Consumer complaint received 2018-03-14
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: TD BANK US HOLDING COMPANY (NJ)

I contacted TD Bank for a cash out refinancing. They gave me a mortgage specialist. 

XXXX XXXX | Mortgage Specialist, XXXX TD Bank, XXXX 's XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, NJ XXXX I was told to go to XXXX and check my credit score. My credit score is XXXX. 

I wanted to know how to qualify for a $ XXXX loan. I was told I needed a XXXX score. 
She verbally asked me how much I was making and she said that it was enough. 

I have been at my job for 7 years and my income is steady. 
I wanted to be certain because the year prior to this I had an injury that prevented me from performing my usual tasks. My income was effected and low for that year. 

I asked my specialist if I could email my taxes and was told that she does not accept taxes through email. I was surprised to hear it and thought it was an unusual professional practice. 

I paid for my own credit report because TD Bank deemed XXXX as a creditable site to gauge my qualifications. 
The bank says now that my credit report is XXXX or lower and that XXXX is inaccurate. 

If only I was told to get a free credit report from XXXX I could have received a free copy of my credit report and, I would not have received a HARD INQUIRY on my record! 

I was denied the loan. Then my specialist asks me for my taxes. She said the underwriter wanted to see them. 

TD Bank then sends me a conditional approval letter for 50 % less than the amount I inquired for. 

I told my specialist that I was not interested this counter-offer procedure and then was told I had been denied for this as well. 

Asking for two years of income taxes is not an uncommon thing. 
When something uncommon does occur such as an injury, a Good banking practice would be to request further proof of income. TD Bank is apparently only interested in two years of taxable income only. 

I could have supplied an actually credit report and tax information if interested in lower loan amounts! In fact, if I was able to give this information in the beginning I would have found out that I should go to a different bank. 

Hard inquiries are not good for the consumer and, TD Bank mortgage specialist did not take this into account. It was really inconsiderate. She was taking guesses with my credit and income. 

This branch of TD Bank is now refusing to provide me with a copy of the credit report I paid for. I am being told to go get my own. 
I thought it was a professional courtesy to provide the customer with a copy of their credit report. I paid for it, I own it. 

I only get one free copy of my credit report a year and this is without a hard inquiry. This inconsiderate branch bank, is telling me to use my yearly free copy to confirm what this bank is verbally saying. That I am denied. 

This branch of TD Bank emailed me saying that the thirty point discrepancy on XXXX was not a determining factor in my denial because they offered me a different cash-out refi product. That even if my credit was above 700, they still could not approve me because my income for XXXX is too low. It makes no sense at all, and I feel they are purposefully just wasting my time because they have no incentive. 

A credit report is reusable up to 30 days. I believe this branch is trying to prevent me from bringing my credit report to a different bank for a better rate. 
Maybe a bank that will look at my work income history for longer than two years. 

I was not informed that I would not be able to get a copy of my purchased report. I believe I was bated into seeing an inflated credit rating on the internet in order to be offered any lower loan amount. Running a persons credit without any income verification is amateur. Especially if that information is available.