Welcome to the BB&T resource center for Settlement Service Providers, where you'll find up-to-date information on our vendor management requirements.
We're looking forward to strengthening our relationship with you as we work together to provide the best service to consumers.
BB&T key requirements
Here are the steps you'll need to take before providing settlement services to BB&T clients:
Step 1: Register with Service Provider Compliance and submit IRS Form W-9
Registration: BB&T uses a web based system called Service Provider Compliance (SPC)(opens in a new tab), created by one of our vendor partners to facilitate our Due Diligence process. The SPC tool is used by the BB&T Mortgage Lending Vendor Management (MLVM) team to perform initial and ongoing due diligence activities for all settlement service providers. SPC is not a third party vetting service. All verification and evaluation is performed by BB&T associates from within the tool. SPC is made available for service providers to use at no cost.
You will receive an invitation to register with SPC via email from the MLVM team, a Mortgage Loan Officer or a member of our Sales Support Team. Alternatively, you can self-register with SPC and connect to BB&T using the lender code A7D588B2.
IRS Form W-9: For reporting purposes, BB&T is required to maintain current W-9 information for all service providers. Providing a W-9 is a prerequisite to performing settlement services for BB&T Home Mortgage clients and must be completed before a title order can be issued. Please submit a fully completed IRS Form W-9 through the Service Provider Compliance system.
Completion of Step 1 is required before a Title Order can be placed.
Step 2: Complete Due Diligence Requirements
BB&T requires the completion of our Service Provider Agreement for all settlement providers to satisfy regulatory requirements and to meet investor guidelines. Please complete the agreement and provide all supporting documentation via the SPC system:
- Certificate of Insurance
- State License/Bar Membership
- Any relevant additional documentation
This is a requirement to remain active as a BB&T-approved settlement services provider beyond the initial onboarding period.
Completion of Step 2 is required within 30 days of invitation to register.
Settlement Agent fees
There are no fees associated with the Service Provider Compliance tool for settlement providers.
Do you have questions?
- For policy questions about BB&T Settlement Agent Vendor Management, please email MLVM-SA@BBandT.com
- For loan-specific questions before the Closing Order, please contact your BB&T Mortgage Loan Officer (MLO)
- For loan-specific questions after the Closing Order, please contact your BB&T Closer
- For a post-consummation event, please email Post-Closing at MLPCLoanReview@BBandT.com to request that a loan be reopened, and provide a brief explanation
- For assistance with technology support from Service Provider Compliance, please call 800-295-0135 or email SPChelpdesk@FundingShield.com
Frequently asked questions
We have gathered frequently asked questions by Settlement Providers to help provide clarity around the use of Service Provider Compliance and the overall loan closing process.
Service Provider Compliance
What is Service Provider Compliance?
Service Provider Compliance is a web-based system used by many lenders to coordinate due diligence and vetting activities for their connected settlement service providers. This free service allows providers to securely share common due diligence documentation with participating lenders without needing to resupply duplicate information to each. It also allows providers to see their compliance status with each connected lender and understand which items are missing or in need of remediation.
Why do I have to use Service Provider Compliance?
BB&T partners with Service Provider Compliance (SPC) to gather information and documentation required to complete our initial and ongoing due diligence process. SPC will help facilitate this process without you or BB&T needing to exchange information via secure email. Participation is voluntary; however, providers cannot be included as a BB&T-approved settlement services provider beyond the initial onboarding period without completing our due diligence process via the SPC system.
Process & operations
CD Data Approve/Finalize: How do I confirm that the buyer/loan is ready to close?
Settlement Agents will receive the dated Closing Package as notification that the Closing Disclosure has been sent to the borrower and that the loan is ready to close on the date indicated on the Closing Documents.
CD Data Approve/Finalize: How do Settlement Agents deliver the final Seller Closing Disclosure back to BB&T?
As stated in BB&T's closing instructions documents, Settlement Agents will mail in the final Seller Closing Disclosure. Review the information below.
The package must be returned by certified mail, express mail or any other carrier of your choice that can be traceable in case of loss.
Loan payoff checks should not be included with the package.
The Original Closed Package must be received by Mortgage Loan Post Closing no later than one business day following the closing date or disbursement date, whichever is later. Send by express mail to:
BB&T ML Post Closing
111 Millport Circle
Greenville, SC 29607
CD Data Entry/Update: Will the changes in fees postpone the closing date?
BB&T will determine if a new 3-business-day waiting period is required if the Closing Disclosure form is revised. The following 3 changes will require an additional 3-business-day waiting period:
- An APR change out of tolerance
- A Loan Product change
- The addition of a prepayment penalty
This will be communicated to the Settlement Agent and BB&T will deliver a new closing package with the new closing date.
Escalation: What if Settlement Agents need to move the closing date?
Settlement Agents have the ability to update the closing date. BB&T asks that agents notify their BB&T closer as soon it has been identified the closing date has to change. Once the changed closing date is confirmed, BB&T will deliver a new closing package with the new closing date.
Is BB&T able to share the Closing Disclosure (CD) with the real estate agent prior to closing?
No. Given regulatory and operational risks, BB&T cannot share the CD with the real estate agent prior to closing. If a real estate agent would like to see a copy of the CD, then the best course of action would be for the real estate agent to request a copy from the borrower. The borrower will receive the CD at least 3 business days in advance of closing, giving the borrower time to share with the real estate agent if they see fit.
Notifications/Communication: At what time can the closer or Settlement Agents request information/updates from each other?
BB&T closers and Settlement Agents can communicate with each other prior to the loan being cleared to close but all communication to complete the closing disclosure will take place before the loan has been cleared to close. Once an order has been completed and closed, Settlement Agents may request the order be reopened and communicate any messages back to BB&T, if needed.
How do Settlement Agents register for Service Provider Compliance?
Settlement Agent registration is available at www.SPCompliance.com(opens in a new tab). Once registered (or if previously registered), select Connections > Connect To Lender, and enter BB&T’s lender code: A7D588B2.
Loans, lines of credit and credit cards are subject to credit approval.
All BB&T mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.
Branch Banking and Trust Company is a Member FDIC and an Equal Housing Lender.