SunTrust Bank Mortgage Complaint

SunTrust Bank Mortgage department,

VA mortgage Application, originator, mortgage broker South Carolina

We negotiated and signed a contract for our home in -, VA, on -/-/- based in large part on the buyers ' Pre Qualification Notification letter from Sun Trust Mortgage dated - -. The agreed upon price and terms were well under the approved parameters in the letter which also stated I have evaluated your credit, and reviewed the requirements of the loan program discussed. '' Then some 5 weeks into the transaction, Sun Trust told the buyers that the pre-approved loan program did not exist and issued a loan rejection letter on - - - only 4 days prior to the scheduled closing on - -. I had the movers scheduled for that day and the buyers had terminated their lease in order to take occupancy at the end of the week. In the midst of this bank induced turmoil and trauma, the Sun Trust loan consultant and bank executives then became essentially non-communicative and non-responsive. My realtor essentially preserved the sale by negotiating a new agreement wherein she and the buyers ' broker and agent provided the bulk of their commissions to enable a transaction satisfactory to the bank. I have waited a couple months to calm down but it seems implausible to me that Sun Trust can issue a written approval intended in large part to convince sellers of the buyers ' qualification, at the last moment cancel the whole deal based on their error, and walk away scott free.