SunTrust Banks, Inc. Mortgage Complaint

SunTrust Banks, Inc. Mortgage department,

FHA mortgage Application, originator, mortgage broker Virginia

I have had an FHA loan with SunTrust mortgage since 2009 when I purchased my condo for $200000.00 with the help of a mortgage broker who has since left SunTrust. At the time, the condo appraised for $220000.00 but because I had just started working, I still had to pay mortgage insurance since we did not have the cash for a - % down payment. More recently, because of lower interest rates and multiple spam emails from the current broker, - -, I decided to apply for a refinance. Initially - was very helpful, and although I did not qualify for the lowest advertised interest rates since I no longer lived in the condo, she said that I would still be able to lower my mortgage payments with the refinance. We decided to proceed with the application. The appraisal came back at $190000.00, which was partly based on a comparable rental that had a lower price listed on the appraisal then on the Internet as well as a comparable sale in a multiunit building with many previous sales, none of which were on the original appraisal. - said that because of the lower appraisal I would need to pay mortgage


- % annual reserve allocation requirement on the budget, despite the fact that the HOA allocates - % of the budget to reserves and has cash reserves that are greater than - % of the annual budget. I asked for a refund of the appraisal fee since I felt that the reserve allocation issue should have been discovered prior to going ahead with a $500.00 appraisal. I did not receive any response from SunTrust. I suspect that they are only interested in collecting the appraisal fee and were looking for any excuse not to proceed with the actual refinancing since they are already collecting a higher interest rate, as well as mortgage insurance.