SunTrust Banks, Inc. Mortgage Complaint

SunTrust Banks, Inc. Mortgage department,

VA mortgage Credit decision / Underwriting Virginia

With a SunTrust 2nd Mortgage of 10 years and a SunTrust 1st Mortgage ( currently a VA Loan ) of 18 years, we submitted an application to SunTrust Mortgage for a VA Refinance to include our 1st Mortgage, 2nd Mortgage, - credit card and - additional loans. SunTrust denied the refinance and the principal reason for denial was " Poor Credit Performance with Us ''. When asked for an explanation, it was indicated the denial was due to the " 2nd Mortgage - lates ( - ) within the recent 12 months ''. We found this to be peculiar due to VA guidelines for Late Payments, " The applicant 's past repayment practices on obligations are the best indicator of his/her willingness to repay future obligations. Emphasis should be on the application 's overall payment patterns rather than isolated occurrences of unsatisfactory. '' Base on this reading, the - late payments on our 2nd Mortgage were the only blemish on our Credit Report for the last 12 months. In fact over the history of our Credit Reports the only 2 accounts showing past dues were the 1st Mortgage - - - - -


being made past 30 days. In all cases the payments were brought current with all late fees and interest paid in full. At the time of application, we reported over $6000.00 in cash, $550000.00 in Assets and $440000.00 in Investments with a credit score of - for self and - for my spouse. This couple with stable employment and a credit history spanning some 35 years and only - account within the past 12 months indicating an overdue amount seem to be in conflict with the VA Guidelines. As a Veteran and a person that has handled his finances in a responsible way, I believe the Denial was based on something other than " Poor Credit Performance with Us '' and would like the cfpb to fully investigate.