Consumer complaint received 2024-01-30
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process — Interest rate
Company: FIFTH THIRD FINANCIAL CORPORATION (MI)

We received a solicitation letter from Fifth Third Bank, XXXX XXXX, on a special XXXX XXXX XXXX XXXX % from XXXX XXXX XXXX, Personnel Banker, XXXX. We met with XXXX XXXX on or about XX/XX/year> to discuss same. We decided to apply. As the loan was being processed/reviewed, XXXX XXXX went on a medical LOA. XXXX XXXX XXXX, Bank XXXX XXXX, took over and handled the process and the closing, on or about XX/XX/year>. During the closing, we asked XXXX XXXX to explain the introductory rate and how it will work. He stated that if funds were dispersed during the introductory rate, it would be at the XXXX % rate. We than asked if that rate would go up after XXXX year. He stated that funds disbursed during the introductory rate would NOT go up and continue indefinitely at XXXX % until paid in full. He added, that any future fund disbursements, after the introductory rate would be figured at the new interest rate at that time. We asked for clarification twice, if any of the interest rate would rise for funds disbursed during the introductory rate. He reiterated that that XXXX % interest would continue at that rate indefinitely until paid in full. XXXX XXXX appeared very sincere in his statements and we accepted those clarifications in good faith. When the XXXX year anniversary approached, we noticed the rate was changed to about XXXX %. We called the bank to inquire why the rate would change contrary to what XXXX XXXX told us. We were told by a rep that both XXXX XXXX and XXXX XXXX are no longer employed at the bank. She indicated that if we signed the XXXX, there is nothing they could do. I asked to speak with the new Bank Mgr, XXXX. XXXX reiterated the same as the rep, that there is nothing they can do. After some discussion and web research, we contacted the Bank again several days later to talk to the Bank Mgr. We were told that he is on vacation. I then asked to speak with a regional manager. A XXXX, reportedly the regional mgr from XXXX XXXX returned my call. I explained to him the details of my concerns and what occurred at the closing date of our XXXX loan. He also stated that if we signed the loan there is nothing they can do. I asked if they could at least review/investigate the matter with XXXX XXXX. He did not offer to look into it further, saying both XXXX XXXX XXXX and XXXX XXXX is no longer at the bank and that if we signed the contract, there is nothing they could do. I asked XXXX if XXXX XXXX 's statements would be considered some sort of fraud. He stated, NO. It is our contention that XXXX XXXX 's statements are legally considered fraud, even if he believed what he told us at the time and he may have unintentionally made a mistake, it is still legally fraud. Both I and my wife are able and willing to testify to XXXX XXXX 's statements, if necessary. We would also ask that CFPB review the XXXX telephone conversations made to the bank personnel, as they said the phone calls are recorded for a training and quality assurance. There could be a likelihood that the closing may have been recorded, as XXXX XXXX had his laptop computer on. Also, is our belief that if the CFPB questioned XXXX XXXX, and he is sincere and honest in his replies, he will clear the matter.