Hello, Below is an email that I had sent to the VP of Key Bank on XX/XX/18 after getting the run around from the Loan Officer and her supervisor, XXXX XXXX. Our loan closed onXX/XX/2018 but we didn't know for sure if the loan was going to close on that day or not. Below is some of the issues that we had through the process. We do not recall getting the Closing Disclosure on the HELOC 3 days prior to closing and when we did see the interest rate, XXXX and myself were both in shock at the interest rate as it was above 7 %. At the time we saw it, it was too late to not sign the document as we would not have a home so we felt forced to sign the documents. Please see the below email to the Vice President below sent on XX/XX/XXXX and to this day we do not have any resolution to our concerns. 


Hello Mr. XXXX, I would like to voice my concerns and issues with our mortgage process with you since XXXX XXXX has not returned my phone call from a week ago. There were many issues that arose throughout the process such as having to send documents multiple times and communication not up to parr ; however, these are normal issues that are with every lender or bank institution. Our negative experience was more than just that. Our loan officer was not well educated in your products or the condition requirements. We began the process back in XXXX and our settlement date was on XX/XX/XXXX and Key Bank was still not prepared for the closing with that amount of time. We opted to utilize Key Banks 80/10/10 product to help with freeing up some assets to purchase things for the new home. From our very first conversation with our loan officer, she stated this product was great because the rate would be the same on both the primary and the equity line of credit, also stated the sale of my home was not a contingency, and there would be no issue with closing the loan in NJ where the subject property is located. NONE of this was true. Over 2 months in processing and there was issue after issue that arose. At one point, our loan officer had asked me to give her my buyers assets to make sure he had the money to purchase my home. There are 2 things wrong with this request : one - you only need the agreement of sale and the closing disclosure normally, but this should not be an issue if there is not a contingency. Two,  you do not have the right to ask for this documentation since my buyer does not have an affiliation with your bank. This is only one example of many issues that arose. About a week prior to closing, we were told that the closing could not take place at the title company that we chose due to the HELOC having to close in Pennsylvania and the primary loan and the HELOC were required to close on the same day. The sellers, the title company and myself have never heard of this before. About a week prior to closing, I get a phone call from my title agent stating I needed to produce the CD from the sale of my departing property and this still baffles me to this day since we were not contingent on the sale of my property. 

Lets go to the day of closing. We sat down at XXXX for the closing at one of the Key Bank branches in XXXX XXXX XXXX and waited for the documents to come over from your closing department for the primary. This did go pretty smooth but did take some time for the documents to come over. Then, we sat there for another 2 1/2 hours and didnt know if we were going to close on the HELOC. Your closing department delayed the documents from being sent until about XXXX - XXXX. This was very stressful as the moving company was waiting at our new home with the delivery of our furniture and they were texting over and over asking when it will be done. I had no answer for them. This was a complete disaster. By this time, we missed the wire cutoff so the loan was not going to fund that day. The reason we had to close in Pennsylvania in the first place was due to both loans having to fund the same day. Your inter departments do not communicate with each other. So, a little after XXXX the bank branch was looking to close the doors for the evening but the title agent still didnt have the closing documents and we didnt think we would be given the keys as now this has become a dry closing. They finally send them to the title agent and they were printed out. When we were signing the documents, the interest rate on the HELOC was not the same as the primary loan as we were told. ( We never saw the preliminary documents prior to closing and thought the rate was the same as the primary as we were told many times ). It was over 2 % greater than the primary. My girlfriend had noticed the rate was different but we had no choice but to sign the document or we would not have a home to move to if we did not sign them. We feel like we were bait and switched at the end and we had no other option but to sign your closing documents. Since I knew the title agent, she did allow us to have the keys to the home after we signed the documents. 

We leave the closing and go to the new home where the movers were still waiting for us and they move our furniture into the home. However, due to Key Banks delay in the closing, the moving company charged us an additional {$330.00}. Then, the day after closing, I had to take an additional {$950.00} ( roughly - I have the receipt ) to the title company due to the HELOC numbers being wrong the day before. 

We had so many issues through out the process of this mortgage process and I will attach my real estate agents email speaking about her perspective and thoughts of the process as well. We have requested the additional costs we incurred from the moving company and have not received an answer over 2 months later. This is not acceptable and I hope your mortgage team does not treat all your customers the way we have been treated. Having a member of your staff, XXXX XXXX, not respond or call me back to review my situation is also not acceptable. I hope that you will not ignore our situation and help in resolving the matter by reimbursing the additional costs associated with Key Banks delay. I feel this situation needs to be reported to the CFPB so other prospective buyers are aware of this situation with the hope they make the right choice when deciding to use your institution for their financial needs. 

XXXX XXXX Cell Phone ( XXXX ) XXXX XXXX XXXX Cell Phone ( XXXX ) XXXX Property : XXXX XXXX XXXX XXXX XXXXXXXX XXXX NJ XXXX