I am writing to you today because i am at a loss at this point about who to contact regarding my flood insurance. I received a letter in early November stating that my flood insurance needed to be increased to cover my total mortgage amount, which i immediately knew was not correct from the very beginning. I contacted my insurance agent and shereiterated thatwe had plenty of insurance and that no more was needed. I then contacted the Suntrust Insurance dept and the gentleman i spoke with agreed and said i had well "above and beyond" what we need to have. He then forwarded the document to the loan department for review. He assured me that there was no need to follow up and all was fine. Anyways, 3 weeks later i get a call at 7 pm on December 23rd stating that the review of the document still said i needed to increase coverage. She also said i should have gotten a follow up document that stated the same, which i did not get until today december 27th, and the letter was dated 12/16, and was sent 1st class mail. I researched my online escrow statement, and saw a new policy for wind storm insurance for 719.72 from Sterling National Insurance, not even flood, so that was even wrong, which confused me more, that was taken out in October. I then found out they deducted the 719.72 for a forced policy to be taken out on december 14th from my escrow. I then went inside my insurance agency, showed them the documents, and they were truly baffled how something like this happens. They faxed over astackof documents to Suntrust insurance, but failed to get management on the line. They also received no answers as to why this is happening. They have a document that states the Florida statute that says the insured need not have any more insurance than the replacement value of the home, and our replacement cost estimate is at 149,500, and our flood insurance is at 180,000, well above what we need, which is also stated that this insurance is based upon replacement costs of our dwelling, in our mortgage policy. They also said this was totally illegal to be doing this. I dont understand how something like this happens at all, especially when I pay ourmortgage on time. I am concerned because our mortgage came in to review right after they took the forced insurance out of our escrow, and it will be at least 60 dollars more a month. I have read a few horror stories online that this has happened to other people in the same timeframe, and they are now taking legal action for fraud and embezzlement. I need some answers, and i am not getting any. I am also providing other complaints below for your perusal. Let me know how to proceed, i reallywould liketo get this figured out, and have had no luck so far. Any help is greatly appreciated.
Example 1 Subject:
Fraud and Embezzlement Committed by SunTrust Mortgage, Inc.
Loan #XXXX5224
Fort Myers, FL
I am writing this letter seeking your assistance in resolving the issue of fraud and embezzlement described herein committed by SunTrust Mortgage, Inc.
Background:
In the fall of 2004 I purchased a condominium in Fort Myers, FL, through a mortgage extended to me by SunTrust Mortgage, Inc. The purchase price for my condominium was $131,000 of which I put a 25% down payment as I was then unemployed having just relocated to FL. Since that time I have always made mortgage payments on time, never missing any commitment to make payment on the mortgage with SunTrust Mortgage, Inc. As of December, I have a mortgage principal balance of approximately $80,000. Even though the current market value of my condominium is between $50,000 and $65,000, I am committed to continue to make mortgage payments on time. Note that this letter is not about SunTrust Mortgage, Inc. Not supporting mortgage holders by processing loan modifications. The internet is overcome with consumer complaints from mortgage holders about SunTrust Mortgage, Inc. Avoiding support of any kind to help mortgage holders by modifying loans. What this letter is about is fraud and embezzlement committed by SunTrust Mortgage, Inc. On my loan related to flood insurance. Outlined below is a history of the events leading up to the writing of this complaint letter.
History of fraud and embezzlement committed by SunTrust Mortgage, Inc.:
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In October I received notification from SunTrust Mortgage, Inc. Stating that they did not have record of receiving a flood insurance policy covering my condominium. Since I have received similar letters from SunTrust Mortgage, Inc. About flood insurance. As in the past, I immediately contacted the property manager (Martin Management Services, Inc) for my condominium home owners association and requested that a Certificate of Flood Insurance be faxed to SunTrust Mortgage, Inc. Referencing my name, the property address, and mortgage loan number. This information was faxed to SunTrust Mortgage, Inc.insurance Verification department on October 22 (See Exhibits A). The terms of the home owner association flood insurance policy exceeded the requirements that SunTrust Mortgage, Inc. Outlined for flood insurance. No communication or confirmation was provided by SunTrust Mortgage, Inc. To me that a Certificate of Flood Insurance had been received for my property and mortgage.
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On November 23rd I received another letter dated November 16 from SunTrust Mortgage, Inc. Stating that they did not have record of receiving a flood insurance policy covering my condominium (See Exhibits B). I immediately called the SunTrust Mortgage, Inc.insurance Verification department at the contact phone number shown in the letter and spoke to Ms. Kelly about this issue. Ms. Kelly claimed that the department had not received a Certificate of Flood Insurance for my property. As I do not have immediate access to a fax machine, and as Ms. Kelly claimed that she could not receive email, Ms. Kelly agreed to contact State Farm Fire and Casualty Company who issued the policy to my home owner association for flood insurance. I asked Ms. Kelly to call me back after she got the information to confirm that it met the flood insurance requirements of SunTrust Mortgage, Inc. Ms. Kelly agreed to call me back, but never did.
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On November 30 I called the SunTrust Mortgage, Inc.insurance Verification department at the contact phone number shown in the letter and spoke to Mr. Bill Thompson. Mr. Thompson claimed having direct access to a State Farm Fire and Casualty Company website that referenced the flood insurance policy in effect for my condominium and confirmed that the policy exceeded the requirements that SunTrust Mortgage, Inc. Outlined for flood insurance. However, Mr. Thompson requested that I still mail a copy of the Certificate of Flood Insurance to the SunTrust Mortgage, Inc.insurance Verification department at the contact address shown in their letter to me. I did so (see Exhibit C). Mr. Thompson claimed to me that no further actions were required on my part and that the SunTrust Mortgage, Inc. Requirements for flood insurance had been fully complied with.
