Consumer complaint received 2024-09-08 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Application denials
Company: TRUIST FINANCIAL CORPORATION
State: NC

Complaint narrative:
Truist Bank- WORST CASE OF DISCRIMINATION, UNFAIR LENDING PRACTICES TO INCLUDE DECEPTIVE AND MISLEADING LOAN PROCESSES. 
We applied for a new construction loan on XX/XX/XXXX, received a pre-approval letter on XX/XX/XXXX and spent the next month in a half sending an excessive amount of information ranging from a letter of explanation referencing how our XXXX person business will operate if we live XXXX hrs from our worksite and other documents totaling approximately XXXX pages of additional paperwork. 

On XX/XX/XXXX, we were denied the loan. Scenario : My husband and I make $ XXXX, have monthly debt of $ XXXX, own XXXX homes with no mortgages, own XXXX land properties with no liens, met Truist credit report requirements XXXX have a DTI of XXXX % and a XXXX ( k ) portfolio of {$260000.00}. WHY were we denied? Ill tell you why. Truist decided to use prejudicial reasoning to not take the risk and in doing so, attempted to dash our dreams of building our home. I have several emails that were misleading, deceptive and an attempt to deter us from proceeding with the loan. However, because we were eager to build our forever home, we cooperated and provided Truist with whatever they needed while expressing how we felt the information they were asking for was excessive and an attempt to discourage us from moving forward with the loan process. Truist decided to provide XXXX of the most blatant untruths and farce reasons for their denial. Its disheartening. 

XXXX denial reason-Because our business is XXXX hrs from where the home is being built Truist decided that hiring a new employee will have a negative impact on our business, therefore they could not use our joint income of $ XXXX. Are you serious? Businesses are operated from all over the Country and this was their excuse? My husband and I are the only XXXX employees of our company and I provided a letter of explanation prior to the denial advising that we would simply hire a driver to drive our dump truck. Its the easiest business to operate when youre XXXX XXXX  and XXXX and all you need is a driver. However, Truist used this as a denial reason. This reasoning was thrown against the wall to see if it would stick and they should be embarrassed. 

XXXX denial reason- We co-signed for our daughter to purchase a vehicle XX/XX/XXXX. Her car payment is $ XXXX. We sent bank statements showing how the money is transferred from my daughters account into our joint account each month and the payment is automatically drafted by the lender. We provided this information so that the {$270.00} was not included as part of our debt. On XX/XX/XXXX, I received an e mail from our loan officer, XXXX XXXX, advising that the car payment was NOT counted as part of our debt yet Truist claimed it was our debt and used it as a reason for the denial. How misleading and deceptive is that? If they decided to count the {$270.00} as debt, we still could afford the loan with the amount of income we receive monthly as well as over {>= $1,000,000} in assets. This denial reason is without merit and again, Truist should be embarrassed XXXX denial reason- Truist advised that you are not allowed to show a late payment on your mortgage within 24 months and that we had a 30 day late payment on our HELOC. A HELOC is not a mortgage, its a loan so they misspoke. However, I checked all of my credit reports and we do not have XXXX late payment since we acquired our HELOC in XXXX so where did this magically appeared denial reason come from? Truist has no proof of this. How can you be a XXXX XXXX dollar company and deny potential customers based on untruths? 

WHY did Truist do this to us and why did we submit information for a month in a half just to receive the above denial reasons? Why were we dragged like rag dolls then disposed of? WHY? 

Ill tell you why. The denial was derived out of prejudice towards a too good to be true situation and the injustices that XXXX and XXXX people have and continue to endure daily. We worked extremely hard during this process and without delay, just to be denied for the above reasons that are not only blatant untruths but prejudicial. 

How do you deny someone who met EVER requirement? HOW? 

We are a successful XXXXXXXX XXXX  couple that was taken through the wringer and hung to dry. There are so many unfair lending practices that occurred during this process and its all in writing..from XXXX XXXX withdrawing our application citing my Husband didnt sign disclosures within 15 days when she never gave us a timeframe. Furthermore, it was because of her that he could not sign the documents ( documents would not load to our online portal ) .We were in constant communication about these disclosures yet without warning, she sent an e mail XX/XX/XXXX withdrawing our application and recommended that we reach out to our builder for assistance in finding a new lenderand this was after i sent an e mail asking for a status update. My mouth was agape. I had to reach out to her XXXX, XXXX XXXX, who had to reinstate our application due to XXXX wrongfully terminating our loan. If we were not fighters and had given up, our loan process would have ended that day. 

There are so many other time stamped issues that occurred during this process that was deceptive, misleading, lacked transparency such as lowering our loan amount ( by {$90000.00} ) without a reason. I had to ask for an explanation and told that our XXXX wasnt high enough. However, we had already gotten approved based on our XXXX falling within their guidelines. WHAT? This was all happening to us after sending hundreds of pages of documents. The discriminatory nature of how this process transpired is not only prejudicial but a true testament of how unfair lending practices are allowed to occur right in front of our faces. 

Many people do not know how to express this type of treatment. However, Im not one of those people. This process has caused me a lot of anxiety and stress. I am recovering from XXXX so stressful situations trigger XXXXXXXX XXXX  and other ailments that I can not afford to deal with yet Truist has put me in a bad physical and mental space. Im taking a maintenance XXXX XXXX  daily as well as have follow up appointments with my Oncologist monthly for lab work to ensure my XXXX has not return as there is no cure for my type of XXXX ( Multiple XXXX  ). 

I must continue to fight for what is right and Im pleading to your organization to assist me in righting the wrong that has been caused by Truist Bank. 

Thank you for your time

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation