Consumer complaint received 2022-09-20 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PNC Bank N.A.
State: NJ

Complaint narrative:
This is a complaint against PNC Bank and its Mortgage division that handles Home Equity Line of Credit. 

XX/XX/2022 first interaction with loan officer telling him how I need to get the HELOC quickly so that I can take equity out of my house that I have built after doing a full renovation. I needed to use the money to pay off debts and to complete my house. The rate sheet provided to me was excellent and I was told that the rate that I will get will be based on the rate sheet provided ( and is reflective on the application date ). I was told the loan would take 30-45 days to close. 

XX/XX/2022 is when I submitted my documents to start the HELOC documents for my primary residence. 

XX/XX/2022 the loan officer asked if I had a coapplicant ( via text, so is available in writing ). My simple answer was " no. '' I am married but my wife has a clear credit with no debts and I did not want to have her credit pulled nor this loan to appear on her credit. 

Month of XXXX, Underwriter kept throwing the file out ( as I was told, never saw this ) because apparently I didn't have enough trade lines. I have a near perfect credit score with over 10 credit lines so I don't know whose file were they actually reviewing. 

By early XXXX, my wife was brought up as a coapplicant in one of the emails. I sent a signed letter back on XX/XX/XXXX that my wife is not a coapplicant and there is no reason to ask for her information. ( They had pulled her information from the joint tax returns that we file. ) By mid XXXX, we still did not have any resolution. In XXXX, the loan officer said that the underwriter will not clear the file until my wife 's address was proven to be the subject property. I asked again why does that matter? she is not on the loan, not on the title, or deed. I was told this is PNC process and even though she is not on the loan, I need the information. I provided one document then they needed another. So by XX/XX/XXXX, I provided what they wanted for my wife 's address although it didn't make sense as I am a loan officer of 3 years that has closed over 50 loans and I have never had to ask for a non-applicant 's information. But I complied as I was assured my wife was not on the application and her credit was not pulled. 

On XX/XX/XXXX, the loan officer called to say the loan has been approved but he made an error in the initial submission and put my wife as a joint credit applicant and so the only way to close this file is if both of us are on the loan otherwise we'll have to start again. 

At this point, we were 3 months in the process, rates have changed completely, my wife 's credit had been pulled without authorization, due to the long wait, I had to forego many opportunities, and had to take more debt to offset the balance of the loans putting my business credit on hold due to an undefined never-ending loan that would not allow me to borrow on other lines. The time lost can never be returned. Neither can the financial problems that I had to bear through this process.

Company response to consumer: Closed with explanation