Sun West Mortgage

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Sun West Mortgage Inc.
Private
Founded1980
Headquarters
Area served
United States (Except Georgia [1] ),Puerto Rico, Virgin Islands[2]
ServicesReverse Mortgages, Home Loans, Financial Assistance

Sun West Mortgage Company Inc. is a mortgage company for residential and commercial real estate.[3] The company offers several forms of assistance programs, including: unemployment assistance, mortgage reinstatement programs, principal reductions and transition assistance programs to their customers. [4][5]

Founding[edit]

Sun West was founded in 1980[5] in Cerritos California by Hari Agarwal as one of United States first mortgage banks.[6] It has been involved with Ginnie Mae debt issuance.[7][8] The company is currently[when?] headed by CEO Pavan Agarwal.

Growth[edit]

Since 2007, the business of SWMC is processed through and Indian company called XL Dynamics, which is owned by the same owner as SWMC.[9]

Sun West Mortgage 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] 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 started business in the retail sector with new DBA name 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 one of the 300 lenders serving veterans.[17] In order to further expansion, Sun West Mortgage hired Andrew Platt as senior managing director. [18]

Regulatory and Compliance Issues[edit]

  • In 2014, Sun West Mortgage Company was ordered to surrender their Georgia mortgage lending licenses and were fined by the Georgia Department of Banking and Finance for the violations. Sun West had employed nine convicted felons, which is prohibited in Georgia.[19] Per the Georgia Department of Banking and Finance, violation of those rules leads to the revocation of the company’s lending license and a fine of $5,000 per felon. Consequently, Sun West was ordered to surrender its license and fined $45,500.
  • In June 2018, Ginnie Mae issued a restriction the company from including VA single family guaranteed loans in Ginnie Mae I securities or Ginnie Mae II multi-issuer securities.[20]
  • In 2017, Clayton Services LLC, a Shelton-based loan review and due diligence company, filed a lawsuit in federal court against Sun West Mortgage Co. claiming breach of contract. Clayton charged Sun West with improperly canceling its contract by failing to provide written notice two months ahead of the termination date. “The only means by which Sun West could have terminated the Statement of Work would have been for cause in accordance with the terms of the Master Services Agreement,” said the company in its lawsuit, adding that Sun West has yet to pay for Clayton’s credit, compliance and value review services and loan reverification work.[21]

References[edit]

  1. ^ "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. ^ "Reverse Mortgage Utah - Rates, Lenders & Banks in UT". Reverse Mortgage Alert. Retrieved 2018-04-27.
  4. ^ "Keep Your Home California".
  5. ^ a b "Sun West Mortgage Company, Inc.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-04-27.
  6. ^ "Start Sun West Mortgage". Elnuevodia.
  7. ^ "Sun West Completes Issuance of Ginne Mae HMBS Reverse Mortgage Securities". reversemortgagedaily.com. Retrieved 2018-04-27.
  8. ^ "MI and Jumbo Products; FHA, VA, and Ginnie News; Rates Take a Breather". Mortgage News Daily. Retrieved 2018-05-14.
  9. ^ "XL Dynamics India,XL Dynamics US". www.businesswireindia.com. Retrieved 2019-11-11.
  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. ^ "State of Georgia bans two lenders for employing felons". HousingWire. 2014-10-06. Retrieved 2019-11-11.
  20. ^ "Ginnie Mae boots 3 VA lenders from mortgage bond programs". HousingWire. 2018-06-01. Retrieved 2019-11-11.
  21. ^ Hall, Phil (2017-02-10). "Clayton Services seeks $818K in breach of contract lawsuit". Westfair Communications. Retrieved 2019-11-11.