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Clarification on Reverse Mortgage Application Requirements
in the State of California

 

Dear Licensed Partner,

As previously announced by Sun West Mortgage Company, Inc. in a lender alert released on December 31, 2014, the State of California made amendments to certain California Civil Code sections applicable to Reverse Mortgages originated for properties located in California and for applications taken on or after January 1, 2015.

This update provides clarification on how the 7-day waiting period for reverse mortgage applications should be implemented.  A lender shall NOT accept a final and complete reverse mortgage application and assess any fees until 7 calendar days from the date of loan counseling. In other words, while an initial application may be taken within 7 days of the counseling completion date, the closing may not happen until 7 calendar days after the counseling has been completed.


If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.

Sincerely,

Sun West Mortgage Company, Inc.
18000 Studebaker Road, Suite 200
Cerritos, CA 90703
Phone: (800) 453-7884
SW-1: Our New No Overlays Program

 

Equal Housing Opportunity This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.