Consumer complaint received 2020-06-26
Company: REGIONS FINANCIAL CORPORATION
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:
My spouse & I applied for mortgage refi with Regions around XX/XX/XXXX My wife currently has an existing home loan # XXXX XXXX ( XXXX XXXX ) with Regions and were looking to refinance the existing loan with a joint loan at a lower interest rate for around $ XXXX. The existing loan is $ XXXX/mo and our debt at the time could have all been paid off and only cost us an additional $ XXXX/mo, but not have to pay out the monthly hundreds of dollars that we had been paying. In other words, we were leveraging our debt from $ XXXX/mo w/ our business expenses. From {$8900.00} to $ XXXX/mo, a no brainer right? Both my wife and I have XXXX FICO scores with mine being over XXXX. Considering the XXXX to 1.5 % rates the banks got from the feds, they were suggesting an 8.5 % loan. When I told them no way, they later denied our loan application. We received NO documents afterwords, NO denial letter in writing and NO " Know B $ you Owe '' pamphlet. We had been banking with Regions for 3.5 years, personal, business and savings. Again, the current rate form 3 plus years ago is 4.25 % fixed, they would consider anything less than a " suggested 8.5 % '' as informed on the phone. Also, Regions has a problem, like most banks, of customer 's curtailing their loans and paying off more than 12 payments per year. We paid about 14 payments per year. Why would anyone offer twice as much in interest, for being an outstanding customer and NEVER late? Regions punishes us for this and some call us " deadbeats '' because they're not maximizing their interest profits! Regions is NOT participating under current standards and guidelines. Instead they choose to trap their customers into high interest rates, despite one 's good standing. We're tired of being gouged in interest! 
Secondly, Regions over inquired against our credit report and lied about XXXX XXXX 's credit score on behalf of our business C/C. We had once previously attempted to refi 3 years ago and after running our credit which ran a XXXX score, they ran XXXX XXXX 's credit again, two weeks after and allocated that he had a XXXX score. We had applied to a business offer of up to $ XXXX @ 8 %, however, they gave us $ XXXX with a said XXXX, but@ 22.49 %. Even during Covid 19 and a previous refund issue, they are eager to maintain maximum interest profits. Regions has NOT giving us ANY legitimate reason for denying our loan application other than their own financial gain. I'm not saying that they are not entitled to a profit, they're just out to XXXX you in interest! We respectfully request that you look into Regions and acquire as requested. We would also appreciate the reversal of hard credit inquiries that they have wasted and cost us. Our business C/C # XXXX XXXX XXXX XXXX and they also assigned another # XXXX XXXX XXXX, that's confusing. It's still one account. Their interest charges are unfair and unjust. We also have about 80 % plus equity in our home and our XXXX tax income came in around {$110000.00}, so what's their problem? As advised thereafter, they are suppose to acquire only 6 pieces of information and hand out a 22 page pamphlet before wasting your time, fico points and allowing you an opportunity to be qualified before further procedure. Thank you

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