized this mistake we were under 30 days from our close so there was n't sufficent time to shop for a new rate without losing the house we were buying. My purchase was contingent on the sale of my home ; we had a buyer and agreed on a sales price. My buyer was also using PNC and the same loan originator from the same branch. Next issue was my home appraised at $ 47K less than the agreed upon purchase price, so naturally PNC would n't underwrite the loan and now my buyer had some suspicions about the price. Luckily the buyers brother was also an appraiser and he believed our price was fair. The buyer found a new lender and they did a new appraisal which came back over our sales price. This issue resulted in us having to postpone the closing on both properties for 7 days. So now 10 days before our new close date I was informed by my lender ( PNC ) that they would no longer honor my 4 % rate without adding a fee of {$1500.00}, essentially making me buy a point to get to the previously agreed upon rate of 4 %. I was given no options or explanation, just a call from my originator to disclose the new fees. When I asked for clarification he provided no clear answers and immediately told me to contact his manager. I hung up and called the manager over the next ten days sometimes multiple times a day and I hardly heard back from her. I completely understand that phone tag is normal and people are busy but I felt as though my calls were being screened and purposely not returned in a timely fashion. In addition to this my GFE as it was explained to me was off by $ 9K as compared to my final HUD. Again the loan originator had trouble communicating the differences between the XXXX and where we missed the mark. He had me call the closing company to get an explanation of the HUD and that 's when we realized that his numbers were really out of whack. I truly feel like I was steered into an unfair loan and forced to pay a fee that was n't properly explained to me. Not to mention that initially they did n't disclose my correct credit score which did n't allow me to accurately shop for other loans. I feel like my rights were violated multiple times during this process and I really hope this story can encourage others to steer clear of situations like this.

Company response to consumer: Closed with explanation