SunTrust Bank Mortgage Complaint

SunTrust Bank Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Virginia

Update # - : It is now Friday, - -. Our mortgage loan did not close. Despite the transfer of all settlement documents to the closing company last night after - ; the snatching of the last available appointment the closing company had for today at - ; after all questions had been answered and verified to the MI Company - after SunTrust said, all we are waiting on is the MI Certificate of Coverage which we will get in the morning ... and knowing they would send it straight to the closing agency ASAP ... We were called by the bank at - today, Friday - -, and told, The MI Company denied you.


About Us '' page : '' Approved by - and - - and licensed nationwide, - is a private mortgage insurance partner you can trust and rely on. I fully qualify for this loan having met every. single. standard. put into print by - and - - - and in most cases, I have exceeded those guidelines. The loan was approved through - levels of SunTrust underwriting with strict attention to - and - - 's published guidelines. For the MI Company to not conduct their review by - - - guidelines and insure a qualifying loan for no clearly defined reason other than ... we 're worried about his student loan ... '' is certainly their prerogative, no doubt. - is a privately owned company in the United States after all. However, at that point, their private business needs to be excluded from all participation with - - -. ... meaning all future loans their private business DOES insure for coverage should be disqualified for sale to - - -. It is the only right thing to do. Since MI coverage must be in place in order to sell a conventional mortgage to - - -, and the mortgage companies will not close a conventional loan that they can not re-sell to - - -, and the borrower is left at the mercy of the MI company ... .well, you can see that it is the borrower that gets caught needing something that is required '' by - - - and then, being denied by a private company ... ESSENTially killing a sale that was 90 days in the making and 3 days past its contracted close date. Not exactly ideal for the borrowers. At this point - - again on a Friday afternoon - everyone is now scrambling. The seller would like to void the deal. The realtors are suggesting a lease/purchase arrangement while SunTrust figures this out. The mortgage officer is researching whether or not SunTrust can cover their fault with self-insurance of our loan so we can close. Our personal bank will close at - this afternoon. Our movers are scheduled for Monday morning. And I - well, I 'm trying to focus on my job and suppress the panic of knowing our lease has been terminated for our current residence and soon, if nothing changes over this beautiful - weekend, I will have no housing for myself and family. And, absolutely none of this nightmare was within my realm of control. My obligations and criteria were fully met. Wow. I really do not think it 's supposed to work this way.