SunTrust will no longer do business with mortgage brokers

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SunTrust Banks Inc. will no longer accept business from mortgage brokers, Mortgage Daily reports, a move that’s likely to cut its residential mortgage originations by more than 10 percent.

This month, SunTrust also announced it would pay more than $1 billion to settle federal allegations that it violated mortgage lending regulations, and that it was eliminating 800 jobs nationwide. Source: mortgagedaily.com