Mortgage -- Trouble during payment process -- Complaint #5173901
Complaint Overview
Complaint ID: 5173901
Company: Truist Financial Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Virginia
ZIP Code: 23451
Date Received: 2022-02-01T12:00:00-05:00
Date Sent to Company: 2022-02-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have XXXX complaints BB & T/Truist Bank The first, every year this loan has been in force I receive letters from my mortgagee stating I do not have appropriate insurance when I do. I have XXXX flood policies and XXXX hazard policy. Every year I have to spend hours on the phone dealing with representatives explaining the following : 1. Each building has its own flood policy and the flood policies exceed the amount of the loan which is more than required by XXXX. 2. Only one hazard policy is required for up to XXXX units ( which is how many units I have ). That policy is insured to more than 80 % of the building value and well in excess of the loan value. Year after year the mortgagee threatens to or actually force places flood and/or hazard insurance. It takes countless hours and a considerable amount of stress to get them not to force place the insurance. I am currently in possession of over XXXX pages of letters from BB & T/Truist they have sent me over the years and this is not all of the letters I have received. The second issue is with their escrow department. On multiple occasions they have made erroneous payments to my insurance company or just strait up have wrong payment amounts on their escrow payment statement. They pay for policies that do not exist or they pay incorrect amounts. Then BB & T/Truist demands I pay thousands for shortfall. Currently my escrow statement shows over {$2000.00} worth of insurance payments that do not correspond to the insurance bills. Also, according to my insurance company, they have not received payment for the accurate amount. This is the second time that I am aware of the mortgage statement being grossly incorrect and to add insult to injury they force me to have an escrow account even though the loan to value ratio is only 50 %. I am an educated person who works in the insurance industry with above average wealth. I also nnow how to read statements and am good at reconciling finances. I am left with no choice but to pay off this loan even though I would prefer to keep it. I am just too fed up with the yearly stress of dealing BB & T/Truist. I pity people that do not have the expertise and means that I have to deal with such gross incompetence.
Frequently Asked Questions
What is Complaint #5173901 about?
Complaint #5173901 was filed against Truist Financial Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-02-01T12:00:00-05:00.
How did Truist Financial Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Truist Financial Corporation?
Yes, visit the Truist Financial Corporation company profile at readthecomplaint.com/company/truist-financial-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.