Consumer complaint received 2017-01-27
Product: Consumer Loan — Installment loan
Issue: Taking out the loan or lease — 
Company: PNC Bank N.A. (MI)

XXXX Hello, I am writing to complain about PNC Bank in XXXX, MI. The bank personnel there were wonderful. My complaint centers around PNC underwriting. My wife and I recently re-financed our house last fall and credit scores were pulled. We rescinded this loan with XXXX because we were able to find a lender who would give us a rate at .50 % lower. So, we re-applied for a home loan, again credit scores, et al were pulled with XXXX. We closed the loan. Next, we had a 2nd mortgage so I decided I would take our current variable rate HELOC and pay it off with a new fixed rate loan from PNC, about 4.56 % for 20 years on {$100000.00} closed end loan. My credit score was then XXXX, my wife 's was XXXX. We make over {$XXXX} per year. We did have revolving debt of {$13000.00} most that on a zero interest balance transfer being paid down at a rate of about {$1000.00} per month. We have n't had any late payments in many, many years. We had over {$7000.00} in the bank beyond our monthly bills and my wife had over {$40000.00} in stock. Our home just appraised officially for {$660000.00} this fall and the mortgage. I told the branch manager I had cash in the bank and credit union. 
They never asked for a credit union statement. They never asked for information about our other real investments and their value. We never got a formal letter of declination from PNC. All we got was a call from the branch manager who said " the loan was not approved because your cc ratio to limit was too high. '' Of the {$13000.00} of revolving debt I owed XXXX {$7700.00}, but I have a credit line of {$20000.00} -- -- this is well below a XXXX % ratio of debt to limit. Of the other {$5800.00} of revolving credit I told them ( the manager ) I could pay it off right then and there with the {$7000.00} of cash I had in the bank, if I were asked to. I said tell the underwriter all of this and she said she would pass it along. I do n't believe that she did. I believe that their credit process is very flawed. The customer has {$250000.00} in equity. A record of 40 years of paying off every bill we ever took on. Earnings of over {$200000.00} per year. {$7000.00} cash to pay off {$7000.00} of {$13000.00} total revolving debt. The other {$7700.00} of debt to XXXX is at 0 % interest and being paid down at a rate of {$650.00} per month. So, if asked we would have/could have further paid down any credit cards -- -all of them therefore would have had ratios well below XXXX % regarding limit to cap. Of course, no guidance from the bank. No communication with the underwriter, or letters, or emails from the underwriter. Nothing. On top of all thati Have fleshed out here we have over {$40000.00} in stock, that could be collateral. The final insult -- -- not even a letter of declination to explain what the problem is. Perhaps PNC did n't want to do a 20 yr. fixed loan even though they advertise it because they can make more $ $ $ off of variable rates. Obviously, my credit was plenty good enough just 2 months ago to be approved for a {$410000.00} first home mortgage by both XXXX and XXXX. I would still like to proceed with this loan. If I were treated properly by this bank I should have, given by situation be at least provided with a counter offer to ameliorate said credit cards. I should have been asked about other collateral -- -like stocks, bonds. I should have been asked about cash reserves ( i.e my credit union ). None of that happened. One of their concerns was that my credit was pulled numerous times over the last year. I repeatedly tried to explain to them, that yes it was pulled by mortage companies to qualify for the best rate. I was only shopping for a great re-fi rate. This is one poorly run bank -- -I talking the underwriting. We should have received this loan. We have a strong record of paying our bills on time. Please investigate this situation and advise. 

XXXX XXXX.