BB&T Corporation (NYSE: BBT) is one of the biggest financial services holding companies in the United States and a provider of mortgage products and services. BB&T was founded in 1872 by Alpheus Branch and Thomas Jefferson Hadley. The two men established a banking institution to provide services to communities in eastern North Carolina, which had been decimated by the Civil War. Over the next century, the company grew its asset base and merged with other regional banks in the southern United States. The following is an overview of the company, its mortgage offerings and rates and customer reviews of its products and services.

Who They Are

As of April 2016, BB&T, which has headquarters in Winston-Salem, North Carolina, operates 2,137 financial centers in 15 states and Washington, D.C. It offers personal and business banking services, including securities brokerage, asset management, mortgage and insurance products. As of Dec. 31, 2015, BB&T had $209.9 billion in total assets and $182.6 billion in total liabilities. As of April 29, 2016, the company had a market cap of $29.21 billion.

Mortgages Products Offered

BB&T offers fixed-rate mortgages, adjustable-rate mortgages (ARMs), construction-to-permanent loans, Veterans Administration loans, low down payment mortgages and home equity loans. Fixed-rate mortgages are ideal for consumers who want predictable monthly payments. These loans offer a fixed interest rate throughout the life of the loan. Customers who believe that interest rates will decline in the future may prefer ARMs. These loans begin with a fixed rate for a set period of time, and then adjust annually according to market rates. Construction-to-permanent loans are designed for borrowers who are building their own homes or renovating existing homes. These loans cover the cost of financing land and construction.

Veterans Administration loans are for qualified borrowers who are military veterans, active duty, reserves or National Guard personnel. Borrowers with limited credit or income can purchase homes using low down payment mortgages. These mortgages allow borrowers to finance a larger percentage of the purchase price than a conventional mortgage. Borrowers who need cash to finance home improvements or other large projects can use home equity loans to borrow against the equity in their homes. BB&T offers fixed-rate, fixed-payment loans that are secured by the borrower's equity in a property.

Mortgage Rates

BB&T publishes rate information for four types of conventional loans: 30-year fixed, 15-year fixed, 30-year refinance and 15-year refinance. As of April 29, 2016, the 30-year fixed-rate loan had a rate of 3.625% and an APR of 3.706%. These rates are based on a $705 origination fee and 0.375 discount points. The 15-year fixed-rate loan has a rate of 2.875% and an APR of 3.019%. These rates assume a $705 origination fee and zero discount points. The 30-year refinance loan has a rate of 3.75% and an APR of 3.832% and is based on a $705 origination fee and 0.125 discount points. The 15-year refinance loan has a rate of 3% and an APR of 3.144%. The rates for this loan assume a $705 origination fee and zero discount points. All of these loans assume the loan amount is $200,000 and the applicant has a credit score over 720. In addition, these rates are based on the borrower purchasing a primary single-family home with a 20% down payment or 20% equity in the property.

What Consumers Are Saying

BB&T has mostly poor reviews on The bank has 448 reviews on the site, and 154 of those reviewers include a rating with their review. Of the 154 ratings, 149 reviewers give the bank one star out of a possible five. Four reviewers give the bank two stars, and one reviewer gives BB&T three stars. The bank had no four- or five-star ratings as of April 29, 2016. The company has similarly poor reviews on Out of 274 reviews, the bank has 203 one-star reviews, 22 two-star reviews, nine three-star reviews, seven four-star reviews and 33 five-star reviews.

Ditech Mortgage Overview (WAC)

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