Consumer complaint received 2021-04-07
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: TD BANK US HOLDING COMPANY (FL)

On XX/XX/XXXX, we began the process of refinancing our home loan through TD Bank for a more favorable rate and shorter term. At the time of application, we locked in a rate of 2.25 % at the cost of XXXX points. That rate lock was good until XX/XX/XXXX. We were given a verbal commitment from the loan officer of a closing date of XX/XX/XXXX. 

We began to submit all requested documentation to the TD Bank through their secured server, and when requested, we updated or provided any and all additional documentation to them. 

On XX/XX/XXXX, we received a " Conditional Approval Offer '' from TD Bank, with the need to provide additional documentation to the underwriters, which were updated home owners and flood insurance declaration pages showing TD Bank as the mortgagee of record, updated income statements and a signed Property Inspection Waiver ( PIW ), which the Bank was going to provide us the form. We updated all the requested documents except for the PIW, since the Bank did not forward that form right away. As far as we knew, all was in order for TD Bank to process with the processing of the application and closure of the loan as indicated. 

As XX/XX/XXXX approached, I contacted the loan officer via phone to inquire if that closing date was still valid and asked for an update. The loan officer basically informed me that due to a " shake up '' within the lending department of the Bank, our loan would be delayed but the loan officer was hopeful to close by the end of XXXX. As that proposed closing date approached, I sent an email to the loan officer asking for an update on the status of our loan and the cause for the delay. I received a response from the loan officer in early XXXX informing me that I would be receiving a request for updated documentations soon. 

On XX/XX/XXXX, I received an email from a person who identified themselves as our " Single Point of Contact '' ( SPOC ), apologizing for the delay in the processing of the loan this time citing the pandemic and " ... .tremendous backlog of files ... ... '' that they were working on as fast as they could. The SPOC went on to state, within that email, that we should be closing by XX/XX/XXXX, if not sooner, so as to complete the process of the refi. As a reminder, XX/XX/XXXX is the day our rate lock was scheduled to expire. 
On XXXX XXXX, XXXX, we received the aforementioned " updated '' documents via the secure server, and contained in those documents was a request for us to sign and acknowledge that our rate lock would be extended until XX/XX/XXXX. The rate lock agreement sent showed our rate lock set at 2.25 % but an increased cost to us for that rate, to XXXX in points. Another document forwarded was an " updated '' Loan Estimate which showed the increase cost of the extended rate lock, but failed to show the removal of the property appraisal costs, which was covered in the signed PIW from XX/XX/XXXX, as the loan estimate also failed to show the inclusion of the projected closing costs rolled into the loan, as we requested. Upon receipt of those referenced documents, I called the loan officer to discuss the change in fees, the lack of the removal of the appraisal fee, and the lack of inclusion of the projected closing costs in the updated loan estimate. The loan officer assured me, verbally, that the as long as we were not responsible for the rate lock expiring, the original rate lock agreement would be honored. The loan officer also assured me that the appraisal fee will be waived, and that the costs of refinancing the loan will be rolled into the overall loan.

After that phone conversation with with the loan officer, and not hearing from anyone after a couple of weeks, I followed up these short comings by the Banks lack of response and sent an email to the loan officer, their supervisor, the SPOC, their supervisor and the listed underwriter, all with no response of any kind from any of those individuals. The email I sent was a strongly worded, non-threating communication expressing our frustration, concern and other thoughts about why this process was taking so long and what, if anything was causing this delay. Our frustration would continue. 

Needless to say, XX/XX/XXXX came and went with no action moving towards the promised closing date ( s ). I once again contacted the loan officer, this time on XX/XX/XXXX, and the loan officer assured me that our frustration was understood, and that the loan XXXX would, in their words, make this refi close by the end of XXXX, that the loan estimate would reflect the original rate lock agreement of 2.25 % at XXXX points, the appraisal fees would be removed as promised with the acceptance by the Bank of PIW, and that the costs for the loan closing would be rolled into the Loan estimate. 

On XX/XX/XXXX, I received an email from the loan officer assuring us that " ... ..I am working on getting updates for your file and confirming a closing date. '' On XXXX, XXXX, XXXX, via the secure server, we received a request to review and sign updated documentation regarding our loan. The updated documentation was a change in the rate lock agreement, keeping the rate at 2.25 % BUT raising the coast of the rate lock agreement to XXXX points. The Loan Estimate also failed to show the removal of the appraisal fee, and also fail to show the inclusion of the proposed closing costs in the total refinanced amount. For the record, we did not sign this third series of documents sent to us on XX/XX/XXXX. 

We did follow up with an email to the loan officer, their supervisor, the SPOC, their supervisor, the underwriter and even included TD Banks customer service department, and as one might guess, ALL failed to elicit a response from anyone. 
I have provided a compressed course of events that we have experienced in dealing with TD Bank. The only representative that I have actually talked to is the Loan Officer, since we were never provided any other means of communicating with any other representatives other than email. Virtually all emails that we sent either went unanswered or we were given general responses to our detailed inquiries, For the record, i have all the email communications, all the documents sent for review and/or signing saved. I do not have any phone conversations recorded by myself, but each time I talked to the Loan Officer, I was reminded were were on a recorded line. 

In closing, I can assure you we were not responsible for any delay in the processing of this loan, Our credit history is " exceptional '', as noted by various credit monitoring agencies, with our scored in the XXXX 's. Our deb to income ratio and debt load are very favorable. In our modest opinion, TD Bank has absolutely no reason not to offer us a refinancing loan with the rate and terms were originally agreed to back in XXXX, XXXX. 

We are at a lost as to why TD Bank has not secured this loan and processed this application in a timely manner. While the actual " lost '' of money is subjective at best, their delay in dragging this loan process out for a minimum of 5 months has cost us overpaying our current mortgage at the higher rate, money that would have been better served in paying lower monthly interest rates and applying more to the principal of our current mortgage. 

We thank you for the opportunity to voice our " story '' as you asked and if needed, please do not hesitate to let us know if there is more information or details that you would like to see upon reviewing this communication. 

Lastly, we will be closing on a refinanced Loan with another lending institution on XX/XX/XXXX, at the rate of 2.25 % but, unfortunately, with a dramatic increase in discount points to secure that rate. That entire process took 26 days in total, starting XX/XX/XXXX and closing on XX/XX/XXXX. If nothing else, it reassured us that what we thought should have been an easy process was in fact just as we hoped. 

Stay safe, be well and thanks for listening.