• Report: #672636

Complaint Review: SunTrust Mortgage, Inc.

  • Submitted: Fri, December 17, 2010
  • Updated: Wed, February 02, 2011

  • Reported By: Gerhart — Stamford Connecticut United States of America
SunTrust Mortgage, Inc.
901 Semmes Avenue, Richmond, VA 23224 Internet United States of America

SunTrust Mortgage, Inc. Fraud and Embezzlement Committed by SunTrust Mortgage, Inc. Internet

*Consumer Comment: REBECCA J. WILSON, IT APPEARS THAT THE FEDERAL RESERVE IS RUNNING AN "ORGANIZED CRIME SYNDICATE"........

*Consumer Comment: Where to report this effectively

*Consumer Comment: Also a Victim- Atlanta, GA

*Consumer Comment: Just a comment

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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, 2010, 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.:


-       In October of 2010 I received notification from SunTrust Mortgage, Inc. stating that they did not have record of receiving a flood insurance policy covering my condominium. Since 2004, 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, 2010 (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.


-       On November 23rd, 2010 I received another letter dated November 16, 2010 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.


-       On November 30, 2010 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.


-       In early December 2010, 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, 2010, 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, 2010, 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, 2010. The policy premium was $3,225 and was issued through QBE Specialty Insurance Company, headquartered in Bismarck, ND. On December 16, 2010 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.


-       On December 16, 2010 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, 2010, 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.


 


Copies of this letter and exhibits have been sent to the following entities:


 


                        SunTrust Banks Inc.


                        James M. Wells III, Chairman and Chief Executive Officer


                        William H. Rogers, Jr., President and Chief Operating Officer


                        Atlanta, GA


 


                        SunTrust Mortgage, Inc.


                        Sterling Edmunds, Chief Executive Officer and President


                        Julie W. Andrews, Chief Financial Officer and Senior Vice President


                        Robert S. Reynolds, Executive Vice President and Consumer Banking Asset Manager


                        Richmond, VA


                        Grant Young, Insurance Verification Department Supervisor


                        Irvine, CA


                        Jeff Brown, Vice President Residential Loan Officer


                        Fort Myers, Fl


 


                        RipOffReport.com


 


Federal Trade Commission


Washington, D.C.


 


Board of Governors of the Federal Reserve System Division of Consumer


And Community Affairs


Washington, DC


 


Federal Deposit Insurance Corporation Consumer Response Center


Kansas City, MO


 


Offices of Attorney Generals


CT, VA, FL, GA


 


Better Business Bureaus


VA, GA


 


 


Sincerely


This report was posted on Ripoff Report on 12/17/2010 10:11 AM and is a permanent record located here: http://www.ripoffreport.com/r/SunTrust-Mortgage-Inc/internet/SunTrust-Mortgage-Inc-Fraud-and-Embezzlement-Committed-by-SunTrust-Mortgage-Inc-Inte-672636. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 Consumer Comment

REBECCA J. WILSON, IT APPEARS THAT THE FEDERAL RESERVE IS RUNNING AN "ORGANIZED CRIME SYNDICATE"........

AUTHOR: Karl - (USA)

which also includes much of our government and Wall Street, after watching a video that's available on the web, in my opinion.

If you 'Google' this- WHO OWNS THE FED BANK, WHO CONTROLS WHO VIDEO, and watch it on the web, you'll hear the narrator discuss how the people and the companies that appear in the charts that are being displayed are part of an organized crime syndicate, which he also refers to as the "hub", correct?

Those same charts are available on the web! Simply 'Google' this- WHO OWNS THE FED?, and go to the site with the 5 charts. (Those are the charts he's using at the beginning of the video.)

Now 'Google' all of the following videos for more proof that many of the banks appear to be part of this 'organized crime syndicate', which is ultimately being controlled by the Federal Reserve-

BIG BANKS RESUME FORECLOSURE PAPERWORK PBS

ELIZABETH WARREN GRILLS GEITHNER, CRITICIZES TREASURY'S FORECLOSURE PLAN PBS

INDYMAC BOYS GET SWEETHEART DEAL

AMERICA: FREEDOM TO FASCISM

FRONTLINE: INSIDE THE MELTDOWN

FRONTLINE: THE WARNING

***After watching all of the above videos on the web, it becomes clear that many innocent Americans are being taken advantage of by the banks and the bankers in the United States of America, wouldn't you agree?

Good luck to you!

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#2 Consumer Comment

Where to report this effectively

AUTHOR: R. Wilson - (United States of America)

Suntrust is regulated by the Federal Reserve. To report this to the proper authorities, please submit your report to: http://www.federalreserveconsumerhelp.gov/?District=13

Sincerely, Also a victim,

Rebecca Wilson

Atlanta, GA

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#3 Consumer Comment

Also a Victim- Atlanta, GA

AUTHOR: R. Wilson - (United States of America)

I do not have the energy nor the time in my professional life to file an additional report. I have done this in the past with Ripoff Report and nothing happens anyway.

That being said, I also have a condo and also have been producing proper and appropriate proof of flood insurance to SunTrust since September 2010 (it is almost February 2011), over and over and over again and also keep getting the threatening letters. The letters never indicate which peice is missing/they need, so you have to call in to find out what the problem is. First they said the paperwork hadno flood zone (it did), then the amount of buildings were not represented (I'm only required to hold insurance for MY unit and was not asked to provide the blanket association policy), then said I was underinsured, then was asked for an appraisal assessment of my unit.

They actually purchased a $2250 policy in my name, but ended up cancelling it. I have spoken with at least 11 people. I have been told over and over and over (by different people) that I'm fine, then I get another threatening letter.

This is not only ridiculous, but HAS to be illegal. I don't consider this "embezzlement", but I do consider it to be "extensive harrassment".

I also have an ARM loan, so therefore have two mortgage loan numbers and therefore get DOUBLE the amount of letters b/c they simply are incapable of matching the two mortgage account numbers to the same address even though it is the same company (and I've told them multiple times).

My agent for my personal policy (Travelers), my agent for the blanket community policy (CAU) and my property management company said they have never seen any harrassment like this EVER and have continuously confirmed that I am properly insured.

Please help to make it stop. No one has time or the sanity to deal with this level of incompetency.

Sincerely,

Rebecca J. Wilson

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#4 Consumer Comment

Just a comment

AUTHOR: Lyista - (USA)

I used to work in the Insurance Verification Center at a different mortgage bank and I wanted to let you know that the run around you got is common unfortunately. They usually don't train well and the folks are under a lot of pressure to keep call times down and a lot of times the reps aren't allowed to call out to customers.

As far as the embezzlement, it was completely their fault they didn't take the time to update their systems. In your loan documents, it states that you must have flood insurance and if you do not have it the company reserves the right to put lender placed insurance on it which you will be charged through escrow. If one is not set up for the insurance and taxes, then one will be created and you are billed. I find it unfair personally but they do it this way.

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