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 statement. “Sun West recognized that consumers and realtors were being underserved due to the financial market correction. We made a commitment to use our 30 years of experience and knowledge to write loans that consumers actually need and can afford.”
The company, which is a full service FHA, VA, Freddie Mac, Fannie Mae, Ginnie Mae, and reverse mortgage banker, hired Joseph Sullivan (formerly of Sullivan Financial Services and Somerset Hills Bancorp) as its east coast regional vice president.
“Our eastern operation has enjoyed unparalleled success and has quickly acquired many top notch mortgage professionals,” said Sullivan.
The new branch currently has 15 employees with another 14 sales associates in the process of training. Sun West’s employees go through a comprehensive training program that enables them to originate both forward and reverse loans, a spokesman from the company told RMD.
While a majority of these originators will be working out of the New Jersey office, there are also satellite offices opening simultaneously in New Hampshire, Vermont, and Connecticut.
Earlier this year, Sun West launched a retail division in addition to its wholesale line and announced its plans for gradual expansion.
Sun West’s endorsement volume has increased from 40 endorsements in 2010 to 242 through September, earning the company a top-25 ranking in terms of volume, according to data from Reverse Market Insight.
Written by Alyssa Gerace