SunTrust Mortgage Supports MIDIA

SunTrust Mortgage Supports MIDIA
Home buyers to benefit from changes in HUD1, Good Faith Estimate docs

An informed consumer. It’s what every home buyer wants to be – but even an informed consumer needs a guide to help navigate the mountain of fine print and confusing legal disclaimers that potentially blocks the path to their dream home.

That’s why establishing a good working relationship with a mortgage loan officer you trust is an important first step when buying or refinancing a home.

I am proud to represent SunTrust Mortgage because, as one of the strongest lenders in the nation (we are a top 10 lender in the U.S. and a subsidiary of the 9th largest domestic commercial bank), we are also leaders in the effort to make transparency and honesty a part of the home buying process.

SunTrust Mortgage is in full support of the new MIDIA (Mortgage Disclosure Improvement Act), which will implement several improvements already in place at our bank.

Some of these changes, which help mortgage customers compare the HUD1 statement to the Good Faith Estimate (GFE), take effect January 1, 2010 and include:

New Good Faith Estimate The improved 3-page GFE will group all settlement charges and clearly define loan terms and rate expiration. Verify GFE Receipt Lenders will be required to verify the borrower’s receipt of the GFE within 3 days of application (already a requirement at SunTrust Mortgage). Guarantee Fees and Charges Fees and charges cannot change once they have been disclosed on the GFE (already in place at SunTrust Mortgage). New HUD1 Statement The new HUD1 will be a 3-page document providing a clear comparison to the GFE.

These changes will be standard throughout the mortgage industry – an industry that SunTrust Mortgage is proud to lead by honest example.

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Want to learn more about SunTrust Mortgage products, including the Doctor Loan Program? Contact me: Sandy.Madison@SunTrust.com, or 434.566.2420. I’m ready to guide you past any obstacle.