Consumer complaint received 2021-12-03
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: TRUIST FINANCIAL CORPORATION (FL)

BB & T Mortgage is authorized to direct debit mortgage payments since XXXX. On or about XXXX, it started requiring proof of property insurance or insurance would be purchased on borrower 's behalf from an insurance company of its choosing. Rates offered were twice as those available to borrowers. 

Each year I've had to submit proof of insurance. Last year in XX/XX/XXXX, BB & T started debiting monthly amounts to pay for insurance despite the fact that proof of insurance was submitted. On or about XXXX, XXXX, I received a letter that informed me that since XX/XX/XXXX, BB & T was purchasing and directly drawing from my account the insurance payments. I called, attempted to rectify the issue on the phone. While on the phone I offered to email the insurance information. The Insurance department claimed when I offered to email the insurance information that the company does not offer that department email addresses. Issue was escalated and two emails were offered. While on the phone emails were sent but the emails bounced back as undeliverables. With the gentleman on the phone I proceeded to sign in to BB & T 's portal and dowloaded the information requested. 

Today, XX/XX/XXXX, I received a letter from BB & T, apparently from a different department, informing me that escrow account projections were going to be increased due to BB & T purchasing insurance on my behalf for next year. Two phone calls were placed to the phone number provided on the letter. BB & T was unable to provide any information, attempted to transfer me back to the insurance department from a month ago. As a result, I requested that my direct debit authorization be revoked and BB & T has agreed to do so. I pleaded for assistance so that BB & T could continue to receive timely mortgage payments and that I do not in a month or two receive correspondence from BB & T telling me that I defaulted on my loan. 

The folks at BB & T are not able to resolve these simple issues due to a silo approach of conducting business. I explained that unfortunately I did not have the time to spend hours on the phone rectifying what where BB & T 's business practices. BB & T offered the phone number of the insurance department, the department I mentioned I spoke to a month ago, and I declined the offer. 

I have explained that I'm hoping someone calls to address the issue since the mortgage would not be paid until such time as someone is able to address these issues. ( BB & T currently owes me approximately {$2600.00} for last year 's insurance it purchased on my behalf ). I was simply threatened with a reminder that my credit would be ruined. 

BB & T shifts its responsibility over to borrowers and makes its problem the borrowers problem. It then conveniently benefits financially from selling insurance products to borrowers who don't need the insurance at twice the market rate. It then with little to no information to the borrowers debits borrowers bank accounts. When the borrowers call, it makes the process time consuming, unwieldy, creating the appearance that it must be financially benefitting, directly or indirectly, from the sale of insurance products that are not needed by borrowers.