CWO4 MICHAEL LADD, USMC (RET) sent a message to William S Demchak that said:
CWO4 MICHAEL A. LADD, USMC (Retired)
ladd926@msn.com
April 25, 2018
Mr. Demchak,
I wouldn't ordinarily send this through several channels, but I would really like to understand the logic behind approving mortgages. Please see a copy of the below letter. R/S
PNC BANK
(Andrew Chuba, Senior Vice President, PNC Bank)
300 Fifth Avenue
29th Floor
Pittsburg, PA 15222
Mr. Chuba (or to whom it may concern in reference to mortgage loans),
I would like to express my disappointment and loss of confidence in your institution. I have been a paying member of a PNC mortgage for about 11 years. I purchased the property from my wife, Karen Hicks (she was at that time, my wife to be). During the time that she had property built in Arizona in 2007. I even refinanced my property based on my previous interaction with Rich Green. I paid my obligations over the years without a disruption in payments
Fast forward to the present. About a month ago, I had the âconfidenceâ that after all the time and money I paid into your institution that my wife and I would be qualified to purchase a new houseâ¦ESPECIALLY SINCE I AM INNUNDATED WITH PNC REFINANCE OFFERS AND REVOLVING CREDIT ON NEARLY A DAILY BASIS!
My wife and I had been searching for a suitable residence to spend our last years in. We found an ideal house but had limited time to qualify for it. Thinking that my time and reputation with PNC would be the best option for our pursuit of a new dwelling, we applied for pre-qualification through Nancy Merzweiler at a local PNC bank. We subsequently received an email from Babak Garakani confirming our request.
We waited about two weeks to hear from anyone about our pre-qualification. My wife finally contacted Nancy who indicated that we would not qualify for the loan, mostly due to my wifeâs lack of credit card history. EVEN THOUGH KAREN KEPT THE ARIZONA HOUSE FOR NINE YEARS. SHE SOLD THE PROPERTY IN 2016. I say again, she maintained property in Arizona for nine years. If that does not support a solid credit history, I donât know what does.
Nancy indicated that she would have to refer our case to an underwriter. If not having credit cards make us disqualified for a $300,000 loan despite paying a nine-year mortgage, someone needs to explain in more detail where we fall short.
END RESULTâTHE PROPERTY WENT UNDER CONTRACT AND CLOSED WITH ANOTHER BUYER AND WE LOST THE CHANCE TO PURCHASE THE IDEAL HOUSE WEâVE SEARCHED FOR, FOR SO LONG!!!
Nancy also mentioned losses from my home business assetsâI am an artist, and Iâm limited to the demands of the market. We are still recovering from the housing crash of 2008, but I never took out a business loan, and even business losses have not affected our finances.
Iâm a retired 100% disabled Marine of over 22 years receiving VA disability benefits. I also worked over nine years with the state of Maryland school system, in which PTSD from the military led to a disability retirement from Maryland school system, in which I receive monthly disability payments. My wife is retired from the state of Maryland and now receives her pension, in addition to social security because of her age.
Our finances are more than enough to qualify and make payments on property we purchase. We, at our ages are very responsible and meet all financial obligations without living paycheck to paycheck. If PNC bank can send refinance offers on nearly a daily basis, WHY CANâT WE QUALIFY FOR A NEW LOAN?!!! There is something wrong with this process.
Orâ¦is there something wrong with us?!!! Weâve since been approved through two other financial institutions but are still extremely disappointed that we lost the opportunity to get the house we were so eager to purchase.
I used to mention my relation with PNC bank regarding mortgages to my fellow Marines. I canât do that anymore in good faith, because I put my reputation on the line speaking in your behalf. With our Marines, our word is our bondâ¦we deal with facts, not speculation. If I do tell them anything in the future, Iâm inclined to recommend that they steer clear of PNC bank when it comes to mortgages.
Please take me off your refinance mail list. I canât stomach a double standard where my family and I are forced to stay in place with unlimited refinancesâ¦but you tell us that we cannot handle another mortgage loan. I just donât understand the logic in that.
Respectfully,
MICHAEL A. LADD
CHIEF WARRANT OFFICER 4
U.S. MARINE CORPS (RETIRED)
