Consumer complaint received 2022-10-07
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: TRUIST FINANCIAL CORPORATION (TX)

We met with XXXX from Truist bank to discuss a mortgage. We gave him every piece of information and document needed in order to determine what we would pre-qualify for. We are first time homebuyers so trusted him and Truist to guide us through this. 
We found a house, made an offer, had the offer accepted, and inspected. On XX/XX/22 we delivered our XXXX XXXX. We locked in our rate and have a text message from XXXX from XX/XX/22 confirming we had the rate locked in at 5.9 %. Our closing date is XX/XX/22. Our realtor and our banker have been updated and communicating every step of the way. We knew from the begging that we would not qualify for the First Time Home Owners loan due to our level of income. XX/XX/22 I spoke to our realtor as I discovered our rate was now locked in at 6.6 %. She spoke to XXXX and he said after we locked in at 5.9 %, he independently chose to unlock it to see if we would qualify for the first time home buyers, we didn't, so then we got locked in at a higher rate. I asked how this was possible, as we never as him to do this. She sent him an email asking him to explain. He didn't respond. I emailed him later that day, and including our realtor and my husband, and said that in order to proceed with out loan, I would like a response to her email and I would like the contact information for his manager. He responded " Sure my manager will contact you '' privately to me. 
XX/XX/22 I emailed him in the group to send the first name, last name, and email address for his supervisor. He again privately messaged me and said " Happy Wednesday, My supervisor will contact you once he is back from his meeting '' I had not heard from him by the end of the day so I emailed and said " I did not I did not hear from your Supervisor yet. Please reply all to the emails instead of contacting me individually, so that we can all be on the same page. 

I would like to know the name and contact information of your supervisor who will be contacting me in regards to this matter. Due to the sensitivity of information, I prefer to know who will be contacting me. '' I had no response. 

XX/XX/22 I called the office listed on XXXX 's card and asked to speak to the manager- who was XXXX XXXX. I briefly explained what happened and he said he would have the regional manager contact me. Later that day, XXXX XXXX called me and said he did not have a chance to look into what was going on, but what to listen to my situation. He respectfully did and said he would call me the next day when he could look into it more. 

XX/XX/22 XXXX XXXX called me. He said that when we locked in at 5.9 % it was for the first time buyers loan, then that was declined, so then the rate increased. I said firstly, I'm confused why it was the First Time Buyer 's Loan, as we knew we wouldn't qualify. I asked where it would say it on the document and I personally did not see. I only saw " conventional 30 year loan. '' I also asked when the loan was declined and if we were notified, as I had not received anything. He said it should be issued that day ( in regards to the 5.9 % ) loan. About an hour later I received a call from my husband that our Loan was denied and that we could try to submit another application. 

I don't understand what went wrong and how it got this far. We have been incredibly honest with the bank and provided every document asked. If we were to terminate due to not getting the loan, we could have gotten ouXXXX XXXX XXXX  back in the first 10 days, but now it has gone too long. Our realtor has talked to our bank and us every step of the way and had no reason for concern. She believes our officer should have known before the file went to underwriting whether we were approved or not. Now we are out our XXXX XXXX  inspection fee, time, and more. Interest rates are so much higher that it doesn't seem practical for us to proceed with buying a house. 

My question is, what went wrong? We don't know if we did something wrong in this process, if the bank did, or if we were taken advantage of. I just want to make sure everything was done fairly. If this is a matter of us personally not handling this right I would like to know what we could have done different for the future. If the bank has done something unethical, I would like to protect other people from getting themselves in this situation.