Consumer complaint received 2024-01-19
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Getting a line of credit — 
Company: PNC Bank N.A. (CA)

On XX/XX/XXXX, I filed Complaint # XXXX against PNC Bank N.A . ( hereinafter " PNC '' ) regarding their action in processing a credit request for a Home Equity Line of Credit submitted by my wife and I in XX/XX/XXXX. PNC subsequently responded to the Complaint on XX/XX/XXXX, and I provided feedback to their response on XX/XX/XXXX. PNC 's response to my initial Complaint was woefully inadequate. Because the Company 's response was so lacking in content, as well as the fact that other elements of the credit request identified therein form the basis for additional complaint issues PNC should be required to address, I am filing this current complaint against the Company. All information contained in the original Complaint # XXXX remains relevant to this Complaint and are hereby incorporated herein in their entirety. 
The only productive information contained in the PNC response to the original Complaint were the income and expense numbers used in their debt-service analysis. At the time the credit request was processed and declined, I tried to obtain those numbers from PNC but could not. The income information they utilized in their debt-service analysis was incorrect. The PNC underwriter utilized dividend income related to my wife 's and my XXXX Individual XXXX  Accounts ( IRA 's ) with XXXX XXXX. Aggregate income derived from those dividends was {$29000.00}. Dividend income from an IRA is not income, because it is earned within the account and is non-taxable by definition. Dividend income in an IRA becomes part of the balance of the account. Income from an IRA is derived from cash withdrawals ( distributions ) that are made from the account throughout the year. Those withdrawals are aggregated and reported to the IRS as " XXXX XXXX '' in a XXXX for each individual taxpayer. That is the income figure that should be attributed to my wife and I for the tax year XXXX. XXXX IRA withdrawals ( distributions ) for my wife and I for the year XXXX, were {$74000.00}. That is the income figure that should have been used in the PNC debt-service analysis, rather than the {$29000.00}. By subtracting the incorrect figure ( {$29000.00} ) and adding the correct ( {$74.00}, XXXX ), our annual income is {$130000.00}, rather than the {$89.00}, XXXX the PNC underwriter used. Based upon the revised income figure, our debt ratio is XXXX  %, rather than the XXXX XXXX PNC derived as the basis for their credit denial. As a part of their response to the original Complaint, PNC provided a recap of their debt-service analysis reflecting the incorrect figures. I have done a revised analysis using correct figures which is included as an attachment to this Complaint. 
I provided PNC with copies of the XXXX XXXX tax information documents provided to my wife and I by XXXX XXXX. Redacted copies of those documents are included as an attachment to this Complaint. In addition, I have a summary of the documents I uploaded to the PNC document portal utilized in the application process, reflecting that the XXXX 's were in fact received by PNC. They simply chose to ignore them. A copy of the document summary is included as an attachment to this Complaint. 
In summary, PNC completely mis-handled the credit request my wife and I submitted and declined the request when it should have been approved. In the process, they repeatedly refused to provide the information upon which they based their decision ; information which subsequently proved to be egregiously incorrect. It should be noted that the correct debt ratio of XXXX % reflected in the corrected debt-service analysis is well within the maximum tolerance of XXXX  % as referenced in the PNC response XXXX the original Complaint. On that basis, the credit request should have been approved.