Lender Alerts

VIRGINIA HURRICANE SANDY: DISASTER AREA UPDATE

Dear Valued Partner,

In response to Virginia Hurricane Sandy, Sun West Disaster Area Policy, as outlined in the Sun West Seller Guide, is in effect on subject properties that are located in affected areas.

Our partners can access Sun West Seller Guide under HELP section in SunSoft.

Designated VA Disaster Areas: Accomack County, Arlington County, Clarke County, Craig County, Culpeper County, Essex County, Fairfax County, Falls Church, Fauquier County, Frederick County, Greene County, Highland County, King and Queen County, Lancaster County, Loudoun County, Madison County, Manassas Park, Mathews County, Middlesex County, Nelson County, Northampton County, Northumberland County, Prince William County, Rappahannock County, Shenandoah County, Surry County, Warren County and Westmoreland County.

Designated areas are based on information available from FEMA, State, or other resources.

SWMC Disaster Area Policy

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.

Please refer to Sun West Forward Mortgage Seller Guide (Section 404.07) and Sun West Reverse Mortgage Seller Guide (Section 4.23) 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 SWMC 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.

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