Violation Tracker Individual Record
Company:
SunTrust Mortgage Inc.
Current Parent Company:
Truist Financial
Penalty:
$320,000,000
Year:
2014
Date:
July 3, 2014
Offense Group:
consumer-protection-related offenses
Primary Offense:
mortgage abuses
Violation Description:
The Department of Justice announced an agreement with SunTrust Mortgage Inc. that resolved a criminal investigation of SunTrust's administration of the Home Affordable Modification Program. SunTrust was said to have misled numerous mortgage servicing customers who sought mortgage relief through HAMP. Specifically, SunTrust was accused of making material misrepresentations and omissions to borrowers in HAMP solicitations, and failing to process HAMP applications in a timely fashion. The DOJ announcement did not mention that SunTrust had been offered a non-prosecution agreement. That fact was revealed in a press release issued by the Special Inspector General for the Troubled Asset Relief Program: https://www.sigtarp.gov/Press%20Releases/SunTrust_Nonprosecution_Agreeme...
Level of Government:
federal
Action Type:
agency action
Agency:
Justice Department Civil Division
Civil or Criminal Case:
criminal
Prosecution Agreement:
non-prosecution agreement
HQ Country of Parent:
USA
HQ State of Parent:
North Carolina
Ownership Structure of Parent:
publicly traded
Major Industry of Parent:
financial services
Specific Industry of Parent:
banking
Source Notes:
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note:
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.
