Consumer complaint received 2018-07-15
Company: SUNTRUST BANKS, INC.
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I have been working with SunTrust Mortgage towards a closure date of XX/XX/XXXX ; however, I was notified on XX/XX/XXXX that I was denied by the underwriter for not providing the requested information in time. 

Unfortunately, I was not aware of the specific information, any time deadlines, nor the requirement for the information at any point along the way. The additional information centers around details from my previous lender on an existing mortgage were I was granted forbearance as I was a flood victim from National Disaster resulting from Hurricane Irma in XX/XX/XXXX. I have not been able to return to that property and currently live in rental which is not covered by insurance nor FEMA. I provided what information I was provided my me lender in writing early in this process, and it was not flagged as an initial when I was granted my initial loan committment letter from the underwriter on XX/XX/XXXX. 

On XX/XX/XXXX I sold my old property and the lender was paid in full. On XX/XX/XXXX, I was asked to request more specific information about the loss mitigation program and the forbearance granted to me. 

Email from Loan Officer on XX/XX/XXXX : " Just giving an update they are still looking into the guidelines they have the loan payoff for the property you sold I did get your voice mail about getting a letter from the mortgage lender stating that you were not behind on your payments which can strengthen the underwriters approval. Let me know if the letter can be sent. '' Email from Loan Officer on XX/XX/XXXX with a bit more specifics on content, but no timeline : I got an answer from the underwriter and she stated we need documents on the Forbearance the day you contacted the lender the date they approved you for it and for how long also the CD for the sale of your property and the deposit of the funds with this they will be able to proceed with the loan I will be out of the office until Friday but still have access to email so if you have questions please let me know. 

I formally requested this information and pressed my lender daily until I received the response and immediately provided to my new lender on XX/XX/XXXX @ XXXX. 

The loan officer informed me around XXXX of the same day that the underwriter denied my loan. He further explained that the denial was on XX/XX/XXXX and that he was already starting an internal complaint on my behalf stating I didn't do anything wrong and provided information when it was requested. Based on this information, we were able to convince the seller to extend the contract until XX/XX/XXXX in hopes of a timely resolution ; however, my loan officer emailed me ( sadly, no call ) after calling the title company explaining they decided not to re-open the loan. 

I was unable to get a hold of the loan officer with any answers as he was not answering nor returning calls in a timely manner based on the events unfolding, so I immediately reached out and engaged my local branch office. It was late Friday, so they were only able to send emails and note the account for escalation. I will be re-engaging on Monday in hopes of timely resolution. 

I believe the SunTrust Mortgage company has failed me, I am a good long term customer, with great credit, and a great loan applicant. Specifically, I believe my loan officer failed to communicate and work issues in a timely manner and I have been denied as a result of their mistakes. My desired outcome is for my loan to be re-opened so I can close immediately and not lose my home as the seller is extremely upset and barely agreed to sign the extension. 

Your time and assistance would be greatly appreciated! 
Thank you in advance, XXXX XXXX XXXX

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