Consumer complaint received 2020-11-18
Company: TRUIST FINANCIAL CORPORATION
State: NC
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I do not think that complaint # XXXX should have been closed after the SunTrust response. I believe that SunTrust sent a Statement of Credit Denial to me in retaliation after I told them I was refinancing with another company. Listed below is the company 's response and my response. In my opinion this is a clear example of a big financial institution throwing their weight around trying to harm my credit. 

Company 's Response Please know that when loan applications are received, they are reviewed the same whether they are for existing clients or new clients. In addition, there were not changes during the loan application review due to Covid 19. After the initial approval of your application, additional documentation was requested because it was confirmed that there was an undisclosed property and homeowners association dues on the subject property. With the addition of the association fees on the subject property, taxes and association fees on the undisclosed property, it was determined that the debt to income ratio was too high. We did not receive the additional documentation to verify your income and a Statement of Credit Denial, Termination or Change was issued on XX/XX/XXXX. We are required to send this notice to applicants if we are unable to proceed with the loan application. We are unable to reverse or change the Statement of Credit Denial, Termination or Change notice as it is accurate. For informational purposes for loan ending in XXXX, the loan was paid in full on XX/XX/XXXX. The current principal balance is {$0.00} and the current escrow balance is {$8600.00}, which will be mailed to you under separate cover within 20 days of the paid in full date. There are no funds in the unapplied suspense account at this time. The previous owner/investor of your loan was XXXX  XXXX  in its Capacity as Trustee XXXX. Their contact information is : XXXX XXXX XXXX XXXX, Washington, DC XXXX. 
ATTACHMENTS final response attachment.pdf ( 238.1 KB  ) XXXX final response.pdf ( 109.5 KB  ) Feedback provided STATUS Feedback provided on XX/XX/XXXX Your feedback THE COMPANYS RESPONSE ADDRESSED ALL OF MY ISSUES No ADDITIONAL COMMENTS Thanks for the response, I appreciate SunTrust getting back after the CFPB complaint was filed. It may have been preferable to hear back after multiple calls and e-mails when the " statement of credit denial '' was issued on XX/XX/XXXX. 
Regarding the response : 1. " In addition, there were not changes during the loan application review due to Covid 19 '' Listed below is an e-mail from your Mortgage Loan Processor stating the opposite. From : XXXX XXXX XXXX ; XXXX XXXX XXXX ; Sent : Tuesday, XX/XX/XXXX XXXX XXXX To : XXXX XXXX XXXX XXXX ; XXXX XXXX XXXX ; Subject : Truist Bank - Loan status Good Evening Mr. XXXX, Due to the COVID-19 there have been recent revisions made to lending guidelines. We need to most recent mortgage statement for XXXX XXXX XXXX, XXXX, OR XXXX. I sincerely apologize for the back and forth and thank you so much for your patience and understanding as we all try to adjust to the ever changing circumstances. Please let me know if you have any questions. Thank you, XXXX XXXX Mortgage Loan Processor Direct Operations SunTrust now Truist ( Direct number : XXXX ) Fax : XXXX *Mail Code : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX VA XXXX XXXX. " After the initial approval of your application, additional documentation was requested because it was confirmed that there was an undisclosed property and homeowners association dues on the subject property. With the addition of the association fees on the subject property, taxes and association fees on the undisclosed property, it was determined that the debt to income ratio was too high. '' The property is a lot in waterfront community that we have owned outright for 12+ years, it was never undisclosed. The HOA and tax add up to under {$2200.00} a year. Stating that the debt/income ratio would be impacted to that degree is hard to understand. 3. " We did not receive the additional documentation to verify your income and a Statement of Credit Denial, Termination or Change was issued on XX/XX/XXXX. We are required to send this notice to applicants if we are unable to proceed with the loan application. '' SunTrust did not receive additional documentation because I chose to refinance with another source. If I am understanding your requirements you have to issue me a Statement of Credit Denial permanently impacting my credit when I get fed up with your underwriting confusion and select another lending source. It is my belief that SunTrust was disappointed that I refinanced with another source and retaliated.

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