A savvy friend of mine who owns a real estate brokerage in Westchester County called me the other day to vent his feeling about TD Bank.
Also a lawyer, “Neal” had responded to a direct appeal that offered him an incredibly low rate for a Home Equity Line of Credit, or HELOC. It indicated that his credit score was in the enviable 800s. (“Neal” asked that I refrain from identifying him.)
All he had to do, the mailing proclaimed, was furnish documentation and wait for a response from TD’s loan headquarters in Mt. Laurel, N.J.
He received a response, all right:
Credit denied on the basis of the appraisal on his house in the county.
Fair enough, but he wanted proof. So Neal asked for a copy of the appraisal, a request that lenders must fill under consumer protection laws.
In a subsequent e-mai to me, he detailed his concernst:
They did not follow federal procedures — telling me the loan was denied based upon appraisal or collateral issues provided to them by an outside contractor (appraiser) and then responding in writing that no appraisal ever was done and not providing me with a copy.
Big deal, you might say, but a credit-score inquiry never is a good thing. Too many, and your score declines.
Neal is no fool. And he’s no pushover. That’s why I’ve put him in touch with a client of mine who is an extraordinarily successful class-action lawyer.
“I don’t want any money,” Neal told me. “All I want is an apology and maybe a donation to the local Chamber of Commerce.”
I hope he ends up filing a lawsuit. And that he wins.
TD Bank maintains that it is “America’s Most Convenient Bank.” But is it the most honest?
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022