Jake Miller
BB&T Bank has merged with SunTrust Bank to form Truist, a commercial bank based in Charlotte, North Carolina, with over 15 million clients in the US. Truist offers a range of mortgage products, including conventional loans and government-backed loans, but it is unclear whether they offer reverse mortgages. The bank has received mixed reviews, with some customers reporting issues with customer service and others praising a streamlined mortgage process.
| Characteristics | Values |
|---|---|
| BB&T Bank's Reviews | Poor reviews online. Not rated on Trustpilot and not accredited by the Better Business Bureau (BBB). Average of 1.06 out of 5 stars from 256 customer reviews as of April 2021. |
| Merger | BB&T has merged with SunTrust Bank to form Truist, which may expand its offerings in the future. |
| Customer Service | Poor customer service, with issues arising from the merger. |
| Online Access | No online portal provided for first-time homebuyers. |
| Types of Mortgages | Conventional loans, low-down-payment options, large-dollar-amount jumbo loans, FHA mortgages, HomeNow, and CHIP options. |
| Interest Rates | Interest rate range of 7.05% to 11.50% APR as of May 2025. |
| Credit Score Requirements | A credit score above 720 is suggested for the lowest rates. |
| BBB Accreditation | The Better Business Bureau (BBB) accredited Truist with an A+ rating. |
| J.D. Power 2021 U.S. Primary Mortgage Origination Satisfaction Study Score | Truist scored 825 out of 1,000, slightly below the industry average of 851. |
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What You'll Learn
BB&T has merged with SunTrust Bank to form Truist
BB&T Bank has merged with SunTrust Bank to form Truist Financial Corporation, which is now the sixth-largest U.S. commercial bank. The merger was first announced on February 7, 2019, and was finalised on December 6, 2019.
The new company, Truist, is committed to building a better future for its clients, teammates, and communities. With 275 years of combined history, Truist is one of the largest financial services holding companies in the nation. It offers a wide range of services, including retail, small business, and commercial banking, as well as asset management, capital markets, and insurance. Truist serves approximately 10 million households and has a strong presence in many high-growth markets across the country.
The merger has brought about some changes, such as the ability for clients to use both BB&T and SunTrust ATMs without incurring out-of-network fees. Additionally, there will be no changes to account numbers or routing numbers for most clients, meaning they won't need to order new checks or change direct deposits.
While the transition to the full Truist experience is ongoing, clients will continue to be served through their respective BB&T or SunTrust branches, websites, and mobile apps. The full integration of the two companies is expected to be completed by 2022.
Unfortunately, I could not find specific information on whether Truist offers reverse mortgages. However, they do offer a wide range of mortgage services, so it is possible that they may offer reverse mortgages as well. You may want to contact Truist directly to inquire about their specific mortgage offerings.
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Truist offers conventional loans and large-dollar-amount jumbo loans
BB&T Bank has merged with SunTrust Bank to form Truist, which offers mortgages aimed at making home-buying more accessible. While BB&T Bank does not offer reverse mortgages, Truist offers conventional loans and large-dollar-amount jumbo loans.
In 2021, BB&T Bank had poor reviews online. The bank had no rating with Trustpilot and wasn't accredited by the Better Business Bureau (BBB). However, it had an A+ rating with the BBB for responding to over 1,100 complaints in the previous three years, mostly regarding poor customer service and high fees. Positive reviews praised a streamlined mortgage process and a user-friendly website. BB&T offered loans with lower down payments that could be funded through gifts, making it a good option for first-time borrowers.
Truist offers a range of home loan options, including fixed and adjustable-rate mortgages, FHA loans, VA loans, and jumbo loans. They also provide specialty loans such as doctor loans, construction loans, and USDA loans. The bank has a NerdWallet home loans rating of 4.5 stars overall. However, customer satisfaction ratings are low, and contacting the bank by phone can be overwhelming due to multiple phone numbers.
