Lender Alerts

FEMA Disaster Area Update

Dear Licensed Partner,

New counties in Kentucky have been declared by FEMA as Major Disaster Areas.

Incident Period Date: April 2, 2015 to April 17, 2015

Designated KY Disaster Areas: Bath County, Bourbon County, Carter County, Elliott County, Franklin County, Jefferson County, Lawrence County, Madison County, Rowan County and Scott County.

To view a complete list of FEMA disaster alerts in XLS format, click here: Annexure-I. 

To view FEMA's recent update on Kentucky, click here: FEMA. 

Sun West Disaster Area Policy

For loans submitted with an appraisal dated on or before the incident period end date or for those submitted without an appraisal, Sun West will require an interior and exterior inspection prior-to-funding or purchase of any loans with subject properties that are determined to be at risk. The inspection must verify that the property is sound, habitable and in the same condition as when it was appraised.

Our partners can access Sun West Seller Guide under HELP section in sunsoft. Please refer to Sun West Forward Mortgage Seller Guide (Section 404.07) and Sun West Reverse Mortgage Seller Guide (Section 3.23) for more details.

Notes:

• Only licensed and state certified appraisers may be used to complete the inspections.
  
• If there is any damage to the property, the repairs must be completed prior to Sun West closing/purchasing the loan.
  
• For VA IRRRLs, VA does not permit the Veteran to be charged for the Appraisal Fee. 

A list of recent disasters declared by FEMA where the above guidelines apply are provided in Annexure-I.

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