Consumer complaint received 2020-08-11
Company: TRUIST FINANCIAL CORPORATION
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Suntrust Mortgage has not dropped my PMI eventhough I believe my loan to value ratio is 80 % due to an innaccurate appraisal or value assessment that could be affecting my home equity as well. Both, I believe, are based on an assessed value from XXXX that I believe never was based on a real appraisal. I purchase XXXX and was approved for an over-inflated loan which did not take full amount on which is what saved me during the market crash because I knew my budget. The address is XXXX XXXX XXXX ; XXXX, FL. The appraisal value the bank is basing it on is {$99000.00} in XXXX but the bank does not have a copy of the appraisal they could provide me. XXXX was when I refinanced to get a better rate and I do not remember a new appraisal nor do I believe the market value was that low in XXXX ( it seems this is the property tax assessment value for XXXX perhaps ). In XXXX I formally requested a PMI review because market is well to see if I could drop my PMI as I had done the math to believe I was near 80 % Loan to Value ratio. They did a review and declined to drop PMI without mentioning this assessed value was so low. Mind you this same bank backed/accepted the purchase price of about {$160000.00} XXXX and a refinance of {$140000.00} in XXXX. Yes, the housing marking crashed in XXXX but it seems to have recovered and then some as a house or two in my direct neighborhood with only 2 bedrooms one bath and a small lot have been selling for well enough over what they claim my house is worth today ( mine is a 4bedroom, 2bath ). So I decided to wait until Spring because based on my math PMI would automatically drop by then. Now today I find out that the XXXX PMI review was not a new process of review at all. My equity is likely hurt by this inaccurate assessment as well which matters because its my money and I already probably need to borrow to repair my roof ( I was unapproved for equity loans couple times elsewhere, that would cost $ XXXX had it the roof estimated in XXXX ). I want to know that there is a real appraisal from XXXX and why they did not mention they had a low old appraisal they were basing it off of. My payment history seems great and websites list the market value around XXXX and I want the company to review again and apologize if they do not do a thorough review in XXXX. COVID hit our finances too and I really could use the extra {$110.00} every month otherwise I will go into forbearance as my next solution for the mortgage for 3 months or close to {$3000.00} just to help with our daily financial needs. It seems they have backed me in a wall and not maintained accurate value. I think dropping the PMI benefits bank and myself the most. I am submitting a new formal request to review but feel you should look into this as many people 's assets are likely under-valued making difficult to receive loans or drop PMI on decent and credible payment history. If I held through the bubble-burst and a decade since I think they can trust me to pay every month plus I have Auto-pay. I pay mortgage before I would buy groceries so this seems unjust and if they sold I would bet the broker 's at Suntrust would re-assess the value accurately. I can't even figure out how my PMI benefits them unless they are also my insurance lender. I had an offer on the house already last year and I said my starting price was {$150000.00} in XXXX. It is important that people be able to borrow on our equity because the the equity is an asset they already own but is locked-up in the real-estate only until sale which is the same as stock more or less yet my stock is clearly readable as to the daily market value and not based on XXXX data. This company is witholding part of my asset and I fear my equity is negatively affected as well. 
Current Principal Balance {$120000.00} Original Loan Amount {$140000.00} Loan Origination Date XX/XX/XXXX Loan Type Conventional

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