TD Bank

We applied for two mortgage loans, a cash-out refinancing of our primary home for the sole purpose of buying an investment property. We assumed this was a straightforward transaction and had chosen TD-Bank based on prominence in our area and the bank’s advertized message that it was the world’s most convenient bank. Shortly after applying, we received pre-approval on both loans and were told to “shop with confidence” for the new property, which we did. We put a contract in place and proceeded to try and work the deal with TD Bank financing. We first suspected something was amiss when we received documents to review and digitally sign for the refinance loan, but nothing for the investment property. A loan processor was assigned to the refinance loan. We found him to be very unresponsive to e-mail and phone inquiries, which also gave us concern. We asked repeatedly for the status of the investment property loan. He provided no useful information, so we engaged the senior customer service representative at our local branch who helped us with the initial application. The only answer we obtained was that the loan had not been assigned to a loan processor. Nobody seemed particularly interested to try and find out why this was the case. After several weeks, we were informed that the loan application for the investment property had been cancelled by the underwriters because we had been unresponsive. We received this information approximately two weeks prior to our scheduled closing date. We hurriedly reapplied for the investment property loan the day after we learned the original loan application had been cancelled. At every turn, it seemed TD Bank was not at all concerned about customer service. There were other glitches throughout this process and for days at a time, we were in the dark on where our loan application stood. We could easily have lost our earnest money deposit had the sellers not worked with us and had extreme patience. We finally closed on the investment property approximately 90 days after our initial application. This was a miserable process and we never received any satisfactory explanation or apology from the bank.