Consumer complaint received 2015-06-05
Product: Mortgage — Conventional fixed mortgage
Issue: Application, originator, mortgage broker — 
Company: SUNTRUST BANKS, INC. (VA)

Update # XXXX : It is now Friday, XXXX XXXX. 

Our mortgage loan did not close. 

Despite the transfer of all settlement documents to the closing company last night after XXXX ; the snatching of the last available appointment the closing company had for today at XXXX ; after all questions had been answered and verified to the MI Company XXXX after SunTrust said, " all we are waiting on is the MI Certificate of Coverage which we will get in the morning ... and knowing they would send it straight to the closing agency ASAP ... 

We were called by the bank at XXXX today, Friday XXXX XXXX, and told, " The MI Company denied you. " This has been a nightmare. 

The MI Company, XXXX, says this on their " About Us '' page : '' Approved by XXXX and XXXX XXXX and licensed nationwide, XXXX is a private mortgage insurance partner you can trust and rely on. " I fully qualify for this loan having met every. single. standard. put into print by XXXX and XXXX XXXX - and in most cases, I have exceeded those guidelines. The loan was approved through XXXX levels of SunTrust underwriting with strict attention to XXXX and XXXX XXXX 's published guidelines. 

For the MI Company to not conduct their review by XXXX XXXX XXXX guidelines and insure a qualifying loan for no clearly defined reason other than " ... we 're worried about his student loan ... '' is certainly their prerogative, no doubt. 

XXXX is a privately owned company in the United States after all. 

However, at that point, their private business needs to be excluded from all participation with XXXX XXXX XXXX. ... meaning all future loans their private business DOES insure for coverage should be disqualified for sale to XXXX XXXX XXXX. 

It is the only right thing to do. Since MI coverage must be in place in order to sell a conventional mortgage to XXXX XXXX XXXX, and the mortgage companies will not close a conventional loan that they can not re-sell to XXXX XXXX XXXX, and the borrower is left at the mercy of the MI company ... .well, you can see that it is the borrower that gets caught needing something that is " required '' by XXXX XXXX XXXX and then, being denied by a private company ... ESSENTially killing a sale that was 90 days in the making and 3 days past its contracted close date. 

Not exactly ideal for the borrowers. 

At this point - XXXX again on a Friday afternoon - everyone is now scrambling. 

The seller would like to void the deal. 

The realtors are suggesting a lease/purchase arrangement while SunTrust figures this out. 

The mortgage officer is researching whether or not SunTrust can cover their fault with self-insurance of our loan so we can close. 

Our personal bank will close at XXXX this afternoon. 

Our movers are scheduled for Monday morning. 

And I - well, I 'm trying to focus on my job and suppress the panic of knowing our lease has been terminated for our current residence and soon, if nothing changes over this beautiful XXXX weekend, I will have no housing for myself and family. 

And, absolutely none of this nightmare was within my realm of control. My obligations and criteria were fully met. 

Wow. I really do not think it 's supposed to work this way.