Avoid suntrust bank

[AnonDoc77]

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I would avoid SunTrust Mortgage it at all possible. They are deceptive and make promises they cannot keep. They advertise heavily to the med student/resident/physician population and then when you bite, they drop the ball. I have a 750+ credit score with more than 10% available for a down payment. I provided documentation every step of the way (3 months prior to closing), and they delayed our closing for so long due to papers being shuffled around, misdirected, and people not doing their job. The loan officer at SunTrust as well as the processor never had a clue as to what was going on. The regional manager even got involved and it didn't change a thing. Eventually we had no choice and went with a different lender and was closed from start to finish in 10 days. 10 DAYS another bank did what SunTrust couldn't do in 3 MONTHS that they had all my documentation.

The best advice is that you should contact the local banks in the area you will be living for a physician loan program. Contact the Residency GME office, or the Financial Office of the program you will be in for referrals. Ask other physicians/residents/med students who they have had a good experience with. Dealing with a local banker will save you time and hassle because local bankers actually care about their reputation. SunTrust is such a big bank is the southeast that they could care less if they screw you over. The underwriter, processor and loan officers will all be in different states, and they will not give a darn if they delay your closing for months.

Take my word for it, and AVOID SUNTRUST BANK! If you want confirmation that I am not an isolated situation, please Google "SunTrust complaints". You will see oceans of problems with SunTrust Bank.

 

[UserNameNeeded]

Thanks for the tip. These big corporations are only going to change if people publicly complain.

 

[SunTrustDrLoan]

...

 

[John Deere Gree]

AnonDoc77, I am extremely sorry you have had this issue but I assure you this is not an accurate picture of SunTrust as a whole. I have helped hundreds of Doctors and have rarely ever had any problems. I believe with your situation it may have been the loan officer, processor, or underwriter causing the problem. Or it could have been any number of things. I do apologize for this situation happening to you but please don't let one situation taint your idea of an entire company. I understand it is easy for me to say that when I wasn't the one who went through your situation, and you have every right to be angry and I do agree all residents should shop around and not just go for the first deal they get. But I have to say as far as Doctor Programs go I have yet to see one better then what SunTrust can offer.

BWA HA HA HA!!!

You have one chance (in their case many) to get it right, and you/your company failed and failed miserably. Just like you, we have one chance to make a good impression on our patients (customers), otherwise they may leave and tell others.

So I'm suppose to not let one situation taint my idea of a given company? Riiiiiiiiiiight. My student loan comapny royally screwed the pooch, so I switch loan companies. The big bank in my town screwed me over with their bank services charges, you think I want to stick around with them? It's no wonder I try to shop locally, customer service still exists in small business.

I went to a local bank in my town to get my mortgage and did they screw up? Nope! It was a painless process. Imagine that.

As far not seeing a better Doctor Program me thinks you don't get outside of your cubicle too often.

 

[teeter]

Other than Suntrust and Compass bank, what are the other physician loan programs?

 

[xanthines]

I'm gonna have to chime in and say I agree. I have NOT been impressed with Suntrust as of late. They ignored my calls and email messages until today, which was too late since I wanted to close on Friday. Due to new truth in lending laws (or something like that) no closings until 3 days after some disclosures and estimates. This is not going to happen in time so I don't get to move in this weekend. It really really REALLY makes me angry that they ignored me and as a result, I don't get to move into my new house.

I'm getting to the point where I might actually consider starting over and using a different bank. That's how angry I am. 😡

 

[THP]

I have been very happy with sun trust. My loan closed over a year ago and they had the best deal. I essentially had 3 banks competing for my loan and Sun Trust beat Wachovia and BofA. Although I ultimately did not do a doctor's loan. I actually thought my loan officer was much easier to contact than any other company.

 

[dragonfly99]

I just wanted to say that I banked at Suntrust several years ago and had a good experience. However, I have not tried to use them for a mortgage. My family members are involved in the banking/mortage related business, and they generally advise me to use local banks for mortgages when possible...this is partly just because it's easier to get/talk to an actual human if there is a problem. Also, they likely care a bit more about their local reputation. However, you do have to look at the mortage rates, and sometimes the big banks do better in that regard.

The bottom line also is that buying property is a big deal and very complex, and there are a lot of costs and steps involved. If there is a snafu at ANY point, such as the home inspection, the seller balking at the last minute, etc. that can screw you up.

 

[tkim]

I also had a great interaction with Suntrust as well when I got my zero down mortgage. Depends on the loan officer. Mine was great. I will try to work with her again if I can when it comes time for another house.

 

[xanthines]

My hypothesis is that after the market crashed (both stock and real estate), Suntrust probably laid off too many workers too quickly across the board. I saw quite a few job listings at Suntrust, which makes me think they have too much work, but I could be totally wrong. My problem is that I can't get anyone to do anything and I feel bad for calling them every day, but what else can I do?

I'm currently trying to get a loan funded. I'll concede that Suntrust may have been fine 1-2+ years ago. However, does anyone think they've gone downhill? For those who have had problems, what was the timeframe? For those who didn't, same question.

