First Tennessee Bank Mortgage Complaint

First Tennessee Bank Mortgage department,

Home equity loan or line of credit Credit decision / Underwriting Tennessee

I applied for a Home Equity Loan through First Tennessee Bank ( -, TN call center assisted ). I asked what is the Maximum amount I can be approved for ; They sent me the proper disclosures based on the estimated value of the house and told me after the appraisal comes back we could adjust loan amount. The appraisal of my home came in higher than we initially thought. - - assisted me through this process and as loan came through underwriting she called me back and said " - -, I know you asked previously what is the maximum loan you can receive. I wanted to call you today to let you know the underwriter is willing to give you a loan up to $450000.00. '' I said, " wow, I 'm flattered. Let me think about it and I 'll call you back next week. '' When I called back the next week to accept their offer ( I told them I would take a loan of $410000.00 ) I learned that - no longer worked at the bank. They passed me off to - and at that time - said my rate would go up .-


lower my origination fee from - % to .- % because they knew they made a mistake ; - said, " It was - last day at the bank, and she was n't on her " a '' game. '' I appreciate that everyone makes mistakes, however this was an offer from the bank, which I called back and accepted under the current terms ( 3.4 % APY for 15 years ) The bank will not honor the verbal agreement. I consulted an attorney and he said the bank extended me an offer, which I called back and accepted a week later that was n't honored ; He feels the bank is liable ; For your information- The call has been recored and is on file at the bank. He suggested I file a regulatory complaint.