Consumer complaint received 2023-08-14
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PNC Bank N.A. (RI)

To Whom It May Concern : This is the second complaint that I am filing against PNC Bank for either applying Bait and Switch tactics or pure negligence at the point of loan origination in overseeing a cash out refinance application and failing to give my father and me a clear reason of denial of a conventional loan. 
The original complaint was submitted on XX/XX/XXXX and the complaint number ID is XXXX. The response to this complaint was from XXXX XXXX, PNCs Bank Officer, Executive Client Relations. She failed to fully answer my request and she also claimed there was no bank error or bait and switch tactics. She only addressed XXXX XXXX XXXX XXXX for a cash out refinance and did not address the guidelines for a conventional loan. We were denied both. I have been a customer of PNC Bank since XXXX and demand an answer why XXXX ) A loan that PNC Bank could not service went to underwriting in the first place for a cash out refinance and XXXX ) Why my father and I were ALSO denied a conventional loan. 
On XX/XX/XXXX, I spoke to PNCs Senior Mortgage Loan Officer, XXXX XXXX XXXX XXXX # XXXX, in the Home Lending Center. I informed him that I was on title and NOT the mortgage for a rental property at XXXX XXXX XXXX in XXXX, NC, and my partner was allowing me to buy her out at an agreed price to take over ownership of the property. I only had 50 days to complete the transaction and my lawyer had me transmit the necessary document to XXXX XXXX to make sure this happen within the 50 day time frame ( see attached Offer to Purchase and Contract Attachment XXXX and email correspondence submitted to XXXX XXXX on XX/XX/XXXX Attachment XXXX ). XXXX XXXX was aware that it was a rental property, and that I was not living in the property, but he advised me to do a cash out refinance anyway and not pursue a conventional loan. In his email to me on XX/XX/XXXX ( see attached file Attachment XXXX ), he wrote that I did not need the purchase and contract agreement that I sent him. His written response was, If you are on title this is a refinance so no need of a purchase agreement. 
In the previous complaint, all the documentation was transmitted to XXXX XXXX to show that we followed the necessary steps that XXXX XXXX advised my father and me to do. When the loan application went to underwriting, however, XXXX XXXX apparently did not do his due diligence before submitting our loan application for the cash out refinance. According to XXXX XXXX, in order to be approved for a cash out refinance of a rental property, my father and I had be living in the property for the most recent XXXXmonth period. THIS WAS THE FIRST BANK ERROR! Our loan application including XXXX credit checks and an appraisal should not have been completed if the bank could not service this type of loan with no explanation why. We were then advised by XXXX XXXX to move forward and purchase the property and take out a conventional loan, so in the interest of time we then applied for a conventional loan. 
We met all the financial requirements to purchase the property and were prepared to give a XXXX percent down payment when the Senior Loan Officer, XXXX XXXX, informed XXXX after being preapproved that we would not qualify for a conventional loan from PNC Bank either. He could not give a reason why, because he didnt understand the reason himself. XXXX XXXX then advised me to pursue an unconventional loan and was going to give me some names of companies to contact, because he said no conventional lender would be able to approve a loan according to the XXXX XXXX XXXXXXXX XXXX XXXX He never gave me names of companies to contact. 
I then consulted with XXXX and XXXX XXXX loan representatives, because I felt PNC Bank dropped the ball on my loan applications. Both banks believe PNC Bank mishandled the loan application, which ultimately prevented me from keeping my rental property. After further research it was discovered that XXXX XXXX XXXX XXXX only require living in an investment property for XXXX year if the borrower could not make a 25 % down payment to purchase the property and that was not the case for my father and me. THIS LOAN PROCESS WAS MISHANDLED AND PNC BANK IS RESPONSIBLE FOR THIS BANK ERROR! 
Please see my last XXXX email communication to XXXX XXXX dated XX/XX/XXXX and XX/XX/XXXX Attachments XXXX and XXXX. There was no response from XXXX XXXX to either email. If PNC claims there was no indication of Bait and Switch tactics, then it is clearly a bank error at the point of loan origination. PNC Banks lack of follow through, however, appears to deem the bank culpable of one of these circumstances -- - either way it is a negligent act on the behalf of PNC Bank. 
PNC Banks negligence lead to the loss of my rental property. This loss has affected my livelihood with the loss of rental income and future financial appreciation for my retirement years. The loan officer made a very serious mistake at the point of origination for a cash out refinance and he could not give a clear explanation for the denial of a conventional loan. PNCs Client Relations Representative clearly skirted the issue in response to my last complaint to the Consumer Financial Protection Bureau. Due to the negligent actions of the PNC Bank representatives, I am demanding {$220000.00} in damages. If damages are not received and I need to pursue legal action, this nominal amount will be much higher. 
Representatives at the Consumer Financial Protection Bureau advised me to file another complaint with their department and contact my states Attorney Generals office and Bank Regulators as well as take legal action. I also plan to file a complaint with the Small Business Administration and the U.S Department of Treasury. Finally, if damages are not granted, I plan to have an attorney investigate PNC Banks possible violation of the Consumer Fraud and Deceptive Business Practices Act. 
Sincerely, XXXX XXXX