-X

P.S. Still angry. 😡

 

[cliff]

I am troubled with my dealings with Suntrust too.

I sent in my pre-approval info to Elly Gray on July 27th at Suntrust because of this forum.

I eMailed her on August 10th then August 17th and have left several messages. Best response I have had back is a eMail will call you tomorrow, and she did not call. Quite crazy to now be waiting more than 2 weeks to hear from them.

I remain in waiting to see what is up...

It concerns me that if this is how I get treated during the pre-approval process what is going to happen when we do the actual loan.

I am in awe that people in business can actually ignore phone calls and emails. I am disappointed so far with suntrust.

Is there anybody out there who has closed a loan with them in 2009?

 

[tkim]

Sorry to hear things are not going well. Maybe things have turned for the worst at Suntrust. Good to be cautious in the future and not rest on previous performance.

 

[xanthines]

I'm just writing to update you all that Suntrust continues to annoy the heck out of me. We're so close to getting this done that I'm anxious, so I'll ppost more details when I'm a little less angry. 😡

-X

 

[gbwillner]

I'm just writing to update you all that Suntrust continues to annoy the heck out of me. We're so close to getting this done that I'm anxious, so I'll ppost more details when I'm a little less angry. 😡

-X

I recently bought a new home. Like many of you I had to shop for a mortgage and ran into lots of problems. Here are some of my experiences:

1. Due to the terrible market CAUSED by bad lending practices, the industry has done a 180 turn, so it's now impossible to get certain loans. Basically, your monthly income MUST be enough so that your monthly mortgage + escrow is only a MAXIMUM 30-40% of your intake. Are you a resident with a guaranteed job prospect and salary with annual rasies that are also guaranteed? Good for you- no one cares anymore.

2. Many reps/loan officers do not understand all the new regulations, but the underwriters do. This is bad because you can get all sorts of promises (everything looks great- no, there shouldn't be any problems) and then it's "sorry.... looks like you didn't qualify"- three days before closing. FOR THIS REASON it's good to go with a smaller, local bank. This is because the underwriter is in the same office and they communicate directly with the loan officer. Large companies, like Bank of America (who screwed me TWICE- once the day before closing (cost me $1400), and again while trying to buy a nother place (took 2 weeks to NOT give me an approval letter)) have underwriters often in another state and they don't even see the papers until 3 days before closing. You are really gambling with them.

3. Don't buy a condo. Don't even look at one, you are wasting your time unless you can put 20% down. The banks are rarely even giving out loans for condos since they are inherently riskier for them.

4. FORGET DOCTOR'S LOANS!!!!! Please listen to this one, you are wasting your time. They are no longer advantageous at ALL, which is why they are so hard to find now. Yes, in theory you get to put nothing down. But look at the rates you are paying. When I locked in my rate i had an option of a Doctor's loan with Compass and Suntrust. They really only offered me loans with interest only or ARM loans. When I asked about 30 yr fixed-interest they laughed- the rate was like 7%. Plus, closing costs are through the roof. Almost everyone here will qualify for FHA- you will have to come up with a whopping 3.5% of the house value, and have to pay a mortgage insurance, but the rates are standard. I went with FHA- even with the 3.5% down my closing costs were LOWER because I didn't pay ridiculous fees and I got a 30Yr fixed loan for more than 2 points less.

I will happily answer any questions on my experiences.

 

[jethai]

4. FORGET DOCTOR'S LOANS!!!!! Please listen to this one, you are wasting your time. They are no longer advantageous at ALL, which is why they are so hard to find now. Yes, in theory you get to put nothing down. But look at the rates you are paying. When I locked in my rate i had an option of a Doctor's loan with Compass and Suntrust. They really only offered me loans with interest only or ARM loans. When I asked about 30 yr fixed-interest they laughed- the rate was like 7%. Plus, closing costs are through the roof. Almost everyone here will qualify for FHA- you will have to come up with a whopping 3.5% of the house value, and have to pay a mortgage insurance, but the rates are standard. I went with FHA- even with the 3.5% down my closing costs were LOWER because I didn't pay ridiculous fees and I got a 30Yr fixed loan for more than 2 points less.

I will happily answer any questions on my experiences.

Does the standard mortgage insurance work out to be a wash when you factor in the tax-deductible side of the higher interest rate? My wife is an attending physician and we're looking to max out the Florida FHA amount. I need to check with a Suntrust rep, but the physician loan we know about from doctorloans dot com has a max of 500k. That would allow us to go from buying a house that needs some work to a house that is completely upgraded in our area.

Anyways, your experience has me a bit gun-shy because we'd like to close before Nov 30 which is also end of our lease. Any other pointers??

 

[SigOther]

Other than Suntrust and Compass bank, what are the other physician loan programs?

There are at least two more Doctor Loan program out there other than SunTrust and Compass. One was through a division of Tower Mortgage. I have the info at home but if there is anyone that is interested, then PM me and I will get you the information.

