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SunTrust Mortgage

SUN TRUST MORTGAGE LOAN MODIFICATION

This has been my experience dealing with sun trust.

SunTrust Gets the All Clear from NMS Monitor

Since 2014, The SunTrust Bank has been monitored by the Office of Mortgage Settlement Oversight for its mortgage servicing standards. On Tuesday, Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS), reported that the bank had passed the compliance metrics tested during the first quarter of 2018 and would no longer be required to get tested for its mortgage servicing compliance with the NMS.

However, the bank would continue to remain accountable to the Bureau of Consumer Financial Protection for its servicing standards. “This is my final report on SunTrust. SunTrust will continue to remain accountable to mortgage servicing-related rules issued and enforced by the CFPB,” Smith said in a statement.

On February 9, 2012, by the attorneys general of 49 states and the District of Columbia, the federal government, and five banks and mortgage servicers (Bank of America, Citi, JPMorgan Chase, the ResCap Parties, and Wells Fargo) when they reached an agreement on the National Mortgage Settlement (NMS) that created new servicing standards, provided for relief to distressed homeowners and provided funding for state and federal governments. The NMS was made formal and binding on April 5, 2012, when the United States District Court of the District of Columbia (Court) entered the consent judgments containing the Settlement terms.

SunTrust originates $10.6M acquisition bridge loan for condo deconversion in Chicago

SunTrust Banks, Inc. announced that Manny Brown, head of SunTrust Mortgage Banking and agency division production, and John Gordon, vice president in SunTrust CRE’s Chicago office, originated a $10.61 million bridge loan for the acquisition and condominium deconversion of Cambridge Commons in Chicago. The property is located in Edgewater, a popular lakefront community on the north side of Chicago.

SunTrust CRE originated the bridge loan for a private equity firm that invests in commercial real estate. The 80-unit Cambridge Commons—which was built in 1970 and renovated in 2000—converted to 100 percent rental at closing on July 23. The property features studio and one-bedroom market rate apartments.

“SunTrust originated an optimal short-term bridge loan to complete this complex acquisition that included a reverse 1031 exchange and condominium deconversion,” said Gordon. “We are seeing more condominium conversions, especially in areas such as Chicago where it is difficult to find land for new developments to meet the rising demand for multifamily properties.”

Is Suntrust Bank a decent bank to have your mortgage with?

I'm looking at a refinance, but I really like my current bank. I don't want to end up with a lender that is a pain. I know that the bank can change, but I just want to find out if anyone else has a mortgage with Suntrust.


Everyone that I see who comes in seems pretty pleased with their SunTrust Mortgage. There is also a program that can be set up where your payments can draft automatically.