PNC Bank Mortgage Complaint

Home equity loan or line of credit Application, originator, mortgage broker

PNC Bank Mortgage department,

Home equity loan or line of credit Application, originator, mortgage broker New Jersey

In - 2015, I applied to refinance my HELOC with my existing mortgage company, PNC. I was informed that even though my FICO score was -, I needed to have " - successful trades '' in order to refinance and receive the same product. I was told I had only - trades. I asked repeatedly what specifically was meant by a " trade '' but was never given a real answer. I was told it was a government guideline/regulation and - the bank could not get around. I was informed, after asking, if paying off - more bill would make a difference and told that it should. I rescinded my application, paid off a bill and three months later - in - 2015, reapplied. My FICO score is now - and I am still being told that I do not qualify for a HELOC but must settle for an interest plus principal-type product. During this second attempt, I was initially told I needed a - FICO score and " - trades. '' Both of which I obviously had back in - and then again in -. I was later told I did n't have " - trade lines. '' I have repeatedly asked for a federal regulatory number or other identifying information to corroborate this guideline they are using to deny my application for a HELOC and I am consistently denied this information. Each time I speak with a different loan specialist, I am given different information. I have your organization and others for information but no one has ever heard of such criteria. At this point, I can only assume this jargon is particular to PNC and used to deny clients certain products in the hopes that they can be assuaged into the lending product - that PNC is currently - on its clients to meet their profit margin. Please please look closely into PNC 's lending practices in NJ. Thank you.

PNC Bank customer in New Jersey
Nov 18, 2015

* Source: CFPB Complaint Database

PNC Bank response to complaint:
In progress

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