Consumer complaint received 2022-02-18
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — 
Company: TRUIST FINANCIAL CORPORATION (FL)

On XX/XX/2022 I contacted Suntrust/Truist Bank regarding my Mortgage ending in # XXXX. 

I asked them to please have the Private Mortgage Insurance that I am paying {$140.00} a month for removed. I advised them that I now have about XXXX XXXX equity in the property that I own and that is my primary residence. The balance on my Mortgage is around {$190000.00} and that the current market value and appraisal amount is approximately {$320000.00}. 

When I called in toady to get a status of my request. I was told that my request has been denied. My loan did not qualify for XXXX XXXX, due their XXXX XXXX guidelines. Which they state! My loan had been given a modification due to XXXX XXXX, which deemed my loan as being late in payment, because of payment deferrals being given. Even though at the end of the deferral period a lump sum for approximately {$10000.00} was made for all payments that were deferred. I went back on my normal payment schedule and have never missed or been late on a payment. I was told that they still considered those payments as being late. From my understanding a modification is given to extend the payment term on a loan in order for it not to fall behind in payments due. That is exactly what I did, my payments have never been over XXXX days late nor XXXX days late for that matter since the inception of this loan. My credit history on all three credit bureaus is also reporting all payments being made on time and flawless payment history since the inception of this loan. 

I asked when would I be eligible to have this, what I now consider forced placed XXXX XXXXXXXX removed from this loan? I was told that they could not provide me with an answer for that at this time. I then asked to whom, or what department I can speak to in order to have that answer provided? I was told that, the department that handles this matter does not speak to customers. Your help in getting this matter resolved with having this XXXX XXXXXXXX that is no longer needed removed from my loan. Would be greatly appreciated. 

I certainly hope that this is just a one off incident, or that this is not a much bigger problem that minority homeowners such as myself are facing, Consumers are not being made unaware of their rights, of having their XXXX XXXX removed from their loan once they are eligible to do so, in a housing market that has seen substantial growth in valuations in the past XXXX years. Leads me to believe that consumers are paying for something they no longer need. The Banks unwillingness to make this process less complicated and convoluted for the normal hard working minority XXXX XXXX whom does not speak the language well enough or for the folks that are lacking formal education in order to understand their consumer rights is very concerning. 

Your help in this matter would be greatly appreciated. PLEASE SEE XXXX XXXX guidelines for XXXX XXXX below. 

Best Regards, XXXX A XXXX XXXX XXXX XXXX XXXX GUIDELINES Borrower-Initiated Termination of XXXX  based on Original Value of Property Time Period After Closing XXXX How XXXX Value Determined/Verified? 
Appraisal/ BPO Needed? 
Single Family Principal Residence or Second Home No minimum time period after closing is required XXXX XXXX XXXX or less. 
XXXX is calculated based on the lesser of the XXXX value of property or purchased price. 
( Must be based on amortization schedule or actual payments ) XXXX XXXX XXXXXXXX XXXX XXXX XXXX  or XXXX XXXX XXXX Property XXXX to Day before Year XXXX after Closing XXXX XXXX or less. 
XXXX is calculated based on the lesser of the XXXX value of property or purchased price. 
Current XXXX from vendor network or appraisal at borrower 's expense. 
Yes Borrower-Initiated Termination of XXXX  based on Current Value of Property Time Period After Closing XXXX How XXXX Value Determined/Verified? Appraisal/ XXXX  Needed? 
Single Family Principal Residence or Second Home XXXX to Day before Year XXXX after Closing PMI Removal Not Permitted Using Current Value Unless Substantial XXXX Made After Origination Increased the Value of the XXXX XXXX XXXX XXXX XXXX or Second Home XXXX - 5 years after Closing XXXX XXXX or less of current property value if loan origination is between XXXX and XXXX years. 
Current BPO from vendor network or appraisal at borrower 's expense. 
Yes Single XXXX XXXX XXXX  or Second Home XXXX + years after Closing XXXX XXXX or less of current value of property if loan origination is > XXXX years. 
Current XXXX from vendor network or appraisal at borrower 's expense. 
Yes XXXX Family Principal XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX or less based on current property value and XXXX years must have elapsed since origination. 
Current XXXX from vendor network or appraisal at borrower 's expense. 
Yes Current Value Seasoning Requirement : Minimum of XXXX years required for all XXXX XXXX loans unless increase in value is due to substantial property improvements made after origination and are reviewed on a case by case basis. 
Evidence of Value : Satisfy lender requirements of no decline in value since origination and no subordinate liens. 
Acceptable XXXX XXXX XXXX is current when the termination is requested, meaning mortgage payment for month preceding the date of the request was paid ; has no payment XXXX or more days past due in the last XXXX months ; and has no payment XXXX or more days past due in the last XXXX  months.