Consumer complaint received 2024-12-24 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — Confusing or misleading advertising or marketing
Company: PNC Bank N.A.
State: MA

Complaint narrative:
XX/XX/year> Loan application # XXXX Parties Involved : XXXX XXXX XXXX XXXX, rarely returned call/emails XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX PNC Bank is the most unprofessional and incompetent bank I have ever worked with from poor or inaccurate information down to the individuals managing. First point of contact, an eager salesperson, XXXX XXXX who excites XXXX into believing that if you get all your paperwork in as soon as it is requested then your loan could close in as little as XXXX  days. Now, I am knowledgeable that this kind of paperwork/approvals takes time and there are a lot of moving parts but, he was convincing. It took more than XXXX weeks, and I was not ultimately approved because my house was considered to be a three-family house even though legally it is listed as a XXXX family with an XXXX. Sadly, I had not started the process with another bank because I was told it would get done. After, XXXX  inaccurate information, I was assigned to XXXX XXXX who was unprofessional, poor communication, did not care about accessibility ( I am legally XXXX and navigating some of the XXXX and outs of the website where challenging ). It was my understanding that she would call every few days to figure out next steps, but I rarely got a call. At one point, all the paperwork was in, and she said she sent over the request for the appraisal. That was not true. I ended up speaking to a XXXX, XXXX XXXX who then reassigned my case to XXXX XXXX who happened to be off for a few days. 
I eventually received a letter stating that my loan application request for the full amount would go to the next level although I would have to pay interest and principal versus just interest. I agreed. I then got a phone call from XXXX XXXX stating that I would not get the total amount rather XXXX. Keep in mind I have a mortgage that was sold to PNC that I have been paying on for a {>= $1,000,000} house with a balance of {$200000.00} owed leaving XXXX equity. 
At some points I called the general number to be able to get an update. After one of those occasions, I received a call from XXXX XXXX shaming me for calling the general number and not her. One of the occasions I called after XXXX said that the request for appraisal went in and the staff who answered the help line stated it says it is approved to have appraisal, but it was not ordered. That was another lie and week wasted. When the XXXX came, he stated that he had been calling PNC to get the order and they did not get back to him for XXXX days. 

During almost the whole process I received XXXX phone calls from various supervisors asking what the issues were that were happening with the loan application. I spent more time writing about my experience than any XXXX of those staff did on the actual application. 


Here is the letter I wrote up in the middle of this fiasco : I am absolutely shocked with the lack of protocol, poor and accurate communication, and disrespect from PNC employees. I have been a consumer with a home mortgage loan for years, loan number XXXX, to which I owe XXXX on an estimated XXXX plus home. I was interested in purchasing another rental property and wanted to do so with money from the equity of my home, equity equaling XXXX or better after all loans were paid off. I also have assets based in an individual stock account and inherited IRA which total over XXXX. I was required to share this information with PNC for qualification of the equity loan application however, Im told that it has no weight in the approval of the equity loan. I was also told that the XXXX equities in the house does not have an impact on my eligibility to get an equity line of credit. Several questions arise for me : why does PNC want verification of my fidelity assets if they are not considered at all and what is an equity line if it is not based on the equity at ones house? When I started this process on XX/XX/year>, I was conversing with XXXX XXXX who said the whole process could be completed within XXXX days if I were diligent in getting documents uploaded. I have not had to obtain a loan in several years, so I relied on the information/expertise that your employee, who is supposed to be knowledgeable and know the rules, time frame and needs to accomplish process. Please give me a reason why I would not rely on this information because XXXX XXXX laughed when I shared that I was told about the possibility of a seven-day time frame. Now it has been XXXX plus days and the loan has not been completed. I have called and emailed XXXX XXXX several times with either no response or no new information or false information. XXXX and I had spoken over a week ago at which time she said the counteroffer was XXXX and it would be principal and interest payments. I had some questions that were not answered clearly or accurately but still accepted the offer. XXXX then stated she would send my response to underwriting and order the appraisal. When I spoke with another agent on XX/XX/year>, because XXXX XXXX had not called me back, she stated that my counter response was accepted but never sent off to underwriting the appraisal had not been ordered. Over a week of time had passed after I accepted the offer and no action had been taken by XXXX. The agents I spoke to yesterday was able to take action, send my acceptance to underwriting and order the appraisal. Today, XX/XX/year>, XXXX called and said she had good news as the third-party XXXX accepted the job to complete the appraisal. Why is that just happening now? XXXX not sure if XXXX explained to you but I shared very personal information with her expressing my challenges with the website, the way the company communicates through e-mail and the porthole because it is not user friendly for someone who is legally XXXX. I work very hard to have the best technology and education to keep up without asking for additional support but I actually feel like she made the steps even more challenging by not communicating with me, failing to push the process along, and failure to return calls and emails. In addition, XXXX XXXX offered me a counteroffer of XXXX instead of the requested XXXX with a change in terms. I accepted this offer believing that was the only offer yet, I have a letter from PNC offering the full XXXX K with a change of terms and repayment of principle and interest. This has caused a negative impact as I had to liquidate stocks to make up for the difference with the offer of XXXX versus XXXX K that I applied for. This is also held up the sellers and trickle down to affect a business relationship and possible failure to be able to complete the transaction I was involved with. When I spoke to XXXX XXXX about this letter, she stated she knew nothing about it. XXXX acted like I made it up, but I offered to scan the letter to her. This is a bank! What kind of communication is happening between departments? What is XXXX XXXX doing? Why do I feel that I have been discriminated against or worse had incompetent people handling my private financial information? If these telephone lines are being recorded, I would like a copy of the transcripts, have them reviewed by upper management and have a response and resolution. Please advise I will be waiting for your response. Thank you AMENDED TO INCLUDE : told by XXXX XXXX that they would have to consider my home a XXXX family rather than a XXXX family or she could not allow the loan application to go through. She said that PNC does not do anything more than a XXXX family. Secondly, the XXXX said that he reached out to PNC regarding the job and was not called back for more than XXXX days. 


I seriously do not know how your business has stayed open.

Company response to consumer: Closed with explanation