Consumer complaint received 2025-02-26 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Application denials
Company: PNC Bank N.A.
State: TX

Complaint narrative:
I initially applied for a mortgage assumption with PNC Bank in XXXX XXXX, providing all required documentation. My application was denied without a clear explanation. I reapplied in XX/XX/XXXX, submitting all necessary documents again. PNC stated multiple times that they could not allocate certain documents, requiring me to resubmit them multiple times, with no clear indication of whether they were properly reviewed. 

On XX/XX/XXXX, my application was denied again, with PNC stating that my income was not stable because I work as an adjunct faculty member at a university and have changed institutions, despite the fact that I have continuous W-2 employment and verifiable earnings in XXXX and XXXX. PNC also claimed that I lack a two-year history with the same employer, even though XXXX XXXX underwriting guidelines ( Section 5301.1 ) do not require W-2 income to be from the same employer, only that it be verifiable and ongoing. 

Additionally, PNC disregarded my consulting W-2 income, which provides additional earnings that further demonstrate income stability. 

I have lived in this home since XXXX as a co-owner and became the sole owner in XXXX. I have also been solely responsible for the mortgage payments for XXXX years, all made on time. Despite this, PNC failed to factor in my strong payment history and financial responsibility. 

PNC has not provided a clear explanation as to why : My verifiable W-2 income from XXXX and XXXXincluding my consulting jobwas excluded while outdated 1099 income from XXXX was used instead. 
They did not request additional verification if needed but instead stated my income was unstable due to adjunct teaching, despite continuous employment. 
They disregarded my mortgage payment history ( XXXX years of on-time payments ) and financial standing ( credit score near XXXX and documented assets ). 
They failed to confirm whether they reviewed my full application, including Sections 1A and 1B, which were missing from their initial file. 
I contacted XXXX XXXX, who confirmed that the assumption should be evaluated based on current underwriting guidelines, not those from the original loan date. However, PNC appears to be misapplying underwriting rules to justify denial. 

Requested Resolution : I request that CFPB investigate PNCs underwriting practices, their misclassification of W-2 income, and their failure to apply XXXX XXXX  underwriting standards correctly. Specifically, I request that CFPB require PNC to : Justify why my verifiable W-2 incomeincluding consulting wageswas disregarded while outdated 1099 income was used.

Explain why they cited a lack of a two-year history with one employer when XXXX XXXX does not require that for W-2 earnings. 
Confirm whether my full application, including Sections 1A and 1B, was reviewed and why I never received confirmation of its inclusion. 
Ensure my application is reassessed in compliance with XXXX XXXX current underwriting guidelines. 

I have attached my W-2s, my XXXX XXXX  semester teaching contract, and PNCs denial letter. If needed, I can provide additional supporting documents, including email correspondence, proof of document resubmissions, and mortgage payment records. Additionally, I will have my XXXX tax return available when the time comes and can submit it if further verification is required.

Company response to consumer: Closed with explanation