SunTrust Mortgage

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SunTrust Mortgage Inc., once a distinguished and integral part of SunTrust Banks, Inc., is no longer functioning under the same name or structure. The pivotal merger of SunTrust Banks, Inc. with BB&T Corporation in 2019 led to the creation of Truist Financial Corporation, marking the end of SunTrust Mortgage Inc. as a standalone entity.

Here’s the history of SunTrust, its merger with Truist, and the mortgage services now offered by Truist.

History of SunTrust Banks, Inc

SunTrust Banks, Inc., with roots dating back to 1891 in Atlanta, Georgia, established itself as a formidable force in the banking world. By March 2018, it boasted assets of $199 billion, with SunTrust Bank as its largest subsidiary. The bank’s extensive network included 1,400 branches and 2,160 ATMs across 11 southeastern states and Washington, D.C., as of September 2016.

SunTrust’s comprehensive services encompassed deposits, lending, credit cards, trust and investment services, corporate and investment banking, capital market services, mortgage banking, and wealth management.

Strategic mergers and acquisitions mark the bank’s journey of growth and expansion. Notably, in 1985, Trust Company of Georgia and SunBanks merged to form SunTrust Banks, Inc., solidifying its position in the financial sector. The merged entity continued to expand by acquiring institutions like Third National Corporation of Nashville and Crestar Financial Corporation, extending its footprint across multiple states.

In 2004, the acquisition of National Commerce Financial Corporation significantly broadened SunTrust’s presence in the southern U.S. The company’s commitment to diversification and innovation was further demonstrated by its ventures into medical specialty services and its involvement in significant financial transactions, such as the financing of BEL USA’s acquisition by Comvest Partners.

Landmark Merger and Formation of Truist

In a historic move, SunTrust Banks and BB&T Corporation announced their merger in February 2019, a deal finalized on December 6, 2019, creating Truist Financial Corporation. This merger represented the largest bank deal since the 2007-2008 financial crisis and propelled the new entity to become the sixth-largest lender in the U.S.

The consolidation aimed to combine the strengths and legacies of both banks, positioning Truist as a leader in the financial services sector with significant operations in key U.S. cities. The merged bank operated under the Truist name while maintaining the BB&T and SunTrust brands until the transition was finalized.

Current Mortgage Services Under Truist

Truist, building on the legacy of SunTrust Mortgage, offers a wide range of mortgage products, each tailored to meet the unique needs of different homebuyers. Here is an overview of the mortgage services provided by Truist:

  1. HELOCs (Home Equity Lines of Credit): Truist provides HELOCs, allowing homeowners to tap into the equity of their homes for various financial needs, whether for home improvements, debt consolidation, or other major expenses.
  2. Doctor loans: Recognizing medical professionals’ hard work and unique financial needs, Truist offers specialized physician mortgages. These loans are designed for doctors and dentists, offering features like low to no down payment options, no mortgage insurance, and flexibility in handling student loan debt. The program caters to licensed residents, interns, fellows, and practicing doctors and dentists, with loan amounts and financing options varying based on professional status.
  3. FHA loans: Truist provides FHA loans, government-insured mortgages that offer lower down payment requirements and are a popular choice for first-time homebuyers or those with less-than-perfect credit.
  4. VA loans: For Veterans, active-duty service members, and eligible spouses, Truist offers VA loans. These mortgages come with favorable terms, including no down payment and no private mortgage insurance, acknowledging the service of military members.
  5. Construction-to-permanent loans: Truist’s construction-to-permanent loans offer a seamless solution for those looking to buy land and build their homes. These loans consolidate the land purchase and home construction financing into a single loan with one closing. Key features include protection against rising rates during construction, flexibility in construction choices (including rehabs, renovations, and tear-downs), and specialized support from a dedicated construction loan team.

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