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SunTrust Banks (STI) in Atlanta has committed $5 billion to funding commercial mortgages originated by MetLife (MET).
August 5 -
Executives at SunTrust hope higher interest rates eventually translate into more new mortgages and wider margins, but the hit to its refinancing business is forcing cost cuts and balance sheet adjustments now.
July 19
The American Bankers Association has endorsed the mortgage unit of SunTrust Banks (STI) as an outlet for banks to sell mortgage loans.
SunTrust Mortgages will offer ABA members special terms on mortgage products as part of the alliance, the ABA announced in a Tuesday
"SunTrust's exceptional mortgage program allows smaller banks to continue to offer a robust mortgage lending program by providing portfolio liquidity," William Kroll, executive vice president for the ABA's Corporation for American Banking, said in the release. "The solutions endorsed by ABA, like SunTrust Mortgage, are intended to help our members increase revenue and profit and ultimately succeed."
Separately, the ABA also announced Tuesday that the Corporation for American Banking has been merged with its other for-profit subsidiary, Business Solutions.
The units review and endorse banking products on behalf of ABA members. The ABA said in a news release that merging them under the Corporation for American Banking name will provide its members with easier access to products and services it endorses.
