Sun West Mortgage

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Sun West Mortgage Inc
Founded1980
Headquarters
Area served
United States (Except Georgia [1] ),Puerto Rico, Virgin Islands[2]
Key people
Pavan Agarwal, CEO & Hari Agarwal
ServicesReverse Mortgages, Home Loans, Financial Assistance
Revenue10 billion
Total assets9 Billion [3]

Sun West Mortgage Company Inc. is a mortgage company for residential and commercial real estate.[4] The company offers several forms of assistance programs, including: unemployment assistance, mortgage reinstatement programs, principal reductions and transition assistance programs to their customers. [5][6]

Founding[edit]

Sun West was founded in 1980[6] in Cerritos California by Hari Agarwal as one of United States first mortgage banks.[7] It has been involved with Ginnie Mae debt issuance.[8][9]The company is currently headed by CEO Pavan Agarwal.

Growth[edit]

In 2010, Sun West Mortgage created technology to streamline data collection with brokers and consumers. This new technology made for a more user-friendly experience that made it attractive to their customers and allowed for rapid growth of their mortgage backed securities.

In order to better serve communities, Sun West Mortgage began to network with local brokers as it expanded and made a transition from strictly wholesale to retail. This transition made Sun West one of only two major lenders to offer retail reverse mortgage services during this time.[10] They also opened a second headquarter in Morris County New Jersey as well as satellite offices around the east coast to provide loan service to a part of the country that had not yet recovered from the 2007 Financial Crisis.[11][12] Around the same time, they opened offices around Puerto Rico and the U.S. Virgin Islands extending their reach outside the continental United States.[1] Sun West also networked with local groups, like American Assist, consolidating services to become an institution capable of servicing the full financial needs of their clients.[13][14] In 2018 Sun West Mortgage would expand further into the retail sector with the launch of a new retail division - "Mortgage Possible". [15]

Sun West Mortgage also partnered with the United States Department of Veteran affairs allowing eligible service members to be guaranteed a loan as well as borrow a greater percent against their home's value and allowing all loans to be insured by the United States government against default.[16] This partnership led to Sun West Mortgage becoming a major lender to veterans.[17] In order to further expansion, Sun West Mortgage hired Andrew Platt as senior managing director. [18]

Philanthropy[edit]

Sun West Mortgage has been a long time supporter of Forjadores de Esperanza home for children.[19] After Hurricane Maria, they collaborated with Ivan “Pudge” Rodriguez to provide a $10,000 donation to contributed to repairs of the home.[19][20]

References[edit]

  1. ^ a b "State of Georgia bans two lenders for employing felons". Retrieved 2018-05-02.
  2. ^ Gonzalez, Joanisabel. "Sun West Mortgage Plans to Create 400 Jobs on the Island". Elnuevodia.
  3. ^ "Sun West Mortgage Overview | Investopedia". Investopedia. 2016-07-01. Retrieved 2018-04-27.
  4. ^ "Reverse Mortgage Utah - Rates, Lenders & Banks in UT". Reverse Mortgage Alert. Retrieved 2018-04-27.
  5. ^ "Keep Your Home California".
  6. ^ a b "Sun West Mortgage Company, Inc.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-04-27.
  7. ^ "Start Sun West Mortgage". Elnuevodia.
  8. ^ "Sun West Completes Issuance of Ginne Mae HMBS Reverse Mortgage Securities". reversemortgagedaily.com. Retrieved 2018-04-27.
  9. ^ "MI and Jumbo Products; FHA, VA, and Ginnie News; Rates Take a Breather". Mortgage News Daily. Retrieved 2018-05-14.
  10. ^ Ecker, Elizabeth (2011-05-10). "Sun West Launches Retail Division, Plans to Grow".
  11. ^ Gerace, Alyssa (2011-05-10). "Sun West". Reverse Mortgage Daily.
  12. ^ Gerace, Alyssa (2011-10-05). "Sun West Continues Expansion, Launches East Coast Operations". Reverse Mortgage Daily.
  13. ^ Gomez, Anthony (2018-02-19). "Mortgage Ban Sunwest expands its Operation on the Island".
  14. ^ "Sunwest Mortgage Opens Its Third Branch in Puerto Rico". Metro. 2018-02-19.
  15. ^ "Launch of Latest Distributed Retail Division by Sun West Mortgage | Indus Triat". www.industriat.com. Retrieved 2018-10-18.
  16. ^ Thai, Khanh. "Sun West Mortgage Company - VA Mortgage". sunwestmortgage.com. Retrieved 2018-05-02.
  17. ^ "Department of Veteran Affairs top 300 lenders" (PDF).
  18. ^ "Asset-Backed Alert :: Search Results". www.abalert.com. Retrieved 2018-10-18.
  19. ^ a b Olson, Rush. "Sports Rush: Pudge Cleans Up At Home". Fort Worth Weekly.
  20. ^ Hernandez, Sara (2018-02-14). "Ivan Rodriguez Donates to Children's Home".