Sun West Mortgage completed issuance of $120 million in HECM Mortgage Backed Securities (HMBS) during the month of September, acting as Issuer to the transactions. The three HMBS pools comprised of Libor HECM, CMT HECM and Fixed-Rate HECM reverse mortgage products, respectively, and marked Sun West's debut as an Issuer to an HMBS transaction.
"The reverse mortgage market is poised for rapid growth in the coming years. Ginnie Mae's HMBS program is a major step in meeting the crucial need for an active secondary market for HECMs," says Pavan Agarwal, executive vice president, Sun West Mortgage. "In addition," he adds, "HMBS addresses the growing need among investors for a safe, government-backed investment in these difficult economic times."
The HMBS pools were made up of reverse mortgages from Sun West's servicing portfolio, a majority of which were funded in-house. Sun West has also completed over $450 million in HMBS issuances as a Master Servicer, issuing pools composed of reverse mortgages closed by third-party lenders.
All of Sun West's HMBS Issuances are completed through ReverseSoft, Sun West's origination system for reverse mortgages. ReverseSoft eliminates much of the complexity involved in issuing HMBS pools by automating the organization and formatting of loan data for submission to Ginnie Mae.
Interested parties may learn more by contacting Sun West Mortgage Company Inc. at (800) 453-7884.
ReverseSoft Online is exclusively available to Sun West's partners at no charge. With this system, they can originate loans, order vendor services and monitor their pipeline on a real-time basis. To become a Sun West partner, mortgage bankers can send an e-mail to firstname.lastname@example.org or call Anthony Toro directly at (626) 676-9609.
About Sun West Mortgage Company Inc.
Sun West Mortgage Company Inc., currently licensed in 46 states, is an FHA, VA, Freddie Mac, Fannie Mae and Ginnie Mae approved full-service mortgage banker. It is an approved Ginnie Mae HMBS Issuer 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 27 years of FHA lending and mortgage technology experience, it combines a high-speed underwriting engine based on a rich library of rules with the flexibility and scalability to integrate it 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
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