Consumer complaint received 2021-03-02
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — 
Company: TRUIST FINANCIAL CORPORATION (VA)

Purchased a condo home in XXXX, VA after a period of loan processing with lender XXXX XXXX XXXX, in or near XXXX  XXXX, Virginia. This loan utilized a VA Home Loan.

Based on frequent communication between my loan officer Ms. XXXX, and my insurance broker, Mr. XXXX of XXXX 's XXXX, and myself, I purchased a hazard insurance policy that met both my, and my lender 's requirements. 
I was advised by my lender, that their requirement would be to escrow this cost for the first year. 
I was advised a few days before closing, that my lender 's common practice was to re-sell mortgages in the short term after closing on the purchase was complete. 
After completing the a pre-closing advice session with a local closing attorney, Mr. XXXX, I completed the closing documents with his firm, obtained my keys, and took occupancy the same day and established my primary residence. 

A few months later I was advised of a change of servicing as my mortgage had been purchased by a BB & T Bank, which was itself in the process of being purchased by a financial company called Truist Bank. 

Fortunately, the phone number in the letter I received still worked to reach an automated system where I could make my monthly payment. 

They do not however seem to have regular phone staff to contact, as most times I have contacted to ask questions about my account, such as discontinuing the escrow of my property taxes ( Virginia offers a property tax exemption on primary residence property for some veterans, for which I qualify. ) And for arranging an ACH or similar automatic payments. 

However, despite my regular lack of ability to contact the customer service at the merging BB & T Bank / Truist Bank, I received a letter today, instead indicating that the company wished to modify the requirements for my loan, by requesting I obtain additional coverages for my mortgage/hazard insurance beyond those required by the Original Lender and mortgage agreement. 

I have maintained my insurance coverages with my local insurance agent, Mr. XXXX, and have not made any reduction to my coverages. Yet my new company, wants me to take on additional coverages to comply with their own requirements. I did not originate my loan with their Truist Bank, or its purchased Banks BB & T nor SunTrust Bank. 
I do not believe that BB & T purchasing my mortgage, nor Truist Bank by proxy as the purchaser of BB & T Bank, should be able to insist upon new terms to my mortgage. They purchased the mortgage as an asset, and should instead be maintaining the original agreement and requirements set by the Original Lender, XXXX XXXX XXXX. 

Upon review of the CFR, section, Force-placed Insurance ( 12 CFR 1024.37 and 12 CFR 1024.17 ( k ) ), I see no provision which allows for the company to require greater coverages beyond those required at loan origination.

I have again, been unable to reach a human being, at BB & T who can discuss this concern. I do not know if BB & T is perhaps closing their customer /mortgage service department as part of their accession process with Truist Bank .

But it deeply concerns me that what seems to be a clear over-reach by their mortgage department, to offset some unknown variable of risk, that did not concern my original lender, will potentially result in an increase to excessive amounts held in Escrow.

Although not specific to the above complaint, i would also like to eventually obtain information from BB & T or their owner Truist Bank, on what documentation I can supply them related to my property tax exemption.