For Immediate Release:
May 19, 2016

Contact:
Hannah Harrill
919-508-7821

NMS Monitor: SunTrust passes all Metrics Tests
Joseph Smith reports on SunTrust’s NMS compliance borrower treatment rules and consumer relief

RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS), has reported to the United States District Court for the District of Columbia (Court) that SunTrust has provided 16,921 borrowers with $370,474,005 in consumer relief through the first half of 2015. Smith also determined that SunTrust passed all borrower treatment tests during the second half of 2015.

“SunTrust has completed 69 percent of its consumer relief obligation and did not fail any of its tests on borrower treatment during the second half of 2015,” said Smith. “I will continue to monitor SunTrust’s compliance with the NMS and I will report my findings to the Court and the public later this year.”

Under the Settlement, SunTrust must 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’s report is a summary of reports he filed with the Court. This summary includes SunTrust’s consumer relief updates through the first half of 2015 and metrics testing results from the second half of 2015. This report, 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.

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