Newsroom
FOR IMMEDIATE RELEASE:
August 10, 2017
Contact:
919-508-7821
NMS Monitor: SunTrust completes consumer relief obligation
Joseph Smith reports on SunTrust’s consumer compliance results and consumer relief
RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS), reported today that SunTrust has provided more than 22,000 borrowers with more than $500 million in consumer relief. Under the Settlement, SunTrust was required to provide the following consumer relief by September 30, 2017:
- $475 million in consumer relief credit to distressed borrowers and by establishing a mortgage origination program.
- $25 million in consumer relief credit by refinancing mortgages of borrowers who would not otherwise qualify for refinancing.
Smith also reported that SunTrust passed all consumer compliance metrics tested during the second half of 2016 with one exception. One metric test was rejected by Smith because the information on SunTrust’s Proof of Claims files was not presented in the proper format. This error is being corrected and will be reported on in the future.
“SunTrust has satisfied its consumer relief obligation under the NMS,” said Smith. “I will continue to monitor SunTrust’s consumer compliance obligations and will report my findings to the Court and the public in the future.”
Smith’s reports on consumer relief and compliance, as well as past reports, can be found on Smith’s website, www.mortgageoversight.com.
About the Office of Mortgage Settlement Oversight
More information about the National Mortgage Settlement is available at www.nationalmortgagesettlement.com. Further information about Joseph Smith and the Office of Mortgage Settlement Oversight is available at www.mortgageoversight.com.
###