Consumer complaint received 2020-07-14
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: FIFTH THIRD FINANCIAL CORPORATION (FL)

5/3 Bank currently services our mortgage. They sent us numerous letters offering to refinance at a lower rate. About XX/XX/XXXX, we submitted an application to refinance - no money taken out. We are applying as husband and wife. On XX/XX/XXXX, 5/3 charged the {$390.00} application fee to my credit card. We have excellent credit and have a substantial regular income. We expected that the process would go relatively smoothly, especially since 5/3 currently services our mortgage. Unfortunately, our application has not been handled in anything approaching a professional manner. It is now XX/XX/XXXX and our application is still in limbo. 

To the best of my recollection, we began the process working with XXXX XXXX, and are later turned over to XXXX XXXX. Ms. XXXX got back into the loop in late XXXX. 

Here are some of the issues : ( 1 ) When our original application was entered into the system. Apparently, some critical information was not entered into the system or else was entered incorrectly. The we first noticed this immediately after filing the application ( early XXXX ), when we received documents that needed our signatures, and my wife 's name was misspelled. We contacted 5/3 and asked for corrected copies and were told " don't worry about that '', and that we should just sign them and the error would be fixed before closing. 

( 2 ) Throughout XXXX, we repeatedly received e-mails/texts telling us that we needed to provide additional information, which was information we had already provided. We called and were told that 5/3 had the information and not to worry about the e-mails.

( 3 ) We received numerous requests additional information that substantially duplicated information we had already provided. For example, we revealed an auto loan on the original application and yet were asked ( about 6 weeks later ) to provide an explanation for the credit checks that were pulled to secure the loan. Another example, were were asked to provide tax forms to as proof of income, yet 3 months later we were asked to provide bank statements proving that we actually deposited the income into a bank account. We responded promptly to these repeated requests.

( 4 ) At the end of XXXX, we received a request asking for an explanation about two properties we own but did not reveal on our application. The first property about is a condo that we own - we paid cash for the property and it was most certainly was revealed on the original application. When I talked to Ms . XXXX about this, she said that it wasn't " in the system '', but upon checking the original application she confirmed that it was revealed in the original application. The second property in question is an address that doesn't even exist - a little bit of due diligence on the part of XXXX would have revealed that. 

( 5 ) The mortgage rate lock expired while 5/3 was ( mis ) handling the application. I initially talked with Ms XXXX XXXX about this and she said she didn't have the authority to extend the rate. She put me in touch with Ms. XXXX, who was helpful in this matter - agreeing to extend the rate. This was on XX/XX/XXXX. 

( 6 ) During our XX/XX/XXXX conversation, I discussed my misgivings about the way that 5/3 has been handling my applications. Ms. XXXX explained that the delay was partially due to COVID and the large number of applications they received. I explained that much was understandable, but my issue was problems caused by information that was on my application but yet " not on the system '', repeated requests for substantially the same information, request for information about a property that doesn't even exist, and the general lack of communication. She said that she didn't understand why information on my application wasn't " on the system '', and indicated that problems I mentioned may be due to the fact that underwriting was outsourced. ( I think she mentioned XXXX. ) I asked Ms. XXXX when we can expect to close on the loan. She told me she would check and get back to me. 

( 7 ) I received a follow-up call from Ms. XXXX on XX/XX/XXXX. She told me that we could expect to close midXXXX. No word from 5/3 through XX/XX/XXXX, and I finally concluded that 5/3 could not meet its obligation to process our mortgage in a professional manner. On XX/XX/XXXX, I sent Ms. XXXX an e-mail indicating that I concluded that 5/3 third could not meet its professional obligations and request a refund of our application fee. 

( 8 ) At about XXXX XXXX  on XX/XX/XXXX, as I was writing and sending the above mentioned e-mail to Ms XXXX, I received yet another request for additional information from Ms . XXXX. She objected to that fact to a bank statement that had been requested on XX/XX/XXXX and which I submitted XX/XX/XXXX. This was the statement that supposedly was needed to confirm that my income, which I had previously demonstrated by providing the tax forms that had initially be requested, was actually being deposited into a bank account. My bank forms are all on line and I immediately sent to portion showing the deposit to my account. Ms XXXX XXXX objected that the form because, while it did show the deposit, didn't have sufficient identifying information. Perhaps that's a fair criticism, but it's unacceptable that it would take two weeks to bring this up, especially if we were planing for a midXXXX closing. 

At this point, I have no confidence whatsoever in 5/3. I am concerned that the lack of adherence to professional standards in processing this mortgage may reflect unacceptable corporate culture or standards. I am currently looking to refinance with another lender.