Regions Financial Corporation Mortgage Complaint

Regions Financial Corporation Mortgage department,

Other mortgage Credit decision / Underwriting Tennessee

In or about -/-/-, a line of credit that I had with Regions Bank came due ( I had inexplicably thought that it was for a longer term than it actually was - it was originally granted in -, - ). I approached Regions to do a reissuance of the line of credit at the same 3 % rate of interest on the original line. That was denied by - -, a Regions VP our of -, AL who instead my only options were : 1 ) pay the outstanding $50000.00 owing ; 2 ) accept a Regions ' commercial loan at a quoted rate of 9.5 % ( a 6.5 % rate hike ;, or, 3 ) obtain a non-Regions loan to pay off the line of credit. None of the above " options '' were either viable or acceptable to me. In telephone negotiations with - - over several days, I argued for a competitive rate and was told that your " only option with Regions is our commercial loan at 9.5 % ... ''. I continued to argue, at one point asking for a more " realistic rate in line with then-current rates, or the 3 %


" checked with someone else '' and despite having told me that " ... I can not change the 9.50 % rate '', she came back and " offered '' a 7.5 % rate which, under the circumstances I was forced to accept ( after several weeks on trying to get a better rate, and after having been lied to by - - that " 9.50 % is the best Regions rate we can do '' ). I have paid monthly on the original $50000.00 loan for a period of some 4 years, and the balance is now around $40000.00. Over the ensuing years, I have made more than one application to Regions to refinance ; all have been turned down. My last application was turned down for - reasons - the most glaring that my " credit report shows too many delincquincies '' which is untrue - my credit report actually shows - late payments over the years. At the time of this denial, I got a short note in the mail stating that I could " ... write to Regions to seek specific and detailed reasons for the credit denial '' ; I wrote such letter immediately, approximately 4 month ago. I have not received a return letter with any explanation. Since then, I have made repeated requests of - -, - of a - Regions branch, for a reply - none has been forthcoming. The choices offered below as to " which part of the ... process my issues is related to '' only allows for one response. My issues relates, in one way or another, with all -.