Consumer complaint received 2025-07-11 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — Payment process
Company: RENASANT CORPORATION
State: GA

Complaint narrative:
Summary of XXXX XXXX with Renasant Bank and XXXX : My plan for financing the purchase of a new home was to make a 20 % down payment and take out a mortgage for the remaining 80 %. After closing, I intended to sell my former home and use the proceeds to request a loan recast in order to lower my monthly payments. 

Initially, my loan was underwritten and approved by XXXXXXXX XXXX XXXXn early XXXX However, XXXX was inconsistent regarding their recast policythey could not confirm a timeline and provided conflicting fee estimates, with the last quoted fee being {$2500.00}. As a result, on XX/XX/year>, I began exploring alternate lenders that offered clearer and more reliable recast terms. 

I ultimately chose Renasant Bank, a preferred lender of my builder, based on information provided to me by the Loan XXXX and XXXX XXXX XXXX ( name withheld but can be provided, if needed ). During our communications, I specifically asked about recast terms, emphasizing that this was the most important factor in my decision. She clearly stated via text that I could recast the loan after two payments or 60 days, for a fee of {$250.00}. She also emailed me a copy of the recast request instructions, which did not mention any restrictions regarding a minimum loan age or timeline. I can provide both the text message and the email with these recast terms, if needed. 

Relying on this information, I proceeded with Renasant Bank for my loan. My loan closed on XX/XX/year>. I made my first payment on XX/XX/XXXX and submitted a formal recast request to XXXX, the loan servicer, on XX/XX/XXXX, just prior to my second payment. I did this early to ensure processing before my third payment, due XX/XX/XXXX. My second payment was made on XX/XX/XXXX. My former home closed on XX/XX/XXXX and funds were then available to proceed with the recast having met the 60 days/2 payments terms that were supplied to me prior to closing. 

XXXX confirmed receipt of my initial recast request ( submitted XX/XX/XXXX ) with an automated email and indicated a response would be provided within 1015 days. However, after 19 days with no response or update, I called customer service on XX/XX/XXXX and they could not provide me with any information. They advised me to submit a query via the online portal, which I did that same day. I never received a response to this inquiry. 

On XX/XX/XXXX, I followed up again, this time with Renasant mortgage processing department and was informed by a mortgaging processing staff member ( name withheld but can be provided ) that the loan must be on the books for least 90 days before a recast could be completeddirectly contradicting what the initial loan officer had told me prior to closing. The mortgage processing staff member acknowledged I had been given incorrect information, but that misinformation directly influenced my decision to proceed with the loan with XXXX. She escalated the issue to XXXX ( last name withheld for privacy but can be supplied, if needed ) VP of Mortgage XXXX for XXXX, on XX/XX/XXXX. 

On XX/XX/XXXX, a full 30 days after my initial recast request, XXXX instructed her to escalate the issue with XXXX. The loan XXXX also confirmed in that email that the original information regarding a XXXX recast came from XXXX mortgage servicing team. Knowing it was unlikely that the recast would be processed in time for my XXXX payment due date, I emailed XXXX and formally requested that the recast be applied retroactively to XX/XX/XXXX, which was well after the promised two payments/60-day mark. I then made the third payment on July 1 to maintain my credit. At this time, it had been over a month since my initial request for a recast without receiving any instructions on how to proceed despite multiple followups. 

After receiving no reply, I followed up after the holiday weekend on XX/XX/XXXX and again on XX/XX/XXXX. XXXX responded that XXXX had been contacted and both the XXXX representative and their XXXX were aware. I submitted a second formal recast request to XXXX on XX/XX/XXXX via both email and the online portal, again asking for a retroactive effective date of XX/XX/XXXX, in accordance with the original terms I was given by the loan officer. 

Finally, on July 9almost 40 days after my initial request for a recastCenlar responded with wiring instructions and stated the recast would take effect on XX/XX/XXXX, not XX/XX/XXXX. This results in me being required to make a fourth payment at the higher monthly amount, which adds over {$4000.00} in unnecessary interest due to delays outside of my control. 

The original recast terms provided prior to the loan closing confirmed the ability to do a recast after 2 payments/60 days. Now, because of delays in responding and changing of the initial terms that were communicated to me, I am forced to make four payments ( instead of two ) at a cost of over {$4000.00} in additional interest through no fault of my own. 

I wired the funds on XX/XX/XXXX and emailed XXXX again, stating that a XX/XX/XXXX effective date is unacceptable and that XXXX must honor the terms I was given by their representative prior to loan closing. The recast instructions received on XX/XX/XXXX state that I must sign a modification document with XX/XX/XXXX as the effective recast date. This is unacceptable as I submitted a formal request promptly and due to delays of over 40 days that were beyond my control, I am now subject to financial loss. 

My complaint is can be summarized by the following : Misinformation : I was told recast would be available after 2 payments / 60 days by the loan officer from Renasant Bank. XXXX later admitted that this was misinformation but it was the ONLY information conveyed to me prior to the loan closing. 

Delayed Responses : XXXX took 40 days to respond to my recast request, forcing me to make a 3rd and now a 4th payment at the higher interest cost even though I was ready to wire funds and proceed on XX/XX/XXXX after 2 payments as I was initially promised. 

Financial Harm : I am forced to make a 3rd and 4th full payment, costing over {$4000.00} in difference of interest. 

Lack of Accountability : Despite escalation, no acceptable resolution without financial harm from XXXX or XXXX.

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