Consumer complaint received 2024-09-30
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Delays in the application process
Company: TRUIST FINANCIAL CORPORATION (NC)

In XXXX of 2024 I began my homebuying process by taking the XXXX XXXX XXXX  class. In XXXX, I reached out to a contact that was provided for us in the class. The contacts name was XXXX XXXX of Truist Bank. XXXX XXXX was a presenter in the class and seemed very knowledgeable. I reached out to XXXX XXXX, let him know that I was interested in purchasing my first home and we began the process. Throughout the process, we communicated via telephone call, texts and emails. He would let me know step by step what documentation was requested and I always provided in a timely manner. In late XXXX, he reached out to ask if I could enter my student loans into an income driven repayment plan. I also let him know that I was currently in school and asked if that would affect me. He assured me that it would not. I received an approval letter from XXXX who is the processor over my student loans stating that all of my loans under the master account ending in XXXX were approved and are under the income driven repayment plan of {$0.00} and I would need to recertify every year in XXXX. This information was sent to XXXX XXXX with no issues. We continued with the process, which took a total of 7 months. Throughout the process I paid down any bills that would help, paid for the appraisal, we toured the home twice once the construction was complete and signed all documentation that had to do with the loans, down payment assistance, homeowners insurance, etc. On XX/XX/XXXX, I received closing disclosures from Truist stating that closing date was XX/XX/XXXX. The same day that I received closing disclosures, I received a call stating that my student loans came into question because my loans were showing deferment. I explained that they were in deferment because I was currently in school, but on the mortgage loan summary, the letter I received from XXXX, and my payment schedule showed that they are still entered into the IDR plan with a payment of {$0.00}. For XXXX weeks I was back and forth with XXXX trying to provide documentation showing the IDR plan, even though I already had, explaining why deferment is showing alongside IDR. During this ordeal, I felt that my questions were not being answered, that I was being spoken to in circles and felt pushed on the back burner. I asked what I needed to do with my current living situation as I had put in my 60 day notice to be out on XX/XX/XXXX. XXXX XXXX stated that I needed to find a place/hotel for a few days until they made a decision. I had a gut feeling that I needed to continue my lease on a month to month basis. Which I am glad I did because this continued on into the middle of XXXX. I called constantly asking for an update because there were times where there was no communication. My realtor even called on my behalf to receive an update. XXXX XXXX, his supervisor XXXX XXXX, and the bank kept pushing out when they would let me know the decision. It began to feel like they were pushing me out from receiving the home, I felt that this was racially driven and I felt disrespected. It was not until I reached out to XXXX XXXX supervisor, that XXXX XXXX tried to explain to me why there was a delay. XXXX XXXX stated that he would continue to communicate even if he had not heard anything. he did not. I never heard back from him. I would call and he would only respond in text message. From the middle of XXXX until now, I have had panic attacks from stress and have had emotional breakdowns. It is not just me that this has affected but my children. I have spent more money than I anticipated so that my children and myself will not be homeless. This has taken a huge toll on me financially, mentally and emotionally. All of this could have been prevented back in XXXX and I could have asked questions or maneuvered differently so that I could be prepared and have a plan B for housing. This was handled unprofessionally and I will also be seeking legal counsel on how to proceed.