Sun-Trust Complaint
Sun Ttrust reviewed a mortgage application for a residential home I was purchasing. Sun Trust did not turn down the application, however they repeatedly asked for increasingly obscure documentation requests. The locked rate guaranteed by Sun Trust for my mortgage was 5.75% (30 year fixed, $800,000). On the day the lock expired (June 18) the rate had climbed to 6.65%. The difference in financing costs over the life of the loan was $175,000.
My mortgage brokers carefully reviewed the loan application and confirmed that it was we had the soundest credit and balance sheet in their 10 year history of submitting mortgages.in fact, I ended up paying cash for the house after the Sun Trust lock period expired, and still had 2X more cash on hand. The actual quote from the mortgage broker was I prepared a cover letter that went with the conditions and I expressed how frustrating this is for you and that this is the most make sense loan I have had in the 10 years in the business. The closing of the house was delayed two separate times because Sun Trust would request additional documentation. The final request was to have Spokane County unseal a 9 year old divorce decree to verify child support payments. Both children are in their 20s and independent (one a college grad, the other a US Marine).
The mortgage broker finally admitted that Sun Trust did not want to honor their guarantee and that there was no chance they would ever approve the mortgage, regardless of my strong balance sheet and sterling credit. Sun Trust implemented a fraudulent delaying tactic that cost me $175,000 in additional interest expense over the life of the loan. DO NOT use Sun-Trust for anything, these people belong in prison.
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