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SunTrust Bank Mortgage

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completely incompetent Helpful to 5 out of 5 people

The original mortgage on our house was bought by Suntrust, so when interest rates went down we figured we'd refinance with Suntrust to save the hassle of switching providers.  HUGE MISTAKE!!!  For six months, we got nonstop emails and calls from at least 8 different people who apparently don't ever communicate with each other, all asking for various documents.  Every time we would send them in right away, not hear anything for several weeks, and by that time some of the earlier documents would have expired and they'd need a new copy... etc.. etc...

We speculated that maybe they were doing it on purpose, because from their point of view every month they delayed our re-fi was an extra several hundred dollars of interest we were paying compared to what we'd get with the new rate.  But honestly, they didn't seem organized or competent enough for that level of strategy.  I think they're really just completely clueless.

Now we know -- it is actually not at all in your best interest to refinance with the same provider.  After 6 months of this process, we walked away and refinanced with a local bank.  Although their rate was a couple tenths of a percentage higher, they did the whole process start to finish in 6 weeks, for only a quarter of the closing costs.  

We were worried that Suntrust would try to charge us all kinds of processing fees for walking away, after all they did seem to spend hundreds of hours just emailing us (and presumably doing something with the papers other than just losing them or letting them expire), and they had to pay for the appraisal, credit checks and other non-refundable third party costs.  But they didn't even reply to our email telling them we were leaving them.  So if you're in this boat, don't hesitate to abort!

Jun 25, 2013 Reply
Please sell my loan to someone else! Helpful to 2 out of 2 people

I've had suntrust for a year now and my mortgage has gone up 3 times. 3 times! I'm on a 30 year fixed at 3.25%, but the company can't seem to get my escrow account straight. I don't understand what is so difficult about it.

They raise my mortgage $100 or so every few months because they say the escrow account is to low. I was ok with that, until 6 months later they send me a check for $650 and say my escrow account had too much money in it.

STOP sending me checks and learn to balance the escrow account. I don't want the checks, I want my monthly payment to go back down and to keep the escrow where it needs to be! If I wanted a savings account to debit from, I'd go to a bank and open one.

I want this company to sell my loan to someone that knows what they're doing. I may just refinace and deal with a higher interest rate if I can find a company that knows what they're doing.

Feb 03, 2014 Reply
LAR Helpful to 1 out of 1 people

-        Suntrust is the worst company I have ever dealt with. Any call takes hours.  Each person who gets on the phone with you has to review your entire account with you - this take at least 15 minutes alone.  Recently my loan, which is on an arm adjusted down.  In September I paid the new adjusted amount of $1,304.90 on line.  Then Suntrust claims that I was late and did not pay bill of 1531.84.  Of course the only reason I paid the 1304 was that I clicked "pay my bill" and that was the amount paid. This dispute went on for weeks.  In October I paid the 1531 to make up for the September payment.  I discovered in November that both the Sept and Oct payments went to an escrow account to my account now was allegedly 2 months past due and I was getting foreclosure notices.  Do not bank with them!

Nov 13, 2013 Reply
Completely incompetent! Helpful to 1 out of 1 people

My mortgage was apparently sold to Suntrust.  I tend to pay my bills early, sometimes months early.  With Suntrust there is no telling how your payment will be applied no matter what you select and no matter what documentation you get from Suntrust.  Case in point: I made my October 1, 2013 payment on August 29, 2013.  I tried, without sucess, to pay my November payment but was unable to because their third-party billing company was "waiting on an e-bill."

On October 10, 2013 I get an automated "bad debt" collection call concerning my now "late" October 1, 2013 payment that I made on August 29, 2013.  I went online to my account and printed out the payment information showing the August 29, 2013 payment was applied to my October 1, 2013 bill.

I called the number provided on the 'bad debt' automated call and after 38 minutes on the phone they finally determined they had inadvertantly applied my August 28, 2013 payment as "as a principle only" payment and it was not applied to my October 1, 2013 payment.  When I asked why, then, was I looking at a Suntrust document showing it was applied to the October 1, 2013 payment they could provide no answer other than they would correct it.

