Page 2 of 2 Product Release Information for Correspondent Lenders of Truist Bank August 7, 2020 • COR20-032 Bulletin Details, continued Revised Material, continued
Background Information. Effective December 7, 2019, SunTrust Bank (SunTrust) closed a merger of equals with Branch Banking and Trust. Company, a North ...
Product Release Information for Correspondent Lenders of Truist Bank August 7, 2020 · COR20-032 Alert Update Reminder C lar ific at ion Training I nfor mat ion Preview Correspondent Seller Guide Reflects Truist Branding SunTrust now Truist Bank (Truist) adopts co-branded logo and Truist terminology within the Correspondent Seller Guide. Effective Dates Effective on or after August 7, 2020. Background Information Effective December 7, 2019, SunTrust Bank (SunTrust) closed a merger of equals with Branch Banking and Trust Company, a North Carolina banking corporation (BB&T) to form the combined bank known as Truist Bank , as announced in bulletin COR19-057. The merger set forth efforts to integrate two stellar organizations into one premier bank. Integration efforts continue as we migrate to the Truist platform and officially update terminology within the Correspondent Seller Guide. Bulletin Details Correspondent Seller Guide Correspondent Seller Guide materials reflect Truist terminology, with an updated logo and color scheme. Revised Material Click Correspondent Eligibility, Definitions and Other Requirements, The Correspondent Division, Eligible Mortgage Loans, Loan Registration and Lock-In Procedures, Automated Underwriting, Underwriting, Occupancy Misrepresentation-Red Flags, Condominium and PUD Approval Requirements, Appraisal Guidelines, Loan Delivery and Purchase Review, Post Closing Documents, Completion Escrow Guidelines, Interested Party Contributions Limits, Hazard and Flood Insurance, Title Insurance, Resale/Deed Restrictions, Fraud Prevention Guidelines, Maximum Number of Financed Properties and Borrower Exposure, Non-Permanent Resident Alien Requirements, Properties Purchased at Auction, Subordination of SunTrust Second Mortgage Loans, Credit Vendor and Reporting Guidelines, Short Sale and Restructured Mortgage Loans, Electronic Signature Requirements, Compliance Overview, Social Security Validation Guidelines, Ineligible Settlement Agent Guidelines, Non-Arm's Length/Conflict-of-Interest, Agency Loan Programs, Fannie Mae HomeReady® and Freddie Mac Home Possible, Texas Section [50(a)(6)] Mortgages, The ARM Alternative, The Bi-Weekly(sm) Mortgage Payment Plan, Key Loan Program, Jumbo Solution Second Mortgage, FHA 203(b) Loan Program, Veterans Administration (VA) Loan Program, Agency Overlay Matrix, Government Overlay Matrix, The Registration/Lock-in Form (COR 0001), Correspondent Renegotiation Request Form (COR 0002), Wire Authorization (COR 0004), Correspondent Underwriting Submission Checklist (COR 0005), Correspondent Closing Checklist (COR 0013), Loan Originator Compensation Certification on Third party Originated Loans (COR 0014), Massachusetts Certification of Refinance in Borrower's Interest (COR 0029), Tax Information Sheet (COR 0034), Declining Markets Appraisal Checklist (COR 0051), Verification of Employment for Non-Self Employment (COR 0050a), Verification for Self Employment (COR 0050b), Salaried/Hourly Income Calculation Worksheet (COR 1404), Page 1 of 2 Product Release Information for Correspondent Lenders of Truist Bank August 7, 2020 · COR20-032 Bulletin Details, continued Revised Material, continued Key Loan Program Eligibility Checklist (COR 0650), Combo Second and EZ Two Subordination Request (COR 0238), Virginia Automatic Subordination Checklist (COR 1379), Texas Automatic Subordination Checklist (COR 1380), Project Compliance: Condominium Lender Warranties -Agency and Non-Agency Loan Products (COR 0212a), Condominium/PUD Approval Request (COR 0215), Condominium Questionnaire (COR 0216), Condominium PERS Approval Request (COR 1433), Project Eligibility Review Service (PERS) Builder/Developer Pre-sale Certification (COR 1434), Project Eligibility Review Service (PERS) Builder/Developer Information Sheet (COR 1435), PUD Questionnaire (COR 1438), and CRA Census Tract Verification Form (COR 0560a) to review the revised material. Former Guidelines Previously, materials generally reflected SunTrust Bank and utilized the heritage SunTrust logo. Other Resources Support Group Correspondent Relations Coordinator Product Support Description and Contact Inform ation: Specific questions on applying this procedure to specific loan files. Contact Correspondent Relations Coordinators at 800.382.2111, Option 1. Provides phone and email support on products, policies, and procedures as w ell as new product rollout and existing product enhancement. Contact Product Support at 800.382.2111, option 3. This information isfor use by mortgage professionalsonly and should not be distributed to or used by consumersor other third parties. This is not for solicitation of sales. Information isaccurate asof date of posting and issubject to change without current product details and lending procedure. Truist Bank does not guarantee or assume liability for any third-party productsor services. Truist Bankis an Equal Housing Lender. ©2020 Truist Financial Corporation. SunTrust, Truist, and the BB&T|SunTrust now Truist logo are service marks of Trui st Financial Corporation. All rightsreserved. Page 2 of 2Microsoft Word 2010 Microsoft Word 2010