Sun West Mortgage Company today announced that it has crossed the $2 Billion mark in HECM Mortgage Backed Securities (HMBS). Acting as a participation agent or an issuer, the Cerritos, CA based reverse mortgage lender fulfills a strategic role in supporting liquidity in today’s troubled credit markets.

The US Department of Housing and Urban Development announced its Mortgagee Review Board (MRB) is imposing civil money penalties against two FHA approved lenders in  Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards. In addition, the MRB reached tentative settlements with four other lenders and issued two Letters of [...]

Sun West Mortgage Company sent out a notice to its reverse mortgage brokers that HECM loans with FHA case numbers dated on or after 10/1/09 will no longer receive pricing adjustments for properties located in a range of states which you can see below: Type Old Pricing New Pricing Properties located in GA, FL, AL, [...]

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, [...]