Consumer complaint received 2024-06-16
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Escrow, taxes, or insurance
Company: TRUIST FINANCIAL CORPORATION (NC)

To whom it may concern : Please note my name is XXXX XXXX XXXX, and I am making a complaint against Truist Bank ( mortgage holder ). The following are details to support my complaint : On XX/XX/XXXX, I sent a NOTICE of ERROR to Truist, emphasizing the financial loss and potential legal implications caused by their actions. According to federal law, the servicer ( Truist ) is responsible for the insurance and tax payments in a timely manner ( that is, on or before the deadline to avoid penalty or, in my case, cancellation of my homeowners ' policy ) ( 12. C.F.R. section 1024.17 ). Despite my consistent monthly mortgage payments, Truist 's failure to make the necessary payments led to XXXX XXXX canceling my policy on XX/XX/XXXX, resulting in significant financial loss and potential legal implications. 
I reviewed my online statement and noticed that Truist paid on XX/XX/XXXX. I called Truist and spoke with a male representative ( approx. XXXX XXXX ) who confirmed a payment had been made. I questioned why it wasnt paid on XX/XX/XXXX, and he stated, I dont know. On XX/XX/XXXX, I received my escrow check due to non-payment with a cancellation date of XX/XX/XXXX. I once again contacted Truist and spoke to XXXX on XX/XX/XXXX, who reviewed the account and stated the electronic payment bounced back to Truist, and another payment was made on XX/XX/XXXX within the 30-day grace period. He asked if he could call XXXX XXXX to get the policy reinstated. He placed a three-way call with XXXX XXXX XXXX XXXX rep ) ; after reviewing the account, she could not reinstate the policy because it was past the grace period. XXXX stated the payment was made within the 30-day grace period, and she corrected him, stating the policy had a 15-day grace period as it was between the financial institution and XXXX XXXX, not the consumer. Once the call ended, he admitted this error was Truist 's fault and would escalate for review. I contacted XXXX XXXX and spoke with XXXX on XX/XX/XXXX at XXXXXXXX XXXX and was informed to have Truist provide evidence that an electronic payment was made promptly and that they would review it. I called Truist on XX/XX/XXXX to inquire about the status, and XXXX stated I needed to get new homeowners insurance because if the lender secures it, the cost will be greater and to return the escrow payment. She further suggested I contact the property team for further assistance. Later that afternoon, I spoke to XXXX XXXX ( XXXX XXXX XXXX XXXX ). XXXX confirmed that a virtual credit card payment was made on XXXX ; however, they were unaware that the payment was rejected. She further stated, XXXX XXXX didnt want to play, I am unsure what that meant. I informed her what XXXX had instructed and gave her the email address to contact her ; please refer to the emails I have uploaded for details. I also uploaded the correspondence from Truist regarding my Notice of Error complaint. Which basically takes no culpability and sent a {$25.00} gift card for bringing this to their attention.