Complaint / review text:
I contacted SunTrust Mortgage on April 30,2009 about a 30-year refinance on my primary residence. The uniform residential loan application and all required financial documentation was completed and sent to them on May 1,2009. I was quoted a rate on the phone and I asked the loan office (Steve) to lock. I was also asked to pick a closing date during the first week of June. Receipt of all information by SunTrust was confirmed via email on May 4,2009.
After several unanswered email and voicemail messages, SunTrust responded on May 20,2009 and told me in writing: "Your loan is in process. Please understand that with the overwhelming volume, they focus on everything closing at the end of this month first. We are on line for a closing by mid June." I still had not received a written good faith estimate at this point in the process. I also had not received written documentation regarding the rate lock.
On May 27,2009, my credit was charged $350 for home appraisal services related to a SunTrust Mortgage. This fee is at the root of my complaint. On May 28,2009, I received a good faith estimate for a 15-year refinance when all prior conversations had focused on a 30-year refinance. I contacted the loan officers assistant and asked to have the problem corrected on May 28 and May 29,2009.
On May 29, I was told in writing regarding the 15-year good faith estimate being sent and my desire to receive a 30-year good faith estimate. "As soon as Steve (loan officer) updates the system, I will send you new documents. I only work part time and am getting ready to leave. I will send the docs out on Monday." On June 3,2009, I still had not received anything. After several unanswered email and voicemail messages, I was told in writing: "He was working on your loan when I left yesterday so I believe he will be contacting you today."
On June 8,2009, I called the loan officer to clear up the confusion. I was told several key things:
1. My rate was never locked.
2. I should wait until the end of June to monitor rates and choose whether or not a lock is appropriate. 3. My good faith estimate had not been corrected because the rate quoted on April 28,2009 could no longer be honored.
Separate from all of these conversations, I received two physical mailings from SunTrust on June 08,2009 with a good faith estimate indicated that closing costs would be in excess of $12,000. The total amount seeking to be refinanced was $155,000 so the closing costs seemed a bit high. Never once did the loan officer mention these documents on the phone earlier that day. I suspect he was not aware that these documents had been placed in the mail.
I have severed communication with SunTrust and am seeking two items towards resolution:
1. I will be filing a charge back complaint with my credit card holder for the appraisal amount. 2. I am seeking to determine if the practices of SunTrust violate federal regulations or guidelines. Unfortunately, there is a third item for which I have no recourse. During the month of May, loan rates were historically low. The missed opportunity of having not refinanced can never be recouped.