Truist provides a digital application process and a mortgage calculator to help determine monthly payments based on home price, down payment, mortgage type, and other factors. They also offer pre-approval for mortgages, allowing potential homebuyers to demonstrate their readiness to make a purchase. While Truist does not provide online access or monthly statements to first-time homebuyers, they emphasise the availability of real people to provide assistance when needed.
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BB&T offers loans with lower down payments
BB&T Bank has merged with SunTrust Bank to form Truist Bank, which offers mortgages in every state in the US except Alaska, Arizona and Hawaii.
The bank has received poor reviews online, with an average of 1.06 out of 5 stars from 256 customer reviews as of April 2021. However, it has an A+ rating with the Better Business Bureau, primarily for its response to over 1,100 complaints in the last three years, which centred around poor customer service and high fees. Positive reviews mention a streamlined mortgage process and an easy-to-navigate website.
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Truist has an A+ rating from the Better Business Bureau
BB&T Bank merged with SunTrust Bank to form Truist in 2019. Truist is a large national bank based in Charlotte, North Carolina, with branches concentrated in the southeast and mid-Atlantic regions.
Truist has a NerdWallet home loans rating of 4.5 stars overall. According to the J.D. Power 2021 US Primary Mortgage Origination Satisfaction Study, Truist scored 825 out of 1,000, which is slightly below the industry average. Truist's customers have reported a streamlined mortgage process and a website that is easy to navigate. However, Truist's merger with SunTrust has resulted in scattered reports of disappointing customer service levels.
Truist offers a range of mortgage options, including conventional loans and large-dollar-amount jumbo loans. It also provides FHA mortgages, HomeNow, and CHIP options, which allow gift funds to be used for down payments. However, Truist does not publish as many details about its HELOCs as some other banks, and they are not available in most states.
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BB&T does not provide online access or statements to first-time buyers
BB&T Bank has merged with SunTrust Bank to form Truist Bank. This merger may expand the bank's offerings in the future. While Truist Bank does offer mortgages, it does not provide online access or statements to first-time buyers. This policy can be disappointing for those who wish to review their statements each month to verify prepayments, monthly payments, and actual amounts paid out for property tax and insurance.
First-time buyers with Truist are given a "coupon booklet" that states the same monthly amount that their bank shows. While online payments through one's bank are possible, this lack of access to an online portal can make it challenging to access specific information about one's mortgage. For example, a Reddit user expressed frustration at not being able to determine how much of their first year's payments went to interest.
Truist Bank does provide online access and statements for most mortgages. However, it is their policy to exclude first-time homebuyers from this service. It is unclear why the bank has implemented this policy.
Despite this limitation, Truist Bank has received positive reviews for its mortgage services. It has an overall rating of 4.5 stars from NerdWallet and an A+ rating from the Better Business Bureau (BBB). Truist's mortgage process is described as streamlined, and its website is user-friendly. The bank offers a variety of mortgage loans, including FHA mortgages, HomeNow, and CHIP options, which can be advantageous for new homeowners and borrowers with limited funds for a down payment.
In summary, while Truist Bank does not provide online access or statements to first-time buyers, it offers a range of mortgage options and has received generally positive reviews for its mortgage services.
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Frequently asked questions
No, BB&T Bank does not offer reverse mortgages. The bank has merged with SunTrust Bank to form Truist, which offers conventional loans and large-dollar-amount jumbo loans.
BB&T Bank offers a variety of mortgage loans, including home loans, refinance options, and home equity loans. They also provide loans with lower down payments for borrowers with low income and credit scores.
To obtain a loan from BB&T Bank, individuals must complete a full credit check and provide information about their assets, income, and debt. The bank also offers an online pre-approval process and in-person applications at their branches.
BB&T Bank has received mixed reviews for its customer service. While some customers report a streamlined mortgage process and an easy-to-navigate website, others have complained about poor customer service, high fees, and issues with online access to statements. The bank has an A+ rating from the Better Business Bureau (BBB) for its response to customer complaints.
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