Consumer complaint received 2016-08-20
Product: Mortgage — Other mortgage
Issue: Settlement process and costs — 
Company: VALLEY NATIONAL BANCORP (NY)

I am writing to ask that you launch an investigation of Valley National Bank 's ( VNB ) home refinancing program and assist me to obtain the refinance loan at the cost initially quoted, or to have the monies expended thus far in connection with the mortgage refinancing returned to me. I initiated an online refinance application with VNB in XXXX and decided to use VNB following a telephone conversation with the loan officer based in XXXX, XXXX XXXX, and the documentation he sent me regarding fees shown on attachment A. I signed the requested documents, provided the requested documentation, paid a {$490.00} refinance fee, and a {$2400.00} rate lock-in fee. 

Subsequent to this, I received another set of paperwork from a bank representative based in XXXX, XXXX XXXX, which had much higher fees and an estimated closing total far in excess of that received from XXXX XXXX, please see Attachment B. When I called XXXX XXXX to ask about the disparity he told me to call XXXX XXXX. I told him I based my decision to use VNB based on the documentation he sent me which I signed, and would like him to explain the difference to me. He said he would look into it if he had time. I followed up with two emails to him which he did not answer. 

I then called XXXX XXXX who told me to call XXXX XXXX. I told her I felt I was being given the run around, and that the differing loan closing costs seemed to be a bait and switch move that was put in play after VNB had collected a considerable amount of money from me. She said she would look into the disparity and call me back. When she called me back she said the only difference was the transfer tax fee that would be charged by my current mortgagor, XXXX, to transfer my mortgage. I was surprised by this as it was my understanding that XXXX homeowners looking to refinance an existing mortgage do n't have to pay the state 's mortgage recording or transfer tax. I also told her XXXX XXXX told me that transfer fees would n't apply. I further pointed out that the appraisal fee was higher as was the escrow requirements. 

She replied that the appraisal fee difference did n't matter because the bank was picking up that cost, and that she 'd never seen an escrow deposit requirement less than 3 months, so the 2 month escrow requirement shown on the documentation I received had to be wrong. I then asked why the fee on the documents she sent me showed a 5 month requirement. She said it could vary and she was required to show the maximum amount it could be. I asked under what conditions the escrow deposit requirement might change as I have excellent credit. She told me call XXXX XXXX and he would try to explain it to me. I told her he had n't returned my emails and the last time I spoke to him he told me to talk to her. She then said no matter what the loan officer told me, or sent me I writing, or which I signed, that she was the loan processor and I had to sign the paperwork she sent me. 

I was incensed by her reply as it seemed flippant, unfair, and non-responsive to my questions. If I was to be sent documents reflecting the maximum closing costs why was n't that sent to me initially by XXXX XXXX? Also as I based my decision to use VNB based on the first set of documents I received, I felt sucker-punched. 

I am therefore writing to you for help. VNB 's action, in my opinion, border line fraud and constitutes misrepresentation. Please review this matter with all due haste. If VNB will not honor the refinance conditions outlined in the first set of documents I received, see attachment A, I would like a refund of the monies expended based on misleading documentation from XXXX XXXX. I anxiously await your reply before proceeding further and thank you for your prompt attention to this matter.