Last week Sun West Mortgage announced that they recently completed a $175 million in issuance of Ginnie Mae HMBS Reverse Mortgage securities working with a third-party issuer and servicer. The transaction was managed by Sun West and executed through ReverseSoft.
ReverseSoft is designed by XLDynamics and is Sun West’s proprietary reverse mortgage system that they offer to business partners. The system interfaces with third-party issuer/servicer software and auto-organizes loan information for easy delivery to the issuer’s document custodian. The software also works seamlessly through GinnieNet to transmit the data directly to Ginnie Mae.
"Our systems and procedures eliminate the need for an in-house expert when issuing Ginnie Mae HMBS pools," said Pavan Agarwal, vice president, Sun West Mortgage. "Sun West works with major investment banks who market these HMBS securities. This fulfills a key demand for quality security instruments in the secondary market."
Sun West is looking to offer originators who are looking for GNMA HMBS takeout but don’t have the necessary systems to support HMBS and want to retain their servicing.