Consumer complaint received 2016-02-07
Product: Mortgage — Home equity loan or line of credit
Issue: Credit decision / Underwriting — 
Company: TD BANK US HOLDING COMPANY (CT)

My wife and I applied for a HELOC with TD Bank back on XXXX XXXX 2016. We filled out an application and then proceeded to provide all the necessary information they required i.e. income verification, XXXX, XXXX, place of employment etc etc.. Both my wife and I have excellent credit. They then sent us a appraisal performed by " XXXX '' which came back at {$450000.00}.. I then asked why the offer was {$69000.00} when their website calculator using our current debt of XXXX and their appraisal of {$450000.00} came back at {$97000.00}. The processor said, " good question '' let me ask our lender ( underwriter ). The processor came back an said because our appraisal came back at {$380000.00}, which blew my mind since I was holding their appraisal in my hand ... Besides the fact that when we did our refi a few months back ( XXXX ) our mortgage holder appraised our house at XXXX More in line with the {$450000.00} TD Bank originally sent us.. When I asked where the {$380000.00} came from all our correspondence stopped.. Yesterday, my wife and I received yet another appraisal from TD Bank to show the {$380000.00} they claimed and then proceeded to tell us that we now do n't have enough collateral for a HELOC.. almost a month after our application was submitted. Our big issue is why was there two appraisals done and why was the first appraisal that they ordered not considered. Our house has NEVER been appraised that low, and quite frankly do n't understand why a second appraisal was needed. TD Bank who claimed on both their commercials and website and all correspondence that they sent to us that they are " America 's most convenient bank and they pride themselves on delivering legendary Customer Service ''. At this point I would have to seriously disagree. Why all of a sudden communications just stopped and when I went to our local branch the loan officer who originally helped with the loan as very confused as well.. So now both the processor and loan officer are confused why the first appraisal was not considered. Then I find out through the local loan officer said our loan shows " Denied, due to not sufficient collateral '' which was news to both, my wife and I AND our loan officer especially even at {$380000.00} our loan to equity at .90 % of appraisal still comes in at {$33000.00}. It seems very convenient for TD Bank to have appraisals done until they get the $ $ amount they want before moving forward. How can an full appraisal done inside and out back in XXXX come in at {$440000.00} and two `` drive by '' appraisals 6 month 's later come in at {$450000.00} on XXXX XXXX and then a second one at {$380000.00} on XXXX XXXX ) Something just is n't right.. the first one was much more in line with our current mortgage holder 's full appraisal as opposed to a {$60000.00} difference in 6 months ... Both of these appraisals did n't take into consideration the XXXX. We also have a XXXX that they would not know about and a bedroom XXXX ... We " just '' completed a new front porch XXXX. All these features would put this house easily in the {$400000.00} 's. There just should n't be this kind of stress or pressure when applying for just a HELOC, with excellent credit and the fact that our government shows daily ads how they want to help homeowners save money with debt consolidation. Yet we get TD Bank denying their own appraisal and asking for as second one.. Why send us BOTH in the mail if you are not going to use it.. and why is there a {$72000.00} difference between the two within 15 days??? Very disappointed that this bank with claims of " great customer service '' has left us feeling very very frustrated ...