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In early December I received a threatening letter from SunTrust Mortgage, Inc. Stating that a flood insurance policy would be purchased by them on my behalf if adequate proof of flood insurance was not provided by me to the SunTrust Mortgage, Inc.insurance Verification department. Due to the timing of this letter and my conversation with Mr. Thompson on November 30, I assumed that records had not been fully updated within SunTrust Mortgage, Inc. Showing that adequate flood insurance for my condominium was in effect. Then on December 15, I received a Flood Insurance Lender Placed policy Cover Letter and Insurance Policy from SunTrust Mortgage, Inc. (see Exhibits D). The notification letter was dated December 8. The policy premium was $3,225 and was issued through QBE Specialty Insurance Company, headquartered in Bismarck, ND. On December 16 I again called the SunTrust Mortgage, Inc.insurance Verification department and spoke with Mr. Najee Harris about why SunTrust Mortgage, Inc. Had purchased a flood insurance policy on my behalf. After accessing my mortgage loan information, Mr. Harris confirmed that this should not have happened and that records in the SunTrust Mortgage, Inc.insurance Verification department indicated that I had adequate proof of flood insurance. I asked that the Flood Insurance Lender Placed Policy be cancelled and that I receive some written confirmation that this had occurred. Mr. Harris stated that a letter from SunTrust Mortgage, Inc. Stating that the flood insurance policy issued by SunTrust Mortgage, Inc. Has been cancelled would be processed and mailed to me. Mr. Harris stated that I would receive the letter in fourteen to twenty-one days.
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On December 16 I received another letter from SunTrust Mortgage, Inc. (see Exhibit E) stating that the Flood Insurance Lender Placed Policy has been paid through my mortgage escrow account. This fraudulent transaction committed by SunTrust Mortgage, Inc. Is reflected in my online escrow account on the SunTrust Mortgage, Inc. Website (see Exhibit F). I now have a negative $2,979.21 escrow balance which reflects the $3,225 embezzled by SunTrust Mortgage, Inc. For the Flood Insurance Lender Placed Policy. I again called the SunTrust Mortgage, Inc.insurance Verification department and spoke to Mr. Clark Uhrmacher and after explaining the issues surrounding the actions of SunTrust Mortgage, Inc. Requested to speak to a supervisor. I was transferred to Mr. Grant Young who claimed to be a supervisor in the SunTrust Mortgage, Inc.insurance Verification department. Mr. Young could only confirm what Mr. Uhrmacher had already told me and indicated that it would take seven to ten days for me to get written confirmation from SunTrust Mortgage, Inc. That the Flood Insurance Lender Placed Policy had been cancelled and the $3,225 insurance premium had been credited back into my mortgage escrow account.
Note that I do not believe the action taken by SunTrust Mortgage, Inc against me is the act of a renegade department. While it is clear that incompetence exists within the SunTrust Mortgage, Inc.insurance Verification department, as SunTrust Mortgage, Inc. Is a wholly-owned subsidiary of SunTrust Bank, both companies managing billions of dollars in assets, I believe that the fraud and embezzlement done by SunTrust Mortgage, Inc. Can only be a result of internal policies mandated by the boards and senior executives of both companies.in November, SunTrust Bank Chairman and CEO James M. Wells III was quoted as follows: Giving people the tools they need to move forward — and enabling them to create a stronger financial foundation for the future through education and experience — are both important steps in helping them take charge of their lives. Clearly Mr. Wells neglected to consider that creating a stronger financial foundation can be overcome by illegal acts done by his own company. This is clearly the case for this mortgage holder.
At this point it is quite clear how utterly incompetent SunTrust Mortgage, Inc. Is in keeping accurate records for their mortgage loan holders. I am writing this letter to Federal and State Regulatory Authorities, and Consumer Advocacy Groups, with the hope of getting some attention and resolution into the actions committed by SunTrust Mortgage, Inc. Actions of fraud and embezzlement. Based on the demonstrated practices to date by SunTrust Mortgage, Inc., I have no confidence that the actions they have taken against me will be corrected, and even if corrections are made, SunTrust Mortgage, Inc. Has still committed fraud and embezzlement of my funds. Thank you for your attention in this matter.
Example 2
Submitted: Monday, December 20 Posted: Monday, December 20
Fraud, embezzlement, & theft by SunTrust Mortgage with regards to a Flood Insurance Policy insured through QBE Insurance:
Since October of I have been receiving letters from Sun Trust that my property was not insured to include the flood insurance required as of the Flood Disaster Protection Act. I have contacted my insurance company and they assured me the policy covered the requirements and I asked for a copy of this policy to send to Sun Trust. I called and the told me to fax this to them and so I did. Two weeks later I received another letter stating the exact same thing, so this time I had my insurance company send them the required policy.
On November 30, Ireceived a letter stating that Sun Trust purchased a policy through QBE Insurancefor $2,250.00 I immediately called Sun Trust Insurance division and spoke to Odette who assured me they did receive a copy of my insurance policy and thatthis QBE Insurance would be cancelled.
On December 17, I received in the mail a Policy for Flood Insurance purchased through QBE Insurance in the amount of $2,250.00.
On Dec 18, Sun Trust had taken out of my escrow$2,250.00 for this policy.
On Dec 20, I have spoken to Sun Trust and they said it was a mistake and the money was going to be credited back to my escrow and I would receive a letter in a few days. I requested a copy to be faxed tome and they said they could not do this. I told Sun Trust this wasbasically fraud and or embezzlement, and I never authorized this insurance company to withdraw from my escrow account. Iexplained to the representative that I have documented every phone call and every fax that was sent proving my insurance policy was in place.
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