(Applicable to Wholesale channel)
On August 08, 2019, VA released circular 26-19-22 clarifying the guidance on Months to recoup, Net Tangible Benefit, Appraisal & LTV requirement (when discount points are charged), Loan Seasoning and VA comparison statement applicable on VA IRRRL loans. Sun West has updated its government product guidelines for VA IRRRL loans. Given below is the summary of the clarification / update included by Sun West in its policy and must be adhered with immediate effect.
|Months to recoup||
|Net Tangible Benefit||
|Loan Comparison Disclosure and Veteran Certification||
6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884
This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.