SunTrust Banks, Inc. Mortgage Complaint

SunTrust Banks, Inc. Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Illinois

I applied for a home loan from Suntrust in - Fl for a home I own in - -, FL. The loan was a " no escrow '' for real estate tax. After - different loan estimate statements, I finally received a " final '' - with a requirement that I prepay real estate taxes due next year. This was never mentioned in any of the HUD required documents, nor in the initial application docs that I received and signed. The following is part of an email I sent questioning this charge : I am questioning the $6500.00. funds needed to close in the - - loan estimate statement that does n't define the payouts. I have questioned this many times since and never received an answer. The need to prepay or set up a escrow account for 2016 real estate taxes was never mentioned. I wo n't receive the 2016 tax bill until - - and I usually pay it soon after to receive the 4 % discount for early payment. The - - loan estimate does n't show any prepay or escrow for the 2016 RE taxes. It was scheduled to close by


Their reply was : " We are not setting up an escrow account, the funds are collected at closing to insure the taxes are paid for the year and will be held by the settlement agent. Most, if not all lenders have this requirement. '' I would think current HUD requirements would require them to disclose this in their application and the - previous loan estimate statements that did n't have this payout. I have asked for my application fee to be refunded and they refused.