Today a friend from California sent me an email with questions about his mother getting a reverse mortgage and attached was a printout from Sun West showing a comparison of the different products.  Looked normal, a LIBOR and CMT based HECM along with the HECM fixed.
I was about to respond to the email saying […]

Looking to close a HECM for purchase deal?  Well, if you have a minimum net worth of $10 million, Sun West Mortgage Company might let you close it with them.  See the email they sent to brokers/correspondents below:

During a time when credit markets are hurting, Ginnie Mae continues to provide liquidity to reverse mortgage lenders.  Last month Cerritos, California based Sun West Mortgage completed an issuance of $120 million in HECM Mortgage Backed Securities (HMBS).  The three HMBS pools comprised of Libor HECM, CMT HECM and Fixed-Rate HECM reverse mortgage products, respectively, […]

The Massachusetts Division of Banks announced yesterday that it issued four cease and desist orders against licensed mortgage lenders and brokers.  Each case involved was in violation of the Commonwealth of Massachusetts reverse mortgage statute which requires lenders to receive approval before it originates reverse mortgages.  More information on Massachusetts reverse mortgage statute here.
According to […]

While secondary market conditions continue to look worse, reverse mortgage lenders are still taking advantage of Ginnie Mae’s new HECM MBS program to provide liquidity.  In July, Sun West Mortgage Company (SWMC) completed $150 million in issuances of Ginnie Mae HMBS Reverse Mortgage securities where it acted as a Master Servicer for the transaction.
"We […]

Sun West Mortgage Company recently released their Apply Online feature that ties into their reverse mortgage calculator and is being offered to all of their business partners.
SWMC will give business partners a custom URL that is branded with their company name and logo to allow their prospects to see basic reverse mortgage calculations and […]