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CalAttorney2
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10238
Experience:  Civil litigation attorney for individuals and businesses.
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I have applied home equity line via PNC. I received

Customer Question

I have applied for a home equity line via PNC. I received a list of documents to provide PNC for the application. We both have gov pensions but my husband has not yet received his retirement award letter yet. However he is receiving the estimated amount monthly, with maybe a 50.00 a month increase but not a decrease. All this paperwork has been provided. PNC is insisting on getting final letter before closing on HELOC. Based on their doc request, can they do this considering the and/or verbage
The PNC Home Equity Application Checklist states:
"If you receive SUPPLEMENTAL or RETIREMENT INCOME:
If Receiving Any Pension Income –Pension Award Letter and/or Documentation Demonstrating All Sources of Income
Submitted: 1 year ago.
Category: Legal
Expert:  CalAttorney2 replied 1 year ago.
Dear Customer, the lender is entitled to request documentation as they deem necessary to support their lending portfolio. While their application may provide for an "and/or" the statement on its application does not create any legally binding restriction on them, and if they want one documentation over another for your particular application, they are entitled to wait for it.If you are unhappy with your lender, you may want to speak to a competitor (there is a lot of competition for homeowner's business in this market and you may get service that better meets your expectations, but ultimately this is a contractual relationship between you and your lender, and as long as they do not violate the Federal Truth in Lending Act ("TILA") or Fair Housing Acts, they can set whatever criteria they deem necessary in order to ensure that the loan is a good investment from their perspective (meaning they have enough information from you to be confident that you can repay it).