Consumer complaint received 2015-06-03
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: SUNTRUST BANKS, INC. (VA)

Our sales closing date was today, XXXX XXXX, 2015. 

XXXX XXXX - Our loan application package was submitted in full with the understanding from our chosen lender that " as soon as all the papers are verified as received, we will pass them to the underwriter '' - every. single. document. requested was provided to the lender and the lender confirmed receipt in full. 

**XXXX! ** XXXX - The package was given to the underwriter. 

XXXX XXXX - a few additional documents were requested. These were provided by return email within XXXX business hours. 

Monday, XXXX XXXX - was a holiday. 

Friday, XXXX XXXX at XXXX - the lender requested ANOTHER document. 

Monday, XXXX XXXX at XXXX XXXX - the requested document was sent by return email with a gentle reminder that we were scheduled to close on Tuesday, XXXX XXXX. 

Monday, XXXX XXXX at XXXX XXXX - we were phoned and told the closing documents would not be ready by XXXX XXXX at XXXX XXXX and that the lender would call in the morning and " let us know when the documents could be ready ''. 

After no call in the morning, our realtor phoned and rec 'd voicemail and I emailed the lender 's manager for an update. The lender called and said " no closing today ... or tomorrow - the fully underwritten package would be sent to the MI company on Wed, XXXX XXXX. ( WHAAAATTTT???? ) and perhaps close by Friday, XXXX XXXX ...? '' PERHAPS???!! ... .by ... ..Friday???! 

What is our recourse? Who compensates us for the loss of income for the days we have taken off of work to close and move? for the current lease that has been cancelled? for the movers that have been scheduled? for the family that is now unable to move in here because we can not move out? for the pre-move-in renovations and repairs that can not now be done because the builders and contractors are fully scheduled for the rest of the summer and fall? Who watches our dog during the move because the kennel is now full with summer vacationer 's pets? 

I mean, EVEN IF THE LENDER HAD DENIED OUR LOAN 5 WEEKS AGO!, we would be better off than we are now. Had they said WE WILL NOT TOUCH YOUR DOCUMENTS UNTIL THE END AND THEN, WE PROBABLY WILL NOT MAKE YOUR CONTRACTED CLOSING DATE, we could have arranged a lease/purchase with the sellers and moved on time. 

IF THE FAULT WAS OURS, we would eat the delay and apologize profusely, but we had no fault. Our package was complete and the requested additional documents were minor, and WE GAVE THE APPLICATION PROCESS EIGHT WEEKS. 

There was no reason for us to believe the lender would not meet our extremely generous future close date. 

What can be done to close tomorrow, Wed XXXX XXXX? Does the CFPB have any pull to coerce an immediate solution? An immediate close?? 

Or can you only listen to us complain about a broken system? 

Lenders need some serious XXXX XXXX. 

... and some financial penalties TO. THE. BORROWERS. when they have been such pompous and ignorant butts about the whole ordeal. XXXX knows if my mortgage payment is late - " ... maybe Friday ... '' - I 'll pay a financial *and* a credit bureau penalty.