Consumer complaint received 2021-04-16
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PNC Bank N.A. (CA)

On XX/XX/2021 I proceeded to apply for cash-out re-finance mortgages for three of my investment/rental properties located in Texas with PNC Bank. The reason I selected PNC Bank is because PNC is the mortgage holder for two of my investment/rental properties in Iowa, and so I thought I would start with PNC to see if they offered a loan product to fit my need. 

I spoke with XXXX XXXX " XXXX '' XXXX XXXX, XXXX # XXXX, at PNC who told me that PNC does in fact offer cash-out re-finance mortgage for investment properties in Texas, and so I proceeded to go through PNC 's mortgage application process for my three Texas investment properties. XXXX phoned me on Monday, XX/XX/XXXX, to tell me that my loans were in underwriting and that everything was moving along as planned. In fact, on XX/XX/XXXX and XXXX XXXX of my three properties had the onsite appraisal inspection done. 

It took me by complete surprise when I received two auto-generated " Statement of Credit Denial '' from PNC Bank via XXXX on XX/XX/XXXX informing me that the reason for credit denial is " [ Does ] not offer terms requested ''. I phoned XXXX XXXX after I emailed the scanned copies of the credit denial statements asking him what this is about since only a couple of days earlier he called to tell me everything was moving forward and in underwriting? XXXX told me it's because Texas law does not allow cash-out re-finance loans on investment properties, which is completely untrue. Then XXXX told me that PNC Bank does not offer cash-out re-finance loans on investment properties in Texas. I asked him why he didn't tell me this when we started the process of having me apply to PNC Bank for three cash-out re-finance mortgages?! XXXX told me that he didn't know that PNC Bank didn't offer this type of loan in Texas and that PNC Bank 's system didn't catch it any sooner either. 

I made it clear to XXXX XXXX that because this was his and PNC Bank 's error, which has now cost me more than a month of time and interest rates have gone up since then, that I expect a full refund of the three appraisal fees that I paid for XXXX totaling {$2000.00} ) plus the credit report fee of {$31.00}. XXXX told me he would have to speak to his manager, and that it would take time - probably weeks - before a refund would happen. I made it clear to XXXX that a refund of my {$2000.00} should not take PNC Bank weeks to complete. It should be as simple of refunding my debit card charges. 

Although XXXX XXXX thinks I should trust him to get my {$2000.00} refunded in due time ( whenever that is ), it's incredibly unrealistic to think that customer should trust him to refund money when he isn't at all clear on what loan products his employer offers, nor does PNC Bank have systems in place to flag loan applications for a mortgage product they don't offer before actual appraisals are being performed onsite at the properties. 

This whole situation has become an unprofessional fiasco and I simply want a refund of my money that PNC Bank should have never charged me for.