Truist is a major regional bank formed by merging BB&T and SunTrust

Truist Financial Corporation is a bank holding company that operates across the southeastern and mid-Atlantic United States. It was created in 2019 when BB&T Corporation and SunTrust Banks merged. Today, Truist operates thousands of branches and serves millions of customers through retail banking, commercial lending, and wealth management.

For housing purposes, Truist matters because it is both a mortgage lender and a servicer of home loans. That means Truist may originate your mortgage (lend you the money to buy a home), or it may service your existing mortgage (collect your payments, manage escrow, handle property taxes and insurance). Some borrowers deal with Truist from the start; others find Truist servicing their loan after their original lender sold it.

Key Takeaways

  • Truist is a regional bank formed in 2019 from the merger of BB&T and SunTrust, operating primarily in the Southeast and Mid-Atlantic.
  • Truist both originates mortgages (lends money for home purchase) and services mortgages (collects payments and manages escrow for existing loans).
  • If you have a Truist mortgage or loan servicer account, you can contact them directly about payment options, forbearance, or loan modification during hardship.
  • Truist's mortgage servicing practices and customer service policies are regulated by federal banking agencies and consumer protection laws.

Truist as a mortgage lender

Truist originates mortgages for home purchases and refinances through its retail banking division. If you are shopping for a mortgage, Truist is one option among many lenders in your area. Like other banks, Truist sets its own interest rates, down payment requirements, and credit score minimums, which change based on market conditions and your financial profile.

Truist also offers home equity lines of credit (HELOCs) and home equity loans to existing homeowners. These products let you borrow against the equity you have built in your home. The terms and rates vary depending on your credit, income, and the current market.

Truist as a mortgage servicer

Many borrowers encounter Truist not because they originally borrowed from Truist, but because Truist now services their loan. Mortgage servicing means Truist collects your monthly payment, manages your escrow account (the account that holds money for property taxes and homeowners insurance), and handles administrative tasks. When you make a payment on a Truist-serviced loan, you are sending money to Truist even if another company originally lent it to you.

Loan servicing can change hands multiple times over the life of a mortgage. Your original lender may have sold your loan to an investor, and a servicer was hired to manage it. If Truist now services your loan, you will receive statements from Truist and contact Truist with payment questions or requests for loan modifications.

What to do if you have a Truist mortgage or serviced loan

If you are behind on payments or facing hardship, contact Truist's loss mitigation department directly. Truist is required by federal law to offer options such as forbearance (a temporary pause or reduction in payments), loan modification (a change to the terms of your loan), or a repayment plan. The specific options available depend on your situation and the type of loan you have.

You can reach Truist's customer service through their website, by phone, or by visiting a branch. Have your loan number and recent statement ready. If you are in active hardship, ask specifically about loss mitigation or workout options — these are the formal programs that handle payment relief.

If you are facing eviction or foreclosure, you may also be may be able to access for emergency rental or mortgage assistance through your state or local government. These programs are separate from Truist and are funded by public money, not by the bank. A local housing authority or 211 referral can tell you whether funds are available in your area.

How Truist is regulated

Truist is a bank holding company regulated by the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC). These agencies set rules about how Truist handles customer deposits, manages risk, and treats borrowers. Truist's mortgage servicing practices are also subject to rules from the Consumer Financial Protection Bureau (CFPB).

If you believe Truist has violated consumer protection laws or treated you unfairly, you can file a complaint with the CFPB through their website. You can also file a complaint with your state's attorney general or banking regulator. These complaints are tracked and can lead to investigations or enforcement action.

Truist and housing assistance programs

Truist itself does not run housing assistance programs. However, if you have a Truist mortgage and you are behind on payments, you may be may be able to access for emergency mortgage assistance through your state or local government. These programs are separate from Truist and use public funds to help homeowners avoid foreclosure.

Similarly, if you rent and cannot pay rent, emergency rental assistance programs may help you — but these are run by local housing authorities or nonprofits, not by Truist. The fact that Truist services your mortgage does not affect your ability to seek public assistance.

Frequently Asked Questions

How do I know if Truist services my mortgage?

Check your monthly mortgage statement. The servicer's name and contact information appear on the front or back of the statement. You can also log into your online account or call the number on your statement to confirm who services your loan.

Can I switch from Truist to a different servicer?

You cannot choose your servicer directly. Your servicer is determined by whoever owns your loan and which company they hire to manage it. You can refinance your mortgage with a different lender, which may result in a different servicer, but refinancing involves a new application and closing costs.

What if I cannot pay my Truist mortgage?

Contact Truist's loss mitigation team immediately. They can discuss forbearance, modification, or repayment plans. You should also check whether emergency mortgage assistance is available through your state or local housing authority, which may pay arrears directly to Truist on your behalf.

Is Truist a government agency?

No. Truist is a private bank regulated by federal agencies, but it is not part of the government. Government housing assistance programs are separate from Truist and are administered by local housing authorities, nonprofits, or state agencies.

Can I get a mortgage from Truist if I have bad credit?

Truist sets its own lending standards. Credit score requirements vary by loan type and market conditions. Contact a Truist loan officer to discuss your situation. You may also explore Federal Housing Administration (FHA) loans or other programs designed for borrowers with lower credit scores, which may be offered by Truist or other lenders.