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BB&T to pay $83 mln to settle mortgage lending charges -Justice Department
September 29, 2016 / 5:51 PM / a year ago

BB&T to pay $83 mln to settle mortgage lending charges -Justice Department

WASHINGTON, Sept 29 (Reuters) - Branch Banking & Trust Company, a unit of BB&T Corp, will pay $83 million to settle charges that it originated and underwrote federally insured mortgages that did not meet federal requirements, the U.S. Justice Department said on Thursday.

The department said BB&T, as a “direct endorsement lender” in the Federal Housing Administration’s mortgage insurance program, failed to comply with FHA origination, underwriting and quality control requirements. (Reporting by Timothy Ahmann; Editing by Eric Walsh)

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