Consumer complaint received 2022-05-14
Company: TRUIST FINANCIAL CORPORATION
State: TX
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I am an employee and mortgage loan originator for Truist. 
Truist incorrectly denied a client 's loan for excessive debt to income, then after realizing the error attempted to defraud the customer of their original locked pricing. 
Underwriting issued a Notice of Intent for missing IRS documentation, which expired on XX/XX/XXXX. Our client provided all the necessary documentation on XX/XX/XXXX, however, UW hastily declined the file for excessive DTI, due to threat of violating ECOA ( approval or denial in 30 days ).

My complaint is the response from my manager, once it was established UW made a mistake. 
My manager reviewed the XXXX income calculator data which showed the client 's income was {$260000.00} a month instead of {$60000.00}. 
DTI was/is 7 %, not 300+ %, as UW incorrectly calculated ( using the same data the client previously provided and uploaded to the file prior to the declination ).

My manager understood Truist made a mistake, but suggested I " see what pricing the client would accept '' because " he's a rich white guy '' The client 's original pricing was a 90 day lock for 3.575 % with 0.584 points, good through XX/XX/XXXX ( loan # XXXX ). 
However, " due to company policy '' we couldn't transfer the prior pricing to the new file... instead, I would have to request a pricing subsidy and relinquish half my pay, also " due to company policy ''. 
Due to the drastic change in market, current market pricing for this client is now XXXX XXXXXXXX points. 
Using my allowable subsidy of XXXX, final points would be XXXX ... for a loan amount of {$960000.00} equates to {$57000.00} points charge. 
Our client provided all documentation prior to the NOI expiration, therefore Truist should honor his original locked pricing. Period.

Instead of doing the right thing, my manager chose to first try intimidation ... which didn't work on me... then to pass blame ... then to see what I could negotiate with our client. 
This type of behavior is deplorable and inexcusable. My conscious, character, and integrity are not for sale... regardless of brand or compensation. 
Truist needs to do what is right and honor the original locked pricing for our customer. 
Timeline Of Events : Week of XXXX XXXX : Thursday XX/XX/XXXX client provided requested IRS items XXXX documents uploaded to Empower ; Friday XX/XX/XXXX XXXX issues declination. 
Week of XXXX XXXX : Wednesday XX/XX/XXXX requested income analysis with my manager ; scheduled Friday XX/XX/XXXX at XXXX. 
Week of XXXX XXXX : Monday XX/XX/XXXX emailed completed MGIC income worksheet to my manager for review, he approved, but said under no circumstances reapply until filed IRS extensions were received ( required after XX/XX/XXXX ) ; Wednesday XX/XX/XXXX requested client provide all filed IRS extensions XXXX 
Week of XXXX XXXX : Friday XX/XX/XXXX received all client 's filed IRS extensions from CPA, created a new application ( loan # XXXX ). 
Week of XXXX XXXX : Monday XX/XX/XXXX discussed offsheet pricing with lock desk manager, per her instruction emailed formal request to capital markets manager ; Tuesday XX/XX/XXXX lock desk manager updated Empower with requested pricing and emailed me the Subsidy Exception Request Form to complete ; Wednesday XX/XX/XXXX Subsidy Exception Request submitted to District Sales Manager for review and copied my manager, my manager replied " Org structure please '' and " Can you provide a time for us to chat tomorrow '' ; Thursday XX/XX/XXXX XXXX telephone appointment with my manager lasting 1 hour and 37 minutes.

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