(Applicable to Wholesale and Correspondent channel)
Fannie Mae and Freddie Mac announced an increase in the conforming and high balance loan limits in accordance with the Federal Housing Finance Agency (FHFA) announcement.
Effective immediately, Sun West Mortgage Company, Inc. ("Sun West") will accept lock requests per the 2020 Conventional loan limits published by Fannie Mae and Freddie Mac.
Automated Underwriting System (AUS) requirements for Loans at the 2020 limits:
|Loan Product Advisor (LPA) Feedback Certificate||Prior to December 4, 2019||“Accept/Ineligible” if the ineligible recommendation is solely due to the loan amount exceeding the 2019 limit and the loan amount meets the applicable 2020 limit.|
|On and after December 4, 2019||“Accept/Eligible”|
|Desktop Underwriter (DU) Underwriting Findings Report||Prior to December 7, 2019||“Approve/Ineligible” if the ineligible recommendation is solely due to the loan amount exceeding the 2019 limit and the loan amount meets the applicable 2020 limit.|
|On and after December 7, 2019||“Approve/Eligible”|
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.