Consumer complaint received 2016-10-03
Product: Mortgage — FHA mortgage
Issue: Application, originator, mortgage broker — 
Company: PNC Bank N.A. (MA)

I think I 've been mislead, misdirected and mishandled on a PNC mortgage refi and boy, do I feel cheated! A devastating outcome ; I 'd have FULLY qualified for a savings of $ XXXX/mo! I spoke with my lender XXXX ( XXXX, the same mortgage rep who was involved at original house sale in 2013 ) to revisit a 'streamline ' FHA refi. Our XXXX discussion occurred in XXXX I 'd been unemployed for months, if there was a path to saving I wanted to explore it. He told me about the streamline but highlighted the greater savings on a conventional loan, if I got perm work. I could n't make the choice at the time but on XXXX, certain that rates will rise soon, I called again to inquire about the 'no cost ', 'no points ' streamline refi. Red flag # XXXX after much discussion I said let 's go forward and he suddenly mentions all these costs! $ XXXX due at closing. What?? When discussed in XXXX it was no cost, no points. He says " Oh, well that 's an option too but, you 'll save much less '' ( but that 's what I called about! What I thought we were discussing! Why is this just now mentioned?! ) Deeply frustrated but so desperately eager to lock in some savings, I agree to move forward. I ask about locking in the rate " I can only do that when we fill out the application ''. Ok, I 'll fax XXXX docs shortly to begin process- he said he 'd confirm receipt. He never did. I do n't hear from PNC again until XXXX and he can only do Monday XXXX at XXXX? Fine. On Monday, he 's a 'no show ' XXXX XXXX XXXX XXXX. At XXXX I email asking he provide times TODAY to complete app. He calls me at XXXX. Now today, on XXXX, the terms are MUCH higher ( XXXX XXXX ) and keep changing through the call. I 'm so frustrated but best I can discern it 'll still be worth the range of possible expenses at closing in two months. I agree to proceed- what can I do? Although the expenses were estimated to be $ XXXX during XXXX call & now they 're suddenly $ XXXX {$5000.00} with no clear explanation of why-just rambling, jargon and anecdotes of what some borrowers experience- " I 'm just telling you different people 's worst case scenario '. Deeply annoyed and concerned, we begin proceeding through app- I give my bank account #, SS # ... ..but when asked " You 're not working, correct? '' correct, though I 'm expecting a job offer. " Oh, well then we could do a different loan for you ... '' I reply that I do n't want a conventional loan- nothing guaranteed with job and conventional is more expensive. He says abruptly " well, I 'm having tech issues- I have to call help desk and call you back ''. Calls back 10min later and I expect we 're right back to application but instead he opens up stating " The lender credit on a streamline loan will be XXXX so {$1200.00} credit '' What?! 20 minutes earlier he calculated that very credit at $ XXXX credit. The numbers are changing AGAIN! I asked what has changed since his earlier calculation??! Stammering ( he appears to have someone at his side ... I hear conferring ). I ask what the lender credit was on XXXX when he calculated a VERY different result for me. He stammered still, said it changes every single day and he 'd have to look it up ( then look it up! ) but he ca n't. How infuriating! No explanation, no recourse, no logic! I said I 'm not sure I can continue- " okay fine, sorry. Bye ''. And that was that. I put so much time and $ into this effort already and just " bye '' Really? Zero attempt to assuage my concerns, communicate why they keep calculating wildly different estimates, why his story keeps changing. Perhaps they do n't want a current borrower paying them less in interest so they make this process as difficult and as discouraging and financially frightening as possible? I 'm no softy, I 'm a sharp professional with a reasonable understanding of banking and mortgage and nothing about this seems professional, or fair. I beg your help.