Sun West Mortgage Inc.
| Private | |
| ISIN | 🆔 |
| Founded 📆 | 1980 |
| Founder 👔 | |
| Headquarters 🏙️ | , |
Area served 🗺️ | United States (except Georgia), Puerto Rico, Virgin Islands[1] |
| Services | Reverse Mortgages, Home Loans, Financial Assistance |
| Revenue🤑 | $173.3 million |
| Members | |
Number of employees | 827 |
| 🌐 Website | https://sunwestmortgage.com |
| 📇 Address | |
| 📞 telephone | |
Sun West Mortgage Company Inc. (“Sun West Mortgage”) is a mortgage finance services company licensed to originate mortgage loans in all states across the United States, Puerto Rico and the Virgin Islands. Its focus is on retail and wholesale mortgage lending[2] and is a HUD-approved mortgagee for FHA & Home Equity Conversion Mortgages (HECM); VA LAPP approved; a USDA lender; Fannie Mae and Freddie Mac Seller/Servicer and Ginnie Mae Issuer.
History[edit]
Sun West Mortgage (NMLS ID 3277) was founded in 1980 and is currently headquartered in Buena Park, California.[3]
Since 2007, the business of SWMC is processed through an Indian company called XL Dynamics (located in Navi Mumbai), which is owned by the same owner as SWMC.[4]
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. They also opened a second headquarters 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. However, most of these appeared to have been closed down.[citation needed] Sun West also networked with local groups like American Assist.[5][6] In 2018 Sun West Mortgage started business in the retail sector with new DBA name Mortgage Possible.[7]
In order to further expansion, Sun West Mortgage hired Andrew Platt as senior managing director.[8]
In 2010, Agarwal began doing business in Puerto Rico. He relocated a piece of his flagship firm Sun West Mortgage to Guaynabo when most state-based lenders were leaving the island. Currently, the firm employs over 200 local employees and funds around 20% of all monthly mortgage applications on the island.[citation needed]
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.[9] 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.
- A consent order was issued by State of Massachusetts in December 2014 regarding Sun West Mortgage Company's[dubious ] substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in Massachusetts.[10]
- 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.[11] A little over a year later, Ginnie Mae removed that restriction, declaring Sun West Mortgage again eligible to utilize the Ginnie Mae I and Ginnie Mae II multi-issuer securities programs. The removal of the restriction was based on Sun West Mortgage having demonstrated to Ginnie Mae’s satisfaction that (a) their prepayment speeds are substantially in-line with those of equivalent multi-issuer cohorts, and (b) such improved performance is sustainable.[12]
- 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.[13]
- In July 2019, an agreement and consent order was entered by and between state of Maryland and Sun West Mortgage Company regarding various deficiencies, unsatisfactory conditions, and/or violation of federal and/or state state mortgage related laws and regulations in the records and business activities of Sun West Mortgage Company. This included repeat violations of charging property inspection and other fees.[14] Sun West was ordered to refund these fees to consumers and was required to pay a monetary penalty of US$15,000 via NMLS.
References[edit]
- ↑ Gonzalez, Joanisabel (18 May 2016). "Sun West Mortgage prevé crear 400 empleos en la Isla" [Sun West Mortgage Plans to Create 400 Jobs on the Island]. El Nuevo Día.
- ↑ "Sun West Mortgage Using OptifiNow for Wholesale, Retail Channels". MortgageOrb. Retrieved 2019-02-19.
- ↑ "Sun West Mortgage Company, Inc.: Private Company Information". Bloomberg. Retrieved 2018-04-27.
- ↑ "XL Dynamics India is Expanding its Operations in the US Financial Services Space" (Press release). XL Dynamics India. Retrieved 2019-11-11 – via Business Wire India.
- ↑ Gomez, Anthony (2018-02-19). "El banco hipotecario Sun West amplía sus operaciones en la isla" [Mortgage Ban Sunwest expands its Operation on the Island]. El Nuevo Día.
- ↑ "Sun West Mortgage abre su tercera sucursal en Puerto Rico" [Sunwest Mortgage Opens Its Third Branch in Puerto Rico]. Metro. 2018-02-19.
- ↑ "Launch of Latest Distributed Retail Division by Sun West Mortgage". Indus Triat. Archived from the original on 2018-10-14. Retrieved 2018-10-18.
- ↑ "The Grapevine". Asset-Backed Alert. Archived from the original on 2018-10-18. Retrieved 2018-10-18.
- ↑ "State of Georgia bans two lenders for employing felons". HousingWire. 2014-10-06. Retrieved 2019-11-11.
- ↑ "Sun Mortgage Company, Inc". Mass.gov. Retrieved 2021-04-05.
- ↑ "Ginnie Mae boots 3 VA lenders from mortgage bond programs". HousingWire. 2018-06-01. Retrieved 2019-11-11.
- ↑ "Ginnie Mae removes VA loan restrictions on NewDay USA and SunWest Mortgage". HousingWire. 2019-09-11. Retrieved 2021-03-29.
- ↑ Hall, Phil (2017-02-10). "Clayton Services seeks $818K in breach of contract lawsuit". Westfair Communications. Retrieved 2019-11-11.
- ↑ "Agreement and Consent Order" (PDF). Maryland Commissioner of Financial Regulation. Retrieved 2022-01-09 – via NMLS Consumer Access.
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