Consumer complaint received 2022-09-20
Company: TRUIST FINANCIAL CORPORATION
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
I have had a mortgage for over a decade with Truist Bank, formerly SunTrust, on a duplex I own in XXXX, VA, where I live. At some point in recent months a shortage in my escrow account caused my monthly payment amount to increase from {$1900.00} to {$1900.00}, a difference of less than {$8.00} per month. However, I WAS NEVER INFORMED OF THE ESCROW SHORTAGE AND OF THE CHANGE IN PAYMENT AMOUNT until the XX/XX/XXXX letter described below. I have checked my mortgage file for this property and there is absolutely no record/document providing notice of the change, and I have no email on the subject. 

I finally received a letter from Truist dated XX/XX/2022, saying that they had not received my monthly payment. So I called on XX/XX/XXXX and told the representative that the payment ( of {$1900.00} ) was in fact withdrawn from my account ( through XXXX ) on XX/XX/XXXX ( as shown on my Truist checking account statement and online ), and that I therefore did not have a clue why I received the letter. 

We eventually figured out that one or more of my payments ( of {$1900.00} ) was/were not applied to my mortgage, and that the problem stemmed from the escrow change and the resulting change in monthly payment. But rather than use the {$1900.00} payment to cover the principal and interest, I was told that someone or some computer at Truist put this amount into some side or " supplemental '' account and thus my mortgage was not paid!!! This of course was not my doing and I have no idea who did this and why, but for some reason it then was registered as non-payment or a late payment, or some such thing. 

Also, beginning in XX/XX/2022, the correct amount of {$1900.00} was paid. And for some reason, for two months ( XXXX and XX/XX/2022 ) a payment of {$1900.00}, representing the previous monthly payment figure, ALSO was paid. But rather than refund me for the latter payment, the statements online show that the company refunded me the new higher amount, rather than the previously applicable amount of {$1900.00}. This obviously was a mistake, since the correct payment amount at that point had risen to {$1900.00}, and thus is the amount that should have been applied to my mortgage! Also, on XX/XX/2022, I made a payment to the Truist mortgage account of {$25.00}, to cover three months of the shortage ( {$8.00} x XXXX = {$25.00} ). 

As a result of this collection of errors by Truist, my credit rating, which for years has been about XXXX, dropped to about XXXX!! According to XXXX XXXX it was because Truist reported ( incorrectly ) that I did not make, or was late on, some of my mortgage payments, which of course is nonsense. 

This has really screwed up my life because I am under contract to buy an investment property in XXXX ( a fourplex ) and thus my efforts to obtain financing have been negatively affected. I have since called Truist mortgage on multiple occasions, and have spent hours and hours on the phone, trying to get this straightened up but with no success. I then received a letter from the company dated XX/XX/2022 saying that my " notice of dispute '' will not lead to a correction in the credit report because " The disputed account information is accurate as reported and there are no changes necessary. The information you are disputing was furnished correctly. '' BUT OBVIOUSLY IT WAS NOT! 

I also have spoken several times with the manager at my local Truist branch ( where I also have a checking account ) but thus far there has been no resolution to this problem. My credit score still remains in the low XXXX. 

I am absolutely appalled by the lack of professionalism and organization that Truist has shown. What bank would claim that someone did not pay their mortgage when it was in fact paid but was less than {$9.00} short? Ridiculous!! 

Thanks for your attention to this matter. 

XXXX XXXXXXXX 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 non-monetary relief