Consumer complaint received 2025-04-22 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Negative impact of inaccurate appraisal
Company: TD BANK US HOLDING COMPANY
State: MD

Complaint narrative:
XXXX XXXX XXXX XXXX good day, Sorry to contact you directly, however, I believe that you as leaders are likely unaware of what in my opinion is misrepresentation, dishonesty, misleading and lack of mathematical skills across your organization. I also believe that your

TD Bank team, reversed course on my loan, and deliberately sabotaged my application because I challenged many of the inaccuracies throughout the process. I have struggled to present facts and accurate information, however, there is no easy way to present this. I can not overemphasize my disappointment with the process and handling of my construction loan application. I now feel that I was penalized and denied a loan because I challenged the TD Bank processes and identified a multitude of anomalies and miscalculations. I do not expect a bank or its supporting entities to have trouble with basic math. When I pointed these errors out, five times, I was told by the loan administrator/coordinator that she did not need to listen to my comments and would hang up the call. The same person also told me that I was advised that my loan would be contingent on appraisal, had I have known this I may not have proceeded with the application. I do not recall this and asked for where it was documented as many things were discussed on the first call, I have yet to see it. The documents that I was told I needed to sign and did so are not available to me on the TD Bank portal. I have identified this multiple times verbally, and I have now requested copies of ALL documentation at least three times via email. To date, I have received none of the documentation I signed. The calculation errors, occurred during the appraisal, the square footage of the home to be built is incorrect inaccurate ( this was pointed out multiple times ), even included in emails. When discussing portions of the future home, I was told that garage areas are not included unless they were heated and finished. When I identified the space was indeed heated and finished, I was told well thats not enough, they have garage doors, the terms and conditions seem to change at will. The information regarding the appraisal and difference in the loan amount was provided more than 30 days into the process, not allowing me any time to comprehend, adjust, and perhaps seek alternate lenders, totally unsatisfactory! I should also point out that for the county , county taxes, utilities, insurance and even building permits, the WHOLE property is assessed. The comparable properties used in the appraisal, were no where near the property being built, allowances did not make up for the delta. I was told this had nothing to with TD Bank. I provided five like listings, as requested, that demonstrated the delta in the appraisal, only to be told ( after I had researched and provided ) they had to be sold properties. I did reach out and get five more realistic sold properties, only to be told they also were unacceptable for one reason or another, clearly the appraisers are out of touch. All of this started two days before I was to travel out of the country, much of the work responding was done while I was traveling. I was also told that all of the up-front work that I did to prepare to build, the designs, permits, and planning applications, did not count toward to the cost of construction. I paid for these up front, not sure why they can not be included as the property can not be built without them, and they are legitimate costs of the construction. I feel that the TD Bank underwriter failed to understand everything about my XXXX  and my assets, the final calculations for the loan, missed many of my assets, and the amount required for me to contribute ( which was radically different from the original assessment ) to the loan. Also, a new a surprise element was introduced that I had never seen or heard about before, a 10 % reserve requirement, not sure where this came from or why it was imposed without an explanation, original closing estimate was {$39000.00}. The underwriter failed to capture all of my assets, nor was I asked for any statements or proof for those that were omitted. My current asset value ~ {$350000.00} value ( not including my home which has ~ {$300000.00} in equity ) was furnished to TD Bank. My asset value provided by TD Bank {$200000.00}, obviously a significant error.. I should also point out that if the TD Bank loan team had bothered to look at the building estimates, they would see that there was already an allowance for unplanned overages.

I believe I have provided pertinent accurate information in this message, there are also many email messages sent raising concerns. It is very unfortunate that none of the calls were not recorded, it would provide additional confirmation of the poor attitude exhibited by the TD Bank team.

I do understand that TD Bank has its processes, and needs to avoid risk. I too have the same concerns. Unfortunately, the TD Bank process ( or lack thereof ) has cost me critical time and money on this project, and I will likely incur unplanned additional cost to build due to the delay and potential tariffs on building materials.

I would also to thank your team, had I not have experienced what in my opinion is gross ineptitude, victimization, and punishment, I may have locked in with your bank and likely would have been forever regretful. Now, even if you were the only bank, I would not use you. I would rather not build my home than work with or be funded by TD Bank.

I will obviously be closing my accounts that I was directed to create as part of the application process. I will be very vocal publicly about the dishonorable and unacceptable way TD Bank treats their customers.

I would appreciate the refund of all fees I paid in association with this TD Bank debacle.

I am also contacting the appropriate regulatory authorities to hopefully prevent TD Bank from doing this to anyone else.

Undoubtedly extremely disappointed,

Company response to consumer: Closed with explanation