This is the second time in 6 months this has happened.  Same scenario both times.  Payments were misapplied as "principle only" payments although the online documents provided by Suntrust showed the payments were applied to the monthy statements and not "principle only" payments.

A company is beyond incompetent when their own records conflict with the documentation they are providing the consumer.

Oct 09, 2013 Reply
Misleading Helpful to 1 out of 1 people

I got a student loan through Suntrust's AES. I asked several times "If I pay off the loan before I am out of school I won't have to pay any interest correct?" The answer to my question was "YES". This was a lie, they charged me interest the entire time, so when I was about to graduate I found out that I would be paying an additional 1600 on my loan of $5,000. I emailed customer support and they basically told me to shove off. If I had time I would of taken them to court but with a new born and trying to get a job I never had time. AVOID THIS PLACE FOR STUDENT LOANS AT ALL COSTS.

doothedew's review was:    

  Feb 27, 2013 Reply

doothedew(1, 1)

Review by doothedew

1 Contributions 1 People Helped

Helpful to 1 out of 1 people

 I have noticed after posting that what shows up on this page as my post is NOT my real post. But if you click my name you can see my real post!!!  Beware of believing this review board.

ROO62's review was:    

  Jul 03, 2012 Reply

ROO62(3, 1)

Review by ROO62

3 Contributions 1 People Helped

Helpful to 1 out of 1 people

Have had checking, savings, CD's, mortgage, equity line, refi, with STB for 20 years....referred dozens of my real estate clients and customers to them. After sudden death of my husband a few months ago I needed help in lowering  my monthly payment by refi to lower rate, modification or whatever.  SunTrust Mortgage has not been able to help me yet...average time on phone to Richmond is over an hour, most of it being put on hold, transferred to different person, finally winding up with first person who transferred you the the second person and so on.  Local mortgage loan officer we worked with for years has not come through with anything either.  I have equity, but you can't buy groceries with that!  Help if it ever comes.....is really slow.  But I keep hoping!

HowAreFinances2011's review was:    

  Nov 25, 2011 Reply

HowAreFinances2011(1, 1)

Review by HowAreFinances2011

1 Contributions 1 People Helped

Helpful to 1 out of 1 people

SunTrust does not accurately apply your mortgage payments. If you have a mortgage through SunTrust you should carefully check your statements each month.

Jun 21, 2011 Reply
Suntrust has been great

I have two mortgages through suntrust and they have been great to work with. I met with the rep at the branch and he made sure everything went smoothly. He kept in touch with me the whole time and was always a step ahead of what was needed next. suntrust is a great bank and I would recommend using them for home loans. 

Jan 10, 2014 Reply
Suntrust is the worst

After two plus years of applying and reapplying for a loan modification I am giving up. These people are crooked. They always seem to need one more piece of paperwork and by the time they receive th fax the copies are either too old or they need something else or you've been assigned a new rep. Biggest headache ever! Do not trust suntrust!

Dec 27, 2013 Reply
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Company Overview

SunTrust Bank offers several different mortgage products including fixed rate mortgages, adjustable rate mortgages, jumbo loans, FHA loans, and VA loans. Fixed rate mortgage products are offered for 10 to 40 year terms. Adjustable rate mortgages are available for 5/1 year, 7/1 year, and 10/1 year terms. Some loan features offered through SunTrust Bank are custom quotes, rate watch, and rate history. Applications are accepted online and over the phone. Mortgage services are available in California, Illinois, Massachusetts, New Hampshire, New Jersey, Rhode Island, and Arizona.

SunTrust Mortgage is a subsidiary of SunTrust Bank. SunTrust Bank was originally established as Farmer’s Bank of Alexandria in 1811. Currently, SunTrust Bank is a subsidiary of SunTrust Bank Inc. and is headquartered in Atlanta, Georgia.

Company Details

SunTrust Bank Inc.

  • Established: 1811
  • Headquarters: Atlanta, Georgia
  • Website: www.suntrust.com
  • Products: Auto Loans, Banking, Credit Card, Home Equity, Mortgages
  • Assets: $174.7 billion
  • Available: By phone and online; select states

Rating Distribution (17)

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