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WEST VIRGINIA HURRICANE SANDY: DISASTER AREA UPDATE

Dear Valued Partner,

In response to West 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 WV Disaster Areas:  Barbour County, Boone County, Braxton County, Clay County, Fayette County, Kanawha County, Lewis County, Nicholas County, Pendleton County, Pocahontas County, Preston County, Raleigh County, Randolph County, Taylor County, Tucker County, Upshur County, Webster County and Wyoming 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

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