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What is a Sun West’s
TRU Approval® program?

TRU Approval® means Thoroughly Reviewed and Underwritten (TRU) Approval with a Conditional Guarantee

Sun West’s TRU Approval® offer has ‘No Loan Contingencies’ meaning that Sun West conditionally approves your eligibility for a mortgage based on a review of your financial information

TRU Approval Work

How TRU Approval® works?

  • You express an interest in Sun West’s TRU Approval® program
  • One of Sun West’s licensed Loan Officers contacts you to discuss your requirement and generates your TRU Approval® application
  • Sun West reviews your credit report and financial information i.e. income and expenses, assets and liabilities etc. and determines your eligibility for a mortgage loan
  • You receive a Sun West TRU Approval® offer
  • When you start shopping for a property with a Sun West TRU Approval® offer in your hands, sellers don't worry about you not getting a loan
  • A TRU Approval® offer is thus a loan approval equal in strength to a cash offer
TRU Approval Work

Avoid the Red Flags

  • Job Switch
  • Large Purchases
  • Missing Payments
  • Changing Bank Accounts
  • Co-Signing a Loan

In order to maintain your TRU ApprovalTM status please comply with the following "DOs and DON'Ts"

  1. Maintain your current employment status, including consistent work hours.
  2. Stay connected with us through our web portal and timely respond to messages we send to you through our web portal, text, or e-mail messages.
  3. Upload onto our web portal recent pay stubs, asset and account statements, and other documents we request.
  1. Do anything that could adversely affect your credit score (such as late payments on bills or debts).
  2. Take on new debt or open new charge accounts.
  3. Move cash from account to account without first notifying us through our web portal.
  4. Open or close bank accounts.
  5. Accept gift funds from family without first discussing it with us through our web portal.

In order to maintain your TRU ApprovalTM status please comply with the following "DOs and DON'Ts"

Do heading
  1. Maintain your current employment status, including consistent work hours.
  2. Stay connected with us through our web portal and timely respond to messages we send to you through our web portal, text, or e-mail messages.
  3. Upload onto our web portal recent pay stubs, asset and account statements, and other documents we request.
Don't heading
  1. Do anything that could adversely affect your credit score (such as late payments on bills or debts).
  2. Take on new debt or open new charge accounts.
  3. Move cash from account to account without first notifying us through our web portal.
  4. Open or close bank accounts.
  5. Accept gift funds from family without first discussing it with us through our web portal.

TERMS AND CONDITIONS

  • A TRU Approval® offer will be null and void in the event of an adverse change in your financial circumstances, including but not limited to:
  • Loss of employment or adverse change in employment
  • Reduction in your qualifying income
  • You incur significant additional debt due to which debt-to-income ratio increases beyond the applicable agency limit
  • Any information or documents you provided in order to obtain a TRU Approval® offer is or becomes untrue or materially inaccurate
  • A change in your marital status affecting your qualifying income and or an increase in your liabilities
  • Death of one or more applicants
  • A TRU Approval® offer is not a Loan Estimate[1] required under the TILA-RESPA Integrated Disclosure (TRID) Rule
  • When you select the property and express your interest to apply for a loan to purchase it, Sun West will provide you with a Loan Estimate to start the formal mortgage loan application
  • After you express your intent to proceed with a loan application, Sun West will determine the eligibility of the property by obtaining and reviewing a Title Report and an Appraisal Report of the property
  • A TRU Approval® offer does not eliminate appraisal conditions, Homeowners Association (“HOA”) or condominium requirements, chain of title issues, undisclosed liens and judgments etc.
  • These and any other underwriting conditions must be satisfactorily resolved
  • The property must meet applicable agency and loan program requirements apart from other underwriting conditions before Sun West will fund the loan
  • Sun West reserves the right to adjust the loan parameters such as the loan amount, interest rate, Annual Percentage Rate (APR), points and fees, amortization type, loan term, and loan product etc., originally disclosed in a TRU Approval® offer, if required, during the processing of a loan application

TRU Approval LIMITATION OF LIABILITY

To the maximum extent permitted by applicable law, in no event shall Sun West’s liability for any claim, including direct, indirect, and consequential, arising out of or in connection with a TRU Approval® offer and/or Sun West’s inability to fund a transaction that had been issued a TRU Approval® (when aggregated with Sun West’s liability for all other claims arising out of or in connection with a TRU Approval® offer) exceed the amount computed as the product of (x) three percent (3.0%) and (y) the maximum qualifying loan amount for which the TRU approval® was issued.

For more information about Sun West’s TRU Approval® program and/or to apply for a TRU Approval® please visit https://www.swmc.com/truapproval/


[1] What is a Loan Estimate? https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-estimate-en-1995/