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Hurricane Sandy: Disaster Area Policy


Dear Valued Partner,

In response to Hurricane Sandy, Sun West will be suspending funding / purchases on subject properties that are located in affected areas. Based on information available from FEMA, State, or other resources, areas in Connecticut, Delaware, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, Pennsylvania, New York, Virginia, and Vermont may have been impacted by the hurricane.

Sun West disaster area policy, as outlined in Sun West Seller Guide section 404.07, is in effect. Our partners can access Sun West Seller Guide under HELP section in SunSoft.

Sun West will add a prior-to-funding or purchase condition on loans with subject properties determined to be at risk. A property inspection on such identified loans will be required. The inspection must verify that the property is sound, habitable and in the same condition as when it was appraised and may be in one of the following formats:

• A Final Inspection or Appraisal Update (Form 1004D) of the property signed by the original appraiser.
 
• Property Inspection Report (FNMA Form 2075 or FHLMC Form 2070).

For FHA and VA Streamline Refinances without appraisals, the following requirements apply:
                                               
All Streamline Refinances without appraisals affected by Natural Disaster declarations would need to have a Form 2075/2070 exterior and interior appraisal with pictures but without value.
                                               
The Appraiser must state that the property is free from damage and the disaster had no affect on value or marketability.

Additional requirements may apply to VA loans. Please refer to Sun West Seller Guide for more details.

 
Specific disaster areas have not yet been declared by FEMA. While the disaster is yet to be fully assessed, Sun West will continue to track and assess the impact of the disaster and identify the specific disaster areas in the coming days.

For any queries, please contact your Account Executive at (855) AT-SUNWEST or (855) 287-8693.

Sincerely,

Sun West Mortgage Company, Inc.
18303 Gridley Road
Cerritos, CA 90703
Phone : (800) 453-7884

Equal Housing OpportunityThis information is provided to licensed wholesale brokers 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.

Sun West Mortgage Company, Inc. (NMLS ID 3277) is licensed by the Department of Corporations as a California Finance Lender (License #603 0119) and is licensed by the Department of Real Estate (License #00793885). Refer to www.swmc.com to see where SWMC is a licensed lender. In all states, the principal licensed office of Sun West Mortgage Company, Inc. is 18303 Gridley Road in Cerritos, CA 90703; Phone: (800) 453-7884



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