Fifth Third Financial Corporation Mortgage Complaint

Fifth Third Financial Corporation Mortgage department,

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

We applied for a Home Equity Line of Credit with Fifth Third bank -/-/-. On - -, - we were advised by the Fifth Third, - Branch Manager, that the application was in a holding pattern, but we had " conditional approval ''. We then verified, via e-mails with the Branch Manager on - - & -, that once our - property closed and we provided the closing statement, only a clean title search and property appraisal for our - home was needed to close the loan. Our - property closed on - -, -. The appraisal on our - property was completed on - -, -. Then, in -, - we learned that Fifth Third actually wanted us to use the new line to pay off credit card vendors, thus insuring that Fifth Third bank would receive interest payments. This is when we also learned that our business and personal income had been understated because underwriting discounted a substantial amount of our income. Why after we were given conditional approval based on the sale of our - property would underwriting now change the rules of the


This process has taken way too long and we would like to move on. We have requested written notification from Fifth Third bank as to whether we are approved or not approved for their HELOC based on the information provided to them as late as - -, -. We are not willing to provide additional information if they are going to arbitrarily discount income. If Fifth Third is willing to accept all income, we can provide documentation for a business car loan. In addition, we would like to better understand why a bank would require a consumer to immediately use a line of credit rather than offer us a lower line of credit? Fifth Third bank was going to require us to pay credit card vendors that they named rather than simply advise us that our debt needed to be reduced by $30000.00. Of course, we later found out that our debt to income ratio was inflated because our income was being deflated. We have excellent credit and simply wanted to acquire this line of credit while we were still in good health and able to work. This process has been stressful for no good reason and no one at Fifth Third bank will give us answers that make any sense. We are still waiting for written notification on the status of our loan as of - -, -.