Consumer complaint received 2020-09-09
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: TD BANK US HOLDING COMPANY (CT)

To whom it may concern : Before I file a complaint with the Connecticut banking commission and post my reviews and comments all over social media, I wanted to let you know of my frustration with your subordination department and give you a chance to respond. 

My wife and I completed paperwork for subordination on XX/XX/XXXX and submitted it to our attorney. It was received by TD Bank on the XX/XX/XXXX. At that time, we were told that it would take 10 to 14 days for  review. That length of time came and went. 

Every time we emailed, we were told 10 to 14 days. Finally, towards the middle of XXXX, we were told by the end of this week or next. 

Frustrated, I finally called and spoke to XXXX, a lovely woman who was very helpful. Like me, she could not believe so much time had elapsed between the submission of the paperwork and an answer. After nearly an hour on the phone, she came back to report to XXXX, the person with whom we were dealing, is the only person working in the subordination department. She said this was because of transfers and other situations. Again, like me, she was surprised that this would be the case. She agreed to expedite our case and to do all she could to make her deadline of closing. 

That time came and went. We lost a lock on our rate and have had to lock at a different rate. Originally, we were refinancing her home at 2.875 % for 30 years. We are now having to look at a 3 % rate. Though it doesnt seem like much, your companys lack of customer service and inability to process paperwork in a timely manner has cost my family {$11000.00} over the life of the loan. That is unacceptable. 

It has now been eight weeks since TD Bank received the paperwork. I still have no update and I still have no subordination agreement. If we do not close on the loan in the coming days, we will be out nearly {$4000.00} in fees and have to start the process all over again. 

This is simply unacceptable. Your customer service is horrible. Having lost friends to the pandemic and working at a XXXX that has suffered serious layoffs, my wife and I have seen firsthand the heartbreak this pandemic has cost. Like XXXX, my wife and I are both working remotely. Like your company, our XXXX have taken significant hits. 

In an email I received this morning, which was automated, I am now told that it will take nearly 30 days to get subordination. Customer should have been told of this change weeks ago. Having one person organize the subordination department is unconscionable. Mortgage rates are at an all time low and your institution seems perplexed by the fact that people would want to refinance their homes. 

As soon as we close on the refinancing, our plan was to refinance our home equity loan with TD Bank. That would allow us to make the home improvements weve been hoping to make. I am now of the mind that I might be better off walking away from TD Bank completely, closing our accounts, and trying to get a home equity loan somewhere else. 

I ask that you do all you can to get the situation resolved. We have submitted all the paperwork, paid the fees, resubmitted paperwork when the original was out of date, and now are in limbo. 

I would appreciate a response within the next 48 hours. Otherwise, I will do all I can to file complaints and make our situation known. We are a family of XXXX and can not afford XXXX additional dollars out of pocket over the life of the loan when we couldve taken advantage of such a low rate had your institution been ready to meet the needs of its consumers. 

Thank you. 

XXXX and XXXX XXXX XXXX XXXX  XXXX XXXX XXXX, CT XXXX XXXX