Consumer complaint received 2025-03-15 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Changes in loan terms during the application process
Company: TRUIST FINANCIAL CORPORATION
State: FL

Complaint narrative:
I am writing to file a formal complaint regarding my experience with Truist Bank concerning a mortgage application I submitted on XX/XX/XXXX. I am seeking assistance with resolving issues that have arisen throughout the application process and request that my concerns be investigated. Below, I provide a detailed account of the issues I have encountered : Pre-Approval and Initial Disclosure : On XX/XX/XXXX, I applied for a mortgage with Truist Bank. I was subsequently pre-approved for a purchase price of {$500000.00} with a loan amount of up to {$320000.00}, and a down payment of {$180000.00}. The pre-approval was valid until XX/XX/XXXX. I received the initial disclosure on XX/XX/XXXX, outlining the loan terms. 

Request for Additional Down Payment : On XX/XX/XXXX, I received a phone call from the mortgage lender informing me that I would need to provide an additional {$58000.00} in down payment to proceed with the loan. The reason provided for this change was that the lender had included HOA, insurance, taxes, and property insurance in my debt-to-income ( DTI ) ratio, which caused my qualification amount to be adjusted. This was unexpected, as nothing in my financial or employment status had changed since the application, and I had already disclosed all information regarding the sale of my current property. After further consideration, I agreed to provide the additional funds and was sent a revised initial disclosure on XX/XX/XXXX. 

Delays and Issues with Document Requests : Throughout the process, I promptly submitted all requested financial and employment records. However, the lender did not order a title search until after my transaction coordinator and I had reached out to inquire about the delay. The title search was finally ordered on XX/XX/XXXX, which was attributed to an oversight on the part of the lender. Additionally, I later discovered on XX/XX/XXXX, that the loan rate had never been locked, which was another part of the delay in the approval process. Despite my expressed willingness to lock the rate early in the process, the lenders representative mentioned that she thought I preferred to wait for market conditions, a statement that I did not recall agreeing to. 

Revised Disclosures and Additional Requests : On XX/XX/XXXX, I received another revised initial disclosure, now including a locked rate and additional points. In the most recent communication I received on XX/XX/XXXX, I was told that additional documents were still needed, including employment verification from my current employer and XXXX XXXX XXXX, as well as several other asset statements and insurance information. Although I promptly responded with all requested documents, I am concerned that the underwriting process continues to delay approval without clear communication or resolution. 

Specifically, I am troubled by the following : Employment verification from my current employer, which is subject to XXXX company policy and can only be completed through XXXX XXXX XXXX. 
Clarification regarding the income discrepancy from XXXX to XXXX, which I have already explained in detail ( I was part-time in XXXX and transitioned to full-time in XXXX with a promotion and significant raise ). 
The status of the insurance policy, which was written for an effective date of XX/XX/XXXX, though we would prefer to close prior to that date if possible. 
Ongoing Concerns : Despite my best efforts to comply with all requested documentation, I continue to face delays and confusion throughout the process. I am concerned that Truist Banks actions have resulted in unnecessary stress and potential financial consequences. I am requesting that the CFPB look into these matters and provide guidance on how best to proceed. 

I would greatly appreciate your assistance in resolving this issue as soon as possible. Please do not hesitate to contact me if you need any further details or documentation to support my case. 

Thank you for your time and attention to this matter.

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