 

[SigOther]

FORGET DOCTOR'S LOANS!!!!! Please listen to this one, you are wasting your time. They are no longer advantageous at ALL, which is why they are so hard to find now. Yes, in theory you get to put nothing down. But look at the rates you are paying.

One thing to keep in mind is that these programs are based on a lenders individual analysis of a certain market, so their rates are bound to vary greatly between the different programs and different lenders. My fiance and I were quoted very different rates by different companies. In the end, we decided not to buy right now, but the Doctor Loan would have been a good idea for us if we were staying in the area after residency.

All of the Doctor Loan Programs being discussed are national programs with national lenders and corporations, that is why they are easy to find. However the market conditions in a specific area are what will determine if the Doctor Loan is a good idea where you are. Bottom line, there is no general answer as to whether the Doctor Loan is a good idea or not; it depends on your circumstances as well as on the local real estate market and individual state laws.

 

[SigOther]

Another thing... There are certain real estate agents that specialize in finding real estate for Doctors/residents. Try search for a a "Physician Loan Program" in your city that is offered by a local Realtor then contact them and have them help you find the best financing option for you. They should know what is available for financing in your area and they might even know of some local lenders that offer better terms than nationally chartered lenders. It all depends, but their expertise should help you sort that all out. Remember, you don't have to pay a buyer's broker anyway.

There is a good article out there called "Bank of America Doctor Loan is No Longer Available - Now what?" Look for in on Google. It answers some of these questions, I think.

 

[jethai]

thanks for the extra tips

 

[gbwillner]

Does the standard mortgage insurance work out to be a wash when you factor in the tax-deductible side of the higher interest rate? My wife is an attending physician and we're looking to max out the Florida FHA amount. I need to check with a Suntrust rep, but the physician loan we know about from doctorloans dot com has a max of 500k. That would allow us to go from buying a house that needs some work to a house that is completely upgraded in our area.

Anyways, your experience has me a bit gun-shy because we'd like to close before Nov 30 which is also end of our lease. Any other pointers??

No, it is not a wash. With FHA you do pay PMI, but once you pay 20% of the value of the home you can stop paying. It is about $100 a month. For a minimum 5 years, unless you refinance. Thats ~$1200/yr x 5. If you pay 2% more (and that's being generous since you'll likely eat it with points and other fees on a Doctor Loan), that's 2% of the value of the home more per year. The difference could be hundreds of thousands of dollars over the life of the loan.

My advice- since you wife is an attending: Either go with FHA now, or wait until you can put down 20%. You'll be kicking yourself if you end up with a relatively high-interest loan when you could have done otherwise. Itis possible that Dr loans will once again be beneficial, but from what I've seen they are currently pure crap.

 

[gbwillner]

One thing to keep in mind is that these programs are based on a lenders individual analysis of a certain market, so their rates are bound to vary greatly between the different programs and different lenders. My fiance and I were quoted very different rates by different companies. In the end, we decided not to buy right now, but the Doctor Loan would have been a good idea for us if we were staying in the area after residency.

All of the Doctor Loan Programs being discussed are national programs with national lenders and corporations, that is why they are easy to find. However the market conditions in a specific area are what will determine if the Doctor Loan is a good idea where you are. Bottom line, there is no general answer as to whether the Doctor Loan is a good idea or not; it depends on your circumstances as well as on the local real estate market and individual state laws.

It may be true that there are local lenders that do Dr loans at reasonable rates, but I was not able to find any- at least none that would give me the traditional deal (0% down, no PMI, normal interest rates). There may also be additional programs out there, but not all national banks can originate loans in every state.

 

[rallycobra]

Heh. Suntrust requires us to be a customer for 12 months before they are willing to extend us a loan. The funny thing is, I begged multiple officers to set up their 'bridal registry' last November, and no one was willing to follow up. We tried to become a customer, and couldn't. Now they won't extend a loan to us because we aren't a customer. It's your bailout dollars at work. I would go with a FHA loan and use a local bank. Big national banks are good for ATM machines, and that's abou it. Also, it you have 10%, check out www.penfed.org They are excellent, and only cost $20 to join

 

[ethat001]

Like others who commented - I have to disagree. I closed with SunTrust 2 years ago and had no problems with SunTrust. They had the best rates, and gave me a doctor loan with 0% down, no PMI and matched the best rates I received. Of course, that doesn't exist anymore.

Times have changed, but I also imagine your experiences will be different based on the regions of the country and the specific bank contacts.

 

[rxg16]

I can't speak on what other people have gone through, but I am very grateful for SunTrust's physician mortgage. I finished up my fellowship and was ready to buy a house, and I was able to get a loan for close to $600K with 5% down, 5.875 rate, 1 point, on a 30 year fixed, with no prepayment penalties. This was back in July 09.

It's true, I did have to submit a great deal of documentation, and there were some anxious moments in the underwriting process, but when you consider how much of a loan I was getting with little down then I don't think it was that bad.

My loan officer was Todd Martin; you can google him. If it wasn't for SunTrust I'd probably still be renting right now, trying to save enough for a down payment, and having to pay out the @$$ in taxes next April for making a 6-figure income without owning a property.

PM me if you need more info.