Consumer complaint received 2022-04-11
Company: TRUIST FINANCIAL CORPORATION
State: VA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
On XX/XX/XXXX I contacted Truist to process a mortgage refinance and was quoted 2.6 % or 2.365 % if I met an income threshold of $ XXXX. On XX/XX/XXXX the rate was locked and I paid the credit report fee to proceed with the refi process. Around XX/XX/XXXX I was notified that the underwriters had calculated my income to be {$72000.00}. I identified that they did not deduct employee benefits from the income line as stipulated in [ 7 CFR 3550.53 ( a ) and ( g ), 7 CFR 3550.54 chapter 4 of the federal mortgage policy guidelines which states, Employer paid and provided fringe benefits are not included in annual income regardless of whether the benefits are reported on the employee wage statement. Between XX/XX/XXXX and XX/XX/XXXX Truist subjected me to interspersed ping-pong phone call sessions and emails, delaying the process and opting to request income verification from my state employer. I explained to them it would further delay the process and as a State employee transitioning from one state agency to another, I had provided documentation and satisfied the CFR requirement that Direct verification of the Borrowers employment history for the previous two years is not required if following conditions are met : The current employer confirms a two year all of the employment history, or a paystub reflects a hiring Only base pay date of a minimum of two years I have been employed by the same State employer for over five years ; someone needs to explain to Truist/SunTrust mortgage team how State service employment and paystubs work. 
I was told if I did not have a ( state ) paystub by estimated closing in first week of XXXX it would be a problem and I stated I would have one by XXXX ending since state employees are paid semi-monthly. Truist mortgage associates then advised me to cancel the application and reapply on receipt of a XXXX paycheck and they would continue the process at 2.6 % since they still would not correct my income calculation. In spite of my reservations, and facing a hostile refi team, I canceled the application with the intent of picking up as they had advised. I requested a copy of my credit report which I have never received. 
Additionally, during the initial refi process in XX/XX/XXXX, the 3rd party Title Officer discovered that Sun Trust had listed my First Time Home Buyer Grant in XXXX as a second loan and not a forgivable lien, and Truist was supposed to subordinate this error. I called Truist over one week ago, and spoke to a woman who said they would call be back in 48 hours with an update. 
Needless to say, I have never received the credit report copy I requested, nor a call back regarding the subordinated lien. Truist has had nothing but bad news coverage since the merge and they need to be held accountable. 
I am asking for three things ( XXXX ) that they honor the 2.6 % refi mortgage rate if they can not get my income calculation right, ( XXXX ) that they complete the subordination of my 1st home buyers grant and refund any interest inadvertently collected from that error, and, ( XXXX ) send me the credit report I paid for. The Feds need to look into Truist financial practices, correct their faulty processes and hold them accountable for the angst they're causing their customers.

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