SunTrust, party to the National Mortgage Settlement (NMS), reported its consumer relief activities through the fourth quarter 2014 under the NMS to Monitor Joseph A. Smith, Jr.
SunTrust sent these reports to each state that is party to the Settlement with copies to the Monitor and the Monitoring Committee. The state-level data can be downloaded here for the fourth quarter 2014 and here for the program to date.
This data is self-reported. The Monitor has not confirmed the numbers SunTrust or Ocwen reported, but will report on his review and the servicers’ progress toward their required consumer relief total in future reports.According to this data, 6,139 SunTrust borrowers have benefited from some type of consumer relief. Forty-nine borrowers received first lien modification forgiveness totaling approximately $6 million, which, on average, represents about $123,602 per borrower. More than 3,000 borrowers received new loans; these borrowers are either first-time homebuyers, live in hardest-hit areas or previously lost a home to foreclosure or short sale.
“This is SunTrust’s first report on its progress toward fulfilling its $500 million obligation under the National Mortgage Settlement,” said Smith. “This data is gross and self-reported, and my team and I are in the process of crediting SunTrust’s consumer relief progress.”