Consumer complaint received 2024-06-11
Product: Mortgage — FHA mortgage
Issue: Struggling to pay mortgage — An existing modification, forbearance plan, short sale, or other loss mitigation relief
Company: PNC Bank N.A. (MD)

Dear XXXX XXXX, Thank you for your prompt response to my complaints filed on XX/XX/XXXX and XX/XX/XXXX, with the Consumer Financial Protection Bureau. I appreciate the time and effort taken to review my case and provide a detailed response. 

I would like to address several points from your letter dated XX/XX/XXXX : Loan Modification Agreement : I understand that there were issues with the initial Loan Modification Agreement not being correctly signed, initialed, or notarized by the XXXX XXXX XXXX XXXX XXXX XXXX, Treasury Division. However, how is this my fault and why should I be penalized for an error I did not make and forced to have an entire modification resigned due to someone else 's negligence? I complied with PNCs request and returned the updated Modification on XX/XX/XXXX. It is concerning that despite this, my request for hardship assistance was not approved on XX/XX/XXXX, due to someone else not properly notarizing and signing the document correctly. 

Unapplied Payments : Regarding the unapplied payments, I appreciate the explanation provided about the funds held in the Unapplied Funds Account. However, there appears to be a misunderstanding about the payments made. The payments were made in good faith, and I request a detailed transaction history to reconcile any discrepancies. The funds should have been applied accurately to my mortgage payments, and it is crucial that we ensure all payments are correctly accounted for. 

XXXX XXXX : It is disappointing to learn that PNC can not remove the delinquencies from my credit report. Given the circumstances and the issues with processing the Modification, I believe there are grounds to reconsider this decision. The delays and communication issues were not entirely within my control, and the impact on my credit report is significant. I urge you to review this matter again and consider an adjustment to the reported information. 

Online Banking Enrollment : I appreciate the information on enrolling in PNC Online Banking. I have attempted to enroll previously but faced difficulties. I will follow the provided instructions again. If there are specific steps or requirements, please let me know to ensure a smooth enrollment process. 

Communication Requests : I acknowledge the process for requesting a permanent cease and desist for communication. At this time, I would prefer to continue receiving communications to resolve these matters swiftly. However, I request that all communication be documented in writing for my records. 

I would like to address several points regarding the application of my payments and the current status of my loan, as outlined in your letter. 

XX/XX/XXXX Payment : According to the XX/XX/XXXX Loan statement, on XX/XX/XXXX, PNC applied {$1700.00} towards the XX/XX/XXXX payment, with the remaining {$180.00} placed in the Unapplied Funds account. I am concerned about the delay in applying this payment and request an explanation to ensure that future payments are processed promptly. A copy of this statement is enclosed for your reference. 

XX/XX/XXXX Payment : The XX/XX/XXXX Loan statement indicates that on XX/XX/XXXX, PNC mailed a check for {$180.00}, representing the remaining funds in the Unapplied Funds account. On the same date, a payment of {$1800.00} was received and applied to the XX/XX/XXXX payment and fees of {$70.00}, leaving an excess of {$19.00}. This excess was then held in the Unapplied Funds account as it was insufficient to cover the XX/XX/XXXX payment. I request clarification on the nature of the {$70.00} fees and why the excess funds were not applied towards the next due payment according to the XX/XX/XXXX modification payment? 

Modification Effective Date : I am particularly concerned about the application of payments during the period of the loan modification. Given that the modification was in place and effective starting XX/XX/XXXX, I do not understand why a payment made in XXXX would be applied to the XX/XX/XXXX and XX/XX/XXXX payment. This misapplication suggests a misunderstanding of the terms of the modification and creates confusion regarding the status of my payments. Please provide an explanation for this and confirm how future payments should be handled under the terms of the modification. 

XXXX XXXX : As of the date of your letter, the Loan is stated to be due for the XX/XX/XXXX payment, with a total of {$8800.00} required to bring the Loan current. Given the payments made and the terms of the XX/XX/XXXX modification, this amount appears disproportionate. I request a comprehensive breakdown of this amount, including any fees or penalties applied. This will help ensure that all payments have been accurately accounted for and clarify the current outstanding balance. 

To facilitate a thorough review, I request a detailed transaction history of my loan from XX/XX/XXXX to the present. This will help identify any discrepancies and confirm that all payments are correctly applied. 

Moreover, I am concerned about the increase in the interest rate, which makes the payments even less affordable for me. I was under the impression that there would be a trial period to determine if I could manage the new payments, but this does not seem to have been the case. 

In conclusion, I hope we can resolve these issues amicably and efficiently. I am committed to fulfilling my obligations and ensuring that my loan account is in good standing. I look forward to your response and any additional steps required to finalize the Modification and address the unapplied payments. 

Thank you, XXXX XXXX