Consumer complaint received 2022-08-25
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: TRUIST FINANCIAL CORPORATION (TX)

We closed on XX/XX/XXXX. SunTrust/Truist purchased our mortgage and setup our account on XX/XX/XXXX. Estimated taxes at time of closing were {$6300.00} and Insurance was {$1300.00}, all documented in my closing disclosure, which Truist was given by law when they bought our mortgage. That is a total of {$7700.00}, of which a deposit into the escrow of {$2400.00}. The actuals for taxes were {$7900.00} and insurance {$1400.00}, so there was a shortage of {$1700.00}. Insurance actuals were presented to Truist at time of purchase and taxes come out around XXXX period, so they had that information for a number of months to try to use to help with the shortage before XX/XX/XXXX, but they did not. 
XX/XX/XXXX, Truist paid {$5500.00} of my escrow money to the wrong taxing agency. That money was not returned to the escrow until XX/XX/XXXX, which caused a storm of mismanagement of my escrow account by Truist. 
My first indication that something was wrong was an email/letter from Truist on XX/XX/XXXX, indicating that I was {$7900.00} SHORT on my escrow account and that my premium was being raised by {$810.00}. to {$2900.00} per month. 
On XX/XX/XXXX, I received another letter from Truist stating that my payment was changing to {$240000.00} and then another letter on XX/XX/XXXX, that my payment was changing to {$2200.00}. This was all looking better and making more sense to me by this time since I knew we were a little short from the estimates at closing. 
On XX/XX/XXXX, I received a notice from XXXX XXXX that my taxes were 3 months past due and would incur additional fees and charges on XX/XX/XXXX, if not paid in full. By this time, the tax bill had risen from {$7900.00} to {$8600.00}. I started calling Truist right away on XX/XX/XXXX. I talked to several people within Truist, which got me transferred to the tax department. People names and dates are found in the attached documents. I was told that Truist has talked to someone at XXXX XXXX named XXXX on XX/XX/XXXX, and that my taxes were paid in full. I called XXXX XXXX to verify and was told that I was not paid in full and that there was no one at that taxing office with the name XXXX. All a ruse. It was getting obvious that I did not want my escrow money managed by someone who could not do simple accounting or pay the bills they were taxed to do. 
Truist paid my taxes on XX/XX/XXXX, after telling me it would take 7-10 business days to pay it, thus incurring more fees and charges. Come first few days in XXXX, I received a check from my escrow account for {$550000.00}. What! Wasnt I just short somewhere between {$1700.00} and {$7900.00} according to the letters from Truist and my own calculations??? Back on the phone again XX/XX/XXXX. They claimed this time that they had the wrong account number causing the tax payment problems. What about the invisible XXXX? Truist also did not initiate a refund back to my escrow for the fees and charges caused by their mishap until I asked for it, after telling me, on XX/XX/XXXX, it would be automatically done since it came from two different accounts. That refund was given on XX/XX/XXXX. 
To top this off, Truist send me a letter on XX/XX/XXXX, that my taxes has increased to {$8600.00}, which was not correct. They were still trying to charge me for the fees and charges they incurred for not paying my taxes on time. Just one more shining example why my distrust in their ability to professionally manage my escrow account was growing. To this point, since beginning of XXXX, Truist had done 3 escrow analysis on my account, sent back money that they should have kept, paid my taxes 3 months late and tried to charge me for their failures. 
On XX/XX/XXXX, I also asked what to do with this {$5500.00} check and I was told to cash it, it was mine due to an overage in the account. I went over everything above with them and told them I was hanging on to it until they came back with another escrow analysis that it would trigger. After waiting a while, I deposited the check and sent it to my escrow account on XX/XX/XXXX. 
XX/XX/XXXX, another escrow analysis was done, and my new payment was {$2900.00}. 
XX/XX/XXXX, yet another escrow analysis was done, and my new payment was {$2400.00}. That is now FIVE escrow analysis on my account since XXXX due to mismanagement of my account. 
While this was all going on and I was on the phone, I was asking what I needed to do to take my escrow back from the bank and, since home values had skyrocketed and we had spent a lot of money on improvements ( pool, 1200 sqft shop, fencing, etc. ), to see if we could remove the PMI ( I had no idea they were linked, as detailed below ). The lady on the phone said she would put those requests in for me and to wait about 30 days for a response. On XX/XX/XXXX. XXXX, I received a denial letter for the PMI, stating that my loan value had to be 80 % or less and to either make a one-time payment or have a BPO done for {$100.00} to determine if we would qualify based off the assessors valuation. Notice what is missing here. Nothing stated that I needed to submit documentation of upgrades. Based off my research and talking to Truist, that was what the BPO would determine. 
On XX/XX/XXXX, I called and talked again to Truist about getting the escrow removed. I had lost count how many times I had asked this question. This time the person at Truist said I had to have the PMI removed before the escrow could be released. First time hearing that, even after several phone calls and letters! I asked to talk to a supervisor, only to be blind transferred back to the front-line queue. The new rep that answered created a customer complaint against the previous employee and all others that I had talked to about this misinformation being passed around. I am fairly sure nothing ever came about this. It is in Truists best interest to keep the public as confused as possible. There is nothing transparent about their dealings. 
I mailed the singed formed and the {$100.00} check back to Truist for the BPO assessment on XX/XX/XXXX and received documentation it was received by Truist on XX/XX/XXXX. 
On XX/XX/XXXX, we received a letter, and my {$100.00} check back, stating that since our loan was not 2 years or older, that they could only determine if our property had increased in value due to improvements. Once again, WHAT! This was never mentioned in any phone call or letter to date. In fact, the last letter from XX/XX/XXXX, specifically said that a BPO assessment would be acceptable, which would not only include XXXX done, but market values as well. Once again, Truist moving the goal posts. Once again Truist playing the role of XXXX pulling the football out from under XXXX XXXX. All they had to do was ASK for that documentation OR do the BPO! They decided to do neither. Once again, complete, and total mismanagement of my account. 
XXXX XX/XX/XXXX, I initialed and faxed a letter disputing all the issues above. I provided receipts totaling {$120000.00} in improvements, way more than needed to lower the value ratio to below the 80 % threshold. I also had my broker run comps in the area and provided Truist proof that houses in my exact neighborhood were now selling and listing for an average of over $ XXXX, also bringing the valuation of home to mortgage ratio well below the 80 % line. I sent pictures of the updates. I called on XX/XX/XXXX, to verify that the PMI department had in fact acknowledged that they received my fax. I was told by the representative that the account was noted that it was received into the system on XX/XX/XXXX. XXXX. The representative said they had 30 days to respond. 
XX/XX/XXXX. I called Truist again to see where we were on getting the PMI removed and my escrow back to me. I was told that there was no record of anyone from the PMI department responding to my request. I informed them they had 24 hours to cancel my PMI and to return my escrow back to me. I also informed them I was filing a complaint against Truist for the gross mishandling of my account. 
The ONLY satisfactory resolution that I will accept, at this point, is the removal of my PMI and for my grossly mismanaged escrow account to be turned over to me immediately.