TD Bank Mortgage Complaint

TD Bank Mortgage department,

Home equity loan or line of credit Loan servicing, payments, escrow account Connecticut

We have had a TD HELOC with a - year draw period and a - year renewal. ( This 5 year renewal product is no longer offered by TD ). As we approached the renewal ( - -, - ), TD sent us a letter informing the we needed to submit last - years income verification. My husband is - employed and his - tax returns were not yet available. We called several times to discuss requirements. With each call, there was no record of our previous call. On - -, we received final notification indicating that all paperwork needed to be filed by - -, - ( 3 Business Days ). Due to holidays, we missed the deadline and were told that the exception could NOT be made. This experience was surprising due to the Office of the Comptroller of Currency ( OCC ) guidelines on Home Equity Lines of Credit Nearing their End-Of-Draw period : Contacting borrowers through outreach programs. Management should begin reaching out to borrowers well before their scheduled end-of-draw dates to establish contact, engage in periodic follow-up with borrowers, and respond effectively to issues. After speaking with several people in the TD Branch network (


cover letter indicated that - - tax returns would follow. - we receive a letter from TD, indicating we were denied due to insufficientincome verification. - again, pushing us into a repayment phase. We have an excellent credit score and significant net worth so if we could find someone to help us, there is no reason for us to renew our draw period for the additional 5 years that are outlined in our note. We have now applied with our local credit union and anticipate approval shortly ; however, our preference would be to continue with TD for the additional - years.