Consumer complaint received 2016-10-20
Product: Mortgage — FHA mortgage
Issue: Application, originator, mortgage broker — 
Company: SUNTRUST BANKS, INC. (VA)

My husband and I attempted to get a home loan with Suntrust. Here is a run down of the experience we have had them and our Loan Officer, XXXX XXXX, during our path towards ( what we thought would be ) closing on our first home : -Has all of our financial paperwork-knows our salaries. Pre-approves us for up to XXXX. 

-We find a home for XXXX-well below our pre-approved amount. Has us sign a contract with a loan we did not qualify for because our incomes were too high. 

-Mishandles our paperwork ( I have email receipts of every item of paperwork I sent to him ) -about half of this was not given to the underwriter. 

-Miscalculates the debt ratio-tells me my student loan rate is the current number NOT the 1 % it actually is when calculating debt-to-income. 

-Ignores my emails and calls for 11 days ( XXXX ) We were forced to reach out to another Loan Officer. 

-Poorly communicates with the Underwriter-forcing her to have to reach out to me for the items I previously sent. 

-Misreports the Seller Subsidy-leaving {$1000.00} off of our contract ( have email proof of him confirming the amount then recording differently ) -Promises us a XXXX/XXXX/16 close AFTER the underwriter told him we would not close until XXXX-never told us this but acted surprised when the closing was delayed. 

-My agent paid to have a shed removed ( {$990.00} ) on the property due to the FHA guidelines. Both the underwriter and XXXX XXXX instructed us to do so. If a proper review had been done prior to this, he would have told us the property was NOT eligible for an FHA loan. 

-Ignored FHA Guidelines for the Well on the property ( was sent XXXX addressed until last week-2 weeks AFTER the original closing date ). Only calling me XXXX/XXXX/2016 before a twice delayed XXXX closing to tell me because there are XXXX people on the well the loan could n't be financed. 

-Offers to review financing options so we could possibly change to conventional ( we had to be out of our condo on XXXX since he told us we would n't have any issues ). Sends us back an option with a {$480.00} PMI. This is outrageously high-we discussed the loan with another Mortgage company and it was under {$330.00}. 

-Promises to refund the amount I paid for appraisal on the call ( XXXX ). 

-I email all parties on XXXX and called XXXX 4 times. XXXX has not responded to me to date. I have not received the reimbursement he promised. 

-I get in contact with XXXX XXXX supervisor, XXXX XXXX XXXX who takes no responsibility and only offers to refund the Appraisal fee. I explain to him in great depth via email and on the call that the loan should have never even reached the inspection. An FHA loan on a home with a Well should be reviewed for eligibility immediately. 



I have requested that the financial impacts of this process be refunded to me and my realtor. This includes : Appraisal ( {$520.00} ), Inspection ( {$340.00} ), and Shed Removal ( {$990.00} ). Each of these items would NOT have been paid for if the Loan Officer had done his job and reviewed the property for eligibility of the loan he moved us to. 


I may be new to the home buying process, but I do know from my professional life that a customer should never be treated like this. If I were to do these types of things to my clients, I would have been fired-no questions asked. 

What my husband and I have been put through by Suntrust has been unbelievable, and I would venture to say we were intentionally excluded from getting this home. I have had other agents, real estate attorneys, and Loan Officer react to our situation in disbelief. The way we have been treated was appalling and I hope this information will help another potential Suntrust customer avoid a situation like this. Find another bank. These people are either incredibly overworked or have no idea what they are doing-it will cost you your money.