Consumer complaint received 2024-08-10
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: PNC Bank N.A. (TN)

XXXX XXXX XXXX XXXX XXXX XXXX XXXX, TN XXXX XXXX Ph : ( XXXX ) XXXX XX/XX/XXXX Consumer Financial Protection Bureau XXXX : Consumer Response XXXX XXXX XXXX, XXXX Washington XXXX XXXX XXXX Complaint Regarding Repeated Requests for Documentation in Loan Assumption Process by PNC Bank Dear XXXX XXXX, I am writing to formally lodge a complaint against PNC Bank regarding their conduct during the loan assumption process for my mortgage. I believe the bank 's repeated and unnecessary requests for the same documentation are intended to frustrate and delay the process, potentially discouraging me from pursuing the loan assumption altogether. 

Background Information : Bank Name : PNC Bank Loan Number : XXXX Property Address : XXXX XXXX XXXX, XXXX, TN XXXX Type of Loan : Conventional Date of Loan Assumption Application : XX/XX/XXXX Since I began the loan assumption process on XX/XX/XXXX, I have complied with all the requests for documentation made by PNC Bank. Despite submitting all required documents, the bank has repeatedly asked me to resubmit the same paperwork multiple times, without providing any valid explanation for these repeated requests. 

For example, on XX/XX/XXXX I sent XXXX XXXX an email to confirm that I submitted the loan application along with bank statements, proof of employment, and XXXX information for XXXX and XXXX. I also sent all the information associated with my credit and credit cards. Despite these submissions, it wasnt until XX/XX/XXXX when I received a response which stated, PNCs processes were about XXXX days behind. So, I expected a correspondence around XX/XX/XXXX since I submitted in XX/XX/XXXX. While I was waiting, and to satisfy the divorce decree, and to lower my debt to income ratio I pulled money from my investment account to XXXX out all of my credit card debt, as well as pay off XXXX XXXX, which was required via the divorce decree. On XX/XX/XXXX I submitted additional paperwork stating I had a new renter. On XX/XX/XXXX, a new person, XXXX XXXX was assigned to my case and requested more information that was not previously requested in the initial loan assumption application. I never spoke with or had any other type of communication with XXXX XXXX before or after this voicemail was left. Subsequently, XXXX days later I received email correspondence from XXXX XXXX again, which stated my application was denied and incomplete. This was only XXXX days after XXXX XXXX voicemail which I had not listened to, since I was working the night shift. Soon after I followed up with XXXX XXXX again who then stated my debt to income ratio was too high. I reminded her during our conversation that in XXXX after I had paid off all of my debt, and after I accepted a new job with better pay, I also provided documentation which included an offer letter and pay stubs, which should have indicated that my debt to income ratio was only XXXX XXXX  She suggested I then reapply instead of submitting the paperwork back to underwriting. This also led me to believe that she did not read, nor submit any of the documentation I provided in XX/XX/XXXX. Also, on this call she stated that my credit cards were not paid off and that they had pulled my XXXX XXXX in late XXXX, all of which would impact my debt to income ratio. In light of all of this, all of this should have been sent back to underwriting, but instead she chose to have me reapply. 

In XX/XX/XXXX XXXX XXXX was then assigned to my new loan assumption application, and once again I had to submit the same documentation. After I was preliminary approved, she informed me that she feared I did not have enough money for the closing. With this new information I cashed in my XXXX to ensure I had enough money for closing in XX/XX/XXXX. In XXXX of XXXX she also requested proof of where the {$37000.00} originated, as well as requested bank statements from my investment account along with proof that he actually deposited the check from his bank statement. It is now XXXX the XXXX, XXXX and once again, PNC Bank is requesting the same documents all over again. This cycle has continued for a year now causing undue stress and significant delays in the loan assumption process. 

The bank 's conduct has caused emotional distress because I am trying to close this chapter of my life and having to engage my ex husband repeatedly to resign documents that have already been signed, re-engaging and repaying for a notary to notarize the new documents. So, unfortunately, every time I receive documents from PNC I have hoped that they are the closing documents, but instead they are resubmission documents every single time I believe this behavior XXXX be a deliberate attempt to frustrate me to XXXX XXXX of abandoning the loan assumption process, which could be in violation of consumer protection laws and regulations. 

I respectfully request that your office investigate this matter to determine if PNC Bank is engaging in unfair or deceptive practices. Specifically, I would like : - An investigation into the bank 's handling of my loan assumption application. 
- Appropriate corrective actions taken against the bank if found to be in violation of regulations. 
- Any other relief deemed necessary to prevent further harm to myself and other consumers. 

Please find attached copies of all relevant documents, including correspondence with the bank, proof of submissions, and the documentation requested by the bank. 

Thank you for your attention to this matter. I look forward to your prompt response and assistance in resolving this issue. 

Sincerely, XXXX XXXX XXXX, XXXX, XXXX