Fed releases SunTrust order over $160M mortgage penalty

The Federal Reserve officially released the order related to SunTrust’s (STI) $160 million penalty announced in October 2013, regarding the lender’s unsafe and unsound processes and practices in residential mortgage loans servicing and foreclosure processing.

The process was waiting to be completed after the U.S. Department of Housing and Urban Development, the U.S. Department of Justice, the Consumer Financial Protection Bureau and attorneys general in 49 states and the District of Columbia announcement in June over a $968 million mortgage origination settlement with SunTrust to cover mortgage servicing and foreclosure abuses.

Read on.

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