Consumer complaint received 2022-03-26 00:00:00
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — 
Company: TRUIST FINANCIAL CORPORATION
State: VA

Complaint narrative:
Purchased a condo home in XXXX, VA after a period of loan processing with lender XXXX XXXX XXXX, in or near XXXX XXXXXXXX, Virginia. This loan utilized a VA Home Loan. Based on frequent communication between my loan officer XXXX XXXX, and my insurance broker, XXXX XXXX of XXXX XXXX Insurance, and myself, I purchased a hazard insurance policy that met both my, and my lender 's requirements. I was advised by my lender, that their requirement would be to escrow this cost for the first year. I was advised a few days before closing, that my lender 's common practice was to re-sell mortgages in the short term after closing on the purchase was complete. After completing the a pre-closing advice session with a local closing attorney, XXXX XXXX, I completed the closing documents with his firm, obtained my keys, and took occupancy the same day and established my primary residence. A few months later I was advised of a change of servicing as my mortgage had been purchased by a BB & T Bank, which was itself in the process of being purchased by a financial company called Truist Bank. 

I had a similar issue arise around one year ago, which was considered resolve, XXXX complaint # XXXX. 

But I received a letter today, instead indicating that the company wished to again modify the requirements for my loan, by requesting I obtain additional coverages for my mortgage/hazard insurance beyond those required by the Original Lender and mortgage agreement. I have maintained my insurance coverages with my local insurance agent, XXXX XXXX, and have not made any reduction to my coverages. Yet my new company, wants me to take on additional coverages to comply with their own requirements.

I did not originate my loan with their Truist Bank, or its purchased Banks BB & T nor SunTrust Bank. I do not believe that BB & T purchasing my mortgage, nor Truist Bank by proxy as the purchaser of BB & T Bank, should be able to insist upon new terms to my mortgage. They purchased the mortgage as an asset, and should instead be maintaining the original agreement and requirements set by the Original Lender, XXXX XXXX XXXX. Upon review of the CFR, section, Force-placed Insurance ( 12 CFR 1024.37 and 12 CFR 1024.17 ( k ) ), I see no provision which allows for the company to require greater coverages beyond those required at loan origination.

But it deeply concerns me that what seems to be a clear over-reach by their mortgage department, to offset some unknown variable of risk, that did not concern my original lender, will potentially result in an increase to excessive amounts held in Escrow.

I am hopeful that this may merely be caused by a lack of proper records keeping by the bank during their merger and acession into suntrust bbt and truist. 
But I again find myself unable to find an adequate answer by contacting the call center.

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