SunTrust Fails Single Q1 Mortgage Settlement Test
There was bad news for SunTrust in the latest test results from the Office of the Monitor of the National Mortgage Settlement (NMS): The company failed one of its first quarter tests related to the collection of default-related fees.
In a statement issued by NMS Monitor Joseph A. Smith Jr., SunTrust was also commended for completing 69 percent of its consumer relief obligations under the settlement’s guidelines.
“HSBC has completed 60 percent of its consumer relief obligation and did not fail any of its tests during the first half of 2016 on how it communicates with and treats borrowers,” said Smith. “SunTrust failed one metric in the first quarter of 2016 related to the collection of default-related fees. I will continue to monitor HSBC and SunTrust’s compliance with the NMS servicing standards and will report on my review to the Court and the public in early 2017.”
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