Sun West Mortgage Company, based in Cerritos, Calif., has expanded its national presence with the opening of its eastern divisional headquarters in Morris County, N.J., which will include a reverse mortgage division and objective. “Our expansion comes at an exciting time within mortgage banking,” said Pavan Agarwal, chief executive officer of Sun West, in a [...]

Wholesale reverse mortgage veteran Sun West Mortgage Company is in the process of launching a retail division, according to company executives. The family-owned Cerritos-based reverse mortgage company has hired Robin Bergh, formerly of Wells Fargo, to head up the new channel. Bergh, who has been in the reverse mortgage business for 15 years, has begun to [...]

Wholesale HECM endorsements fell slightly in March, with third-party originations by non-FHA originators gaining steam, according to a recent report from Reverse Market Insight. While wholesale saw a 0.7% drop, retail endorsements gained 10.8% during the month. RMI has tracked the declining number of originators in the industry for some time, but the TPO originations by [...]

Sun West announced its reverse mortgage origination platform is compatible with new Ginnie Mae servicing requirements. Earlier this month, Ginnie Mae eliminated the flat-fee option for servicing HECM mortgage-backed securities (HMBS) program and provided issuers more flexibility starting July 1st, 2011. Under the new guidelines, issuers can select an increased servicing margin of up to 150 [...]

Late last week, a stay was granted by the US Court of Appeals on the Federal Reserve’s loan officer compensation rule. The purpose of the administrative stay is to provide the court sufficient opportunity to consider the merits of the motions for emergency relief.  Whether or not the stay will end up doing anything more [...]

The Department of Housing and Urban Development’s decision to eliminate correspondents has the potential to open up the reverse mortgage industry to a new group of brokers, but not everyone is welcoming them with open arms. “We are not trying to bring a lot of new players into the market,” said John Nixon of Bank [...]