Consumer complaint received 2015-08-31
Product: Mortgage — Conventional fixed mortgage
Issue: Settlement process and costs — 
Company: SUNTRUST BANKS, INC. (TN)

Initiated refinance early XXXX with SunTrust, who is already our current lender. Credit was near perfect at the beginning of this process - XXXX. Appraisal complete XX/XX/XXXX. Required documents all submitted, including an official P & L statement for our XXXX hobby XXXX and XXXX. All document submissions to them were required to happen within XXXX hours. After verbal confirmation underwriting was complete, SunTrust attempted to schedule XXXX closing the week of XXXX but did n't have the PMI in order. They also gave us very limited time to make any decision about bringing additional money to closing and stated they would require extensive documentation of the source of any of these funds, when we had already disclosed the source of many of our funding options in our XXXX round of documentation. We were reprimanded by the loan officer for not already knowing what we wanted to bring to closing, but we had been repeatedly asking for info from SunTrust regarding how much we would need to bring to avoid PMI or reduce PMI and had not had that information provided. He also stated we were set to close within the usual 60 days so we did n't need to be upset with how long the process was taking. We were then verbally told that the PMI company required new bank statements, XXXX, profit and loss statements and a notarized agreement for shared driveway maintenance with our neighbors. This seemed wrong, so after asking they disclosed that it was not just for PMI, that their underwriting group was requiring additional information again. Closing was then to be scheduled the beginning of XXXX, before the rate lock expired again and the credit report expired ( XXXX expiration ). Closing again did not happen, we received no call or call-back, only a letter in the mail stating credit had been pulled for a XXXX time, which makes credit score drop with multiple hits. We continued to receive new disclosure statements that were inaccurate in various ways, mainly the cost of monthly PMI and the total loan amount which never went down through these months, while we continued to make payments. Then, closing was scheduled for XXXX XXXX, and we were informed we would receive documents detailing the amount of money we were to bring to closing and receive a call to fully explain the documents and agree that all was accurate. With XXXX bank business hours till our closing and no contact prior, we received a call that our original property assessment had expired and they would have a recertification completed within XXXX hours - hence closing again delayed. We were also told that if our property has declined in value that our refinance will once again have to be returned to underwriting. This is now the following Monday and we have received no call/no contact. We continue to make payments on our current mortgage at the higher interest rate and continue to receive no contact or calls. We have met every requirement to qualify for the new rate of 2.99 %, but SunTrust ca n't get underwriting completed before documents continue to expire in rolling fashion. We are incurring and continuing to pay interest at the higher rate, and it seems to us SunTrust is not motivated to refinance us to the lower rate. We have now missed the window to go to another lender at the 2.99 % rate and credit score has taken multiple hits. We do not qualify for HARP since we refinanced in XX/XX/XXXX, attempting then to be good stewards of our money. We are XXXX days from beginning of this process, with their quoted average time for closing a refinance being XXXX days.