Consumer complaint received 2021-12-23
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: TRUIST FINANCIAL CORPORATION (NC)

XXXX. XX/XX/XXXX, I submitted an application with BB & T/Suntrust , now dba as Truist, for a refinance of my existing mortgage loan with BB & T ( Loan Number XXXX ). 

2. Based on national standards, expected timeframe for refinance of existing mortgage with same lender was 30-45 days with minor deviations expected. Anticipated refinance completion was XX/XX/XXXX based on the refinance process being a simple refinance with no cash out, just a lower interest rate. The application was to be processed as an Assets for Income Refinance versus a standard loan application. To support this request, my wife and I documented we receive ( a ) {$6500.00} monthly from Social Security, ( b ) have liquid cash assets of {>= $1,000,000}, ( c ) own real estate valued at {>= $1,000,000}, ( d ) annual dividends and capital gains of {$750000.00}, and ( XXXX ) joint personal and loan debt of {$600000.00}. 

3. BB & T/Suntrust requested XXXX supporting application documents on XX/XX/XXXX ( 26 days later ), which were submitted immediately. Follow up requests for information occurred over the next 30 days. All requested materials were submitted within XXXX hours of request. 

XXXX. XX/XX/XXXX ( 56 days later ), I was informed by the BB & T loan processor, XXXX XXXX, that the Underwriting process was 90 % complete. Additional materials requested by XXXX XXXX were submitted immediately. 

XXXX. On XX/XX/XXXX ( 132 days later ), I was informed by the loan processor that the Underwriting process was 95 % complete. Additional materials requested were submitted immediately. I immediately contacted my BB & T Loan Originator, XXXX XXXX, requesting information as to why this loan process was now at 132 days from initial application with no end in sight. I was informed that the Underwriting department was behind due to a flood of applications and Loan Processors were behind due to training on the Suntrust mortgage loan software that was being adopted in the merger with BB & T as they became Truist. During this 132-day period, multiple loan expirations were extended due to the confusion at BB & T . 

XXXX. Approximately XX/XX/XXXX ( 137 days later ), I was informed that BB & T had misplaced several application documents and requested we send replacement documents. At the same time, BB & T informed me the property appraisal was stale and a new appraisal would be required. In the interim, we updated the loan documents several times at the request of BB & T. BB & T expressed no disqualifying concerns with the materials submitted. 

XXXX. XX/XX/XXXX ( 166 days later ), the closing agent for XXXX XXXX XXXX XXXX, XXXX XXXX, was informed by XXXX XXXX, the Lending Processor for BB & T, that I still do not have a set closing date as of yet. The file is still in Underwriting. I spoke with the Underwriter and I should it back today or tomorrow. The POA has been approved to use. I will keep you postedthanks. 

XXXX. XX/XX/XXXX ( 166 days later ), XXXX XXXX from XXXX XXXX and Title, informed me The lender asked for several documents that had already been emailed to XXXX XXXX so I emailed everything he requested again, so hopefully they have everything they need to proceed with refinance. I asked if lender can close XX/XX/XXXX but have not received a response. The XX/XX/XXXX closing date was canceled as BB & T was unable to provide final documents to XXXX on a timely basis for a XX/XX/XXXX closing. 

XXXX. XX/XX/XXXX ( 196 days later ), XXXX XXXX from XXXX XXXX and XXXX, informed me BBT/Truist has finally approved this loan. Should be contacting you shortly. 3 day Closing XXXX went out this morning. Hopefully we can close Tuesday or Wednesday of next week depending on your schedule and the bank following up as required. XXXX -tuned, as will I also. Thank you. 

XXXX. XX/XX/XXXX ( 200 days later ), XXXX XXXX informed me Per lender XXXX XXXX, BB & T processor, left office with an emergency so working with XXXX XXXX now. Still NO lender closing docs have been sent to me, will keep you posted. Several starts and stops occurred during the next day. 

XXXX. XX/XX/XXXX, BB & T finally closed on the loan, 201 DAYS AFTER THE INITIAL APPLICATION WAS MADE VS. TYPICAL 45-60 DAY REFINANCE PROCESS. 

XXXX. Although, I was able to secure the loan at a 2.25 % rate instead of the 2.5 % originally locked-in, due to mortgage rate changes over seven months, I paid approximately {$2800.00} in unnecessary/additional interest charges on my original loan. This amount was calculated by using the approximate difference of {$7900.00} in interest I paid for the period XXXX XXXX XXXX, XXXX on the original loan, versus {$5000.00} I would have paid on the new loan for the same period.

13. In summary, I believe BB & T slow-walked this refinance process to net the greatest amount of interest possible because of how long the process dragged out due to internal staffing and performance issues. BB & T indirectly acknowledges this in the XX/XX/XXXX email from the Loan Originator, XXXX XXXX, to XXXX XXXX at XXXX XXXX and Title, which states, This is a very old refinance. The cost to the region to extend the loan is high. The client has updated the loan documents numerous times. My understanding is I was not alone in this slow walk process, as several other loans were dragged out unnecessarily by BB & T. I did discuss this matter with XXXX XXXX, XXXX mortgage office for BB & T/Truist , who indicated there was little he could do financially in this matter.