Sun West Mortgage Company Inc. (SWMC) achieved another milestone as it successfully completed the securitization of Hope for Homeowners (H4H) mortgage bonds.
Federal Home Administration (FHA) introduced the H4H program as a result of the Housing and Economy Recovery Act of 2008. The objective of this product was to help distressed homeowners refinance their mortgages into safer and sustainable FHA-insured mortgages by writing down the principal of the loan amount to an affordable level.
Pavan Agarwal, executive vice president, Sun West Mortgage Company, said, "Since the announcement of the product in October 2008, SWMC has invested heavily in building its infrastructure to support the product. The combination of a secure GNMA vehicle and the FHA's mortgage insurance provides Americans with a chance to retain their homes. The lack of liquidity in the secondary market for this product has been a major impediment to its expansion. Sun West is proud to be a liquidity provider for this product."
The CUSIP IDs of the most recent bond issues were 36202FC38 and 36202FC20.
About Sun West Mortgage Company Inc.
Sun West Mortgage Company Inc., currently licensed in over 40 states, is an FHA, VA, USDA, Freddie Mac, Fannie Mae and Ginnie Mae approved full-service mortgage banker. It is an approved Ginnie Mae HMBS Issuer, Servicer and Master Servicer. Sun West has been serving its nationwide client base since 1980. Its diversified loan programs include FHA Reverse Mortgages, FHA Single Family, HUD Multifamily, VA, Conventional and Home Equity mortgages. Sun West is one of the few direct lenders to provide in-house underwriting, funding, and servicing for reverse mortgage products. Based in California and doing business nationally, Sun West is dedicated to offering exceptional customer service coupled with integrity, reliability, strength and stability.
ReverseSoft Online is Sun West's flagship loan origination system for reverse mortgages. Built on 29 years of FHA lending and mortgage technology experience, it combines an intelligent work flow and a high-speed underwriting engine, based on a rich library of rules with the flexibility and scalability to seamlessly integrate with third-party systems.
Learn more about:
Sun West Mortgage Company [NMLS ID 3277] at http://www.swmc.com
ReverseSoft Online at http://www.reversesoftonline.com
Reverse Mortgage Calculator at http://www.SimpleHECMCalculator.com
Phone: (800) 453-7884
Fax: (562) 924-6057