If you’re thinking about mortgage refinancing or purchasing your home with SunTrust Mortgage, there are several things you’ll want to know before signing on the dotted line. Choosing the right mortgage company or person to arrange your next home loan is your most important task when avoiding junk fees and unnecessary mortgage rate markup. Here is my review of SunTrust Mortgage and several tips that can save you as much as $1200 per year on your next home loan.
SunTrust Mortgage
Visit SunTrust Mortgage’s website and you’ll discover they are fully-owned subsidiary of SunTrust Bank. Based out of Atlanta and operating in DC,
Maryland, Virginia, the Carolinas, Georgia, Tennessee, Alabama and Florida they claim to have $172 billion dollars in assets. As a mortgage lender they have working relationships with mortgage brokers in 49 states and services loans in all 50 states employing 4,137 people.
Searching Google for SunTrust Mortgage reveals their website, contact information, and several customer complaints filed with the Better Business Bureau.
SunTrust Mortgage Contact Information
Website: http://www.suntrustmortgage.com
Customer Service: 1-800-634-7928 Mon-Fri 8am to 8pm Eastern
(Saturday 9am to 3pm Eastern)
Address: SunTrust Mortgage 501 East Pratt Street, Baltimore, MD 21279
SunTrust Mortgage Review
My review of SunTrust Mortgage covers the retail nature of home loans offered by big banks. Bank mortgage lending is not regulated by your State like it is when you take out a home loan from a mortgage broker. Mortgage banking is regulated by the Federal Government and legislation known as the Real Estate Settlement Procedures Act (RESPA). What you might not know about RESPA laws is that the Banking Lobby had these laws changed to exclude banks from having to disclose their markup and profit margin on your home loan.
This means that whatever profit the bank realizes when selling your loan on the secondary market does not have to be disclosed to you. Your bank knows that home loans with higher than market mortgage rates bring in a premium profit known as Service Release Premium for the bank. This also means the bank has an incentive for overcharging you and is not required to disclose what they’re doing thanks to this little known loophole in the RESPA laws.
It is because of this loophole that I recommend people work with a local mortgage broker licensed by their State who is not exempt from RESPA and is required to disclose all of their markup, fees, and profit margin on the home loans they originate.
SunTrust Mortgage Complaints
According to the Better Business Bureau website there have been 199 complaints against SunTrust Mortgage during the past 36 months. The standard reporting period for the BBB is the previous 36 months and during the past year SunTrust Mortgage resolved 95 of these complaints.
If you’ve had dealings with SunTrust Mortgage, positive or negative experiences, please leave a comment below. Should you refinance your home loan with SunTrust Mortgage? I don’t recommend banks as a whole for the reasons I’ve discussed in this article. Banks simply do not offer wholesale mortgage rates to their customers. If you want the lowest possible mortgage rate and payment amount for your next home loan wholesale, also known as par mortgage rates are the way to go.
Here’s a sample of what you get by signing up today…this video is about the unnecessary markup of your mortgage rate for someone’s commission at your expense.
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{ 3 comments… read them below or add one }
I got a home loan through Suntrust Mortgage. And a year later they send me a letter telling me that my mortgage payment is going up $100.oo a month. I have contacted the company over a dozen times, and never get an answer. I only get the run around. I may have to get a lawyer to make them stop playing games. Having a loan with this crooked company is too stressful. If I could go back in time I would not make the same mistake again…
I am trying to save my home at this moment with Suntrust Mortgage. I have 2 loans with them. The first one come from Wells fargo managed by Suntrust Mortgage and the second one is directly from Suntrust Mortgage. I provided all info to try to get a loan modification and everytime I am denied…..Please advise what should I do?
My house was foreclosed on because Suntrust sent me a letter stating my mortgage was going from $554 to $823 a month due to the increase in my property taxes ( Suntrust stated the taxes were going from $1,800 a yr to $3,200 a yr). I sent them evidence that my taxes weren’t $3,200 but less than $1,800 and they still foreclosed on my home, because I wouldn’t let them pad my escrow account with the extra$269 a month. The city of Detroit sent them a tax statement showing my taxes were 1,800 not 3,200 a year, and they still foreclosed on my home.