Consumer complaint received 2022-03-09
Company: TRUIST FINANCIAL CORPORATION
State: FL
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
Truist ( Suntrust ) did not comply with the 3 day closing disclosure federal laws, in that they provided the disclosure summary on XXXX XXXX, XXXX for an investment loan, which was the same day that we closed on the property, which was not a corrected CD, it was entirely different the the XX/XX/XXXX, CD that we were given for a conventional loan. 
Post filing a complaint against Truist ; Truist responded with an apology about the inconvenience stating that the " insurance policy was indicating the property was for an investment, which also caused the loan amount, interest rate, points and closing cost to change, that resulted in the loan being repriced from 3.125 % to 3.99 % and another CD was sent with all of the adjustments on the same say of closing. Unfortunately, the Processor did not realize that the new CD still listed the old rate of 3.125 %. At closing, you were presented with the corrected CD with the adjusted rate, loan amount, points and closing costs. We sincerely apologize that you were not made aware of the changes. As a goodwill gesture, we are sending you a refund check ( # XXXX ) in the amount of {$2900.00}. This refund represents {$1900.00} in remaining Sellers Credit ( total Sellers Credit was {$5500.00}, minus the Sellers Credit given on the Closing Disclosure of {$3500.00} ) and {$980.00} in Processing Fees. The refund check was mailed by XXXX ( tracking XXXX ) and is expected to be delivered on XX/XX/XXXX. '' We attempted telephonically to reach out Truist, based on their aforementioned FALSE STATEMENTS in response to the first complaint filed against them, therefore validating unfair, deceptive and abusive practices and adding insult to injury to say the least. How were they dishonest : 1. Truist stated that the insurance is investment insurance. The insurance that is on the home purchased is owner/occupied insurance, that was emailed directly to the bank from the insurance agent on XX/XX/XXXX, at approximately XXXX. 
2. Truist stated that " the processor did not realize the old CD had listed the old rate of 3.125 % '' ... .we were dumb founded by this response because the XX/XX/XXXX, CD was for a Conventional loan with a 3.125 % interest rate, lower closing costs, the seller credit of {$5500.00}, etc. On XX/XX/XXXX, the day of closing ( moments before closing at that ), we were provided with a completely different CD, one for an investment loan, with a much higher interest rate, closing points, more money down payment, less money being loaned which also increased in the amount that we had to come up at closing, because of it being an investment loan they did not honor all of the seller credit. 
We appreciate some of the monies we recouped, however based on the Truist 's response the loan type should have never been changed from a conventional loan to an investment loan, therefore we are still asking that the interest rate be reduced to at the minimum of what was originally agreed upon. The higher interest rate will impact our family for 30 years... seriously paying over {$500.00} in interest monthly is ridiculous and the {$2900.00} is appreciated, however it is peanuts compared to 30 years of a high interest rate. What happened to " XXXX in XXXX ''? Looks like Truist threw " XXXX in XXXX '' right out the window. We are being fair and only asking for what was originally agreed upon, at the very minimum. 

I have attached a copy of the owner/occupied insurance information that was emailed directly from the agent to the bank. 

Thank you in advance.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation