This website provides information about the joint state-federal settlement with SunTrust.
January 4, 2016:
The deadline to submit a claim form has passed and claims are no longer being accepted. Checks were mailed on December 4, 2015 to borrowers who submitted valid claims in the National SunTrust Settlement. The payment amount for each loan was approximately $1,330. The exact amount is not being released to help prevent fraud.
CFPB, State AGs Reach Settlement with SunTrust
Updated: December 8, 2014 (Consent Judgment documents added)
• $500 Million in relief for borrowers
• $40 Million in cash to foreclosed homeowners
• Modeled on National Mortgage Settlement
The Federal government together with state attorneys general in 49 states and the District of Columbia reached a settlement in 2014 requiring SunTrust Mortgage, Inc., to provide $500 million in various forms of relief to certain borrowers. The United States District Court for the District of Columbia entered the Consent Order on September 30, 2014. The consent order addresses SunTrust's alleged misconduct regarding its mortgage servicing and foreclosure practices. SunTrust must also create a 40 million dollar fund for the approximately 45,000 SunTrust borrowers who were foreclosed upon between January1, 2008 and December 31, 2013. In addition, SunTrust must adhere to significant new homeowner protections. The consent order requires that SunTrust follow the servicing standards set up by the 2012 National Mortgage Settlement (NMS) with the five largest banks. SunTrust's compliance with this settlement will be monitored by the same professional monitoring team currently in charge of enforcing the NMS, led by former North Carolina Banking Commissioner Joe Smith.
Further information concerning the SunTrust settlement is available here:
• To see a copy of the Consent Judgment Click here: A copy of the Consent Judgment entered by Judge Rosemary Collyer on September 30, 2014
• To see a copy of the Exhibits click here: (Exhibit A, Exhibit B, Exhibit C, Exhibit D, Exhibit E, Exhibit F, Exhibit G, Exhibit H, Exhibit I, Exhibit J, Att A to Exhibit J, Exhibit K)
Notices Sent to Eligible Borrowers: March 2015
Primary Deadline to File a Payment Claim: June 4, 2015
Payments mailed to eligible borrowers who make claims: We anticipate checks will be mailed in the fall of 2015.