SunWest Technology Compatible With New GNMA Servicing Requirements

NewImageSun 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 basis points.

Using ReverseSoft, issuers have the ability to track, account, and report to Ginnie Mae and end investors’ varying servicing fees on reparticipations of a single loan said SunWest. Due to changing market conditions, the reparticipation may need to be issued at a different servicing margin than that at which the loans were initially securitized.

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“We are excited about the unique value we bring to our partners through ReverseSoft,” said Pavan Agarwal, CEO of Sun West Mortgage Company. “The ability to use technology to leverage earnings has been the cornerstone of our philosophy, and we invite partners to capitalize on our investments.”

Sun West is currently licensed in more than 47 states, is an FHA, VA, USDA, Freddie Mac, Fannie Mae and Ginnie Mae approved full-service mortgage banker.

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