CERRITOS, Calif./EWORLDWIRE/June 13, 2008 --- Sun West Mortgage, working with a third-party issuer and servicer, recently completed $175 million in issuance of Ginnie Mae HMBS Reverse Mortgage securities. This complex transaction was managed by Sun West and executed through ReverseSoft - Sun West's proprietary reverse mortgage system.ReverseSoft interfaces with third-party issuer/servicer software with minimal effort. The programs sophisticated data architecture auto-organizes loan information for easy delivery to the issuer's document custodian. Reversesoft further works seamlessly through GinnieNet to transmit the data directly to Ginnie Mae.
"Our systems and procedures eliminate the need for an in-house expert when issuing Ginnie Mae HMBS pools," said Pavan Agarwal, vice president, Sun West Mortgage. "Sun West works with major investment banks who market these HMBS securities. This fulfills a key demand for quality security instruments in the secondary market."
Many originators are looking for a GNMA HMBS takeout, but they don't have the complex systems necessary to support HMBS - and yet, they want to retain their servicing rights. Sun West meets this need as a GNMA servicer and master servicer.
Interested parties may learn more by contacting Sun West Mortgage at (800) 453-7884.
ReverseSoft Online is exclusively available to Sun West's partners. With this program, they can originate loans, draw vendor services and monitor their pipeline on a real-time basis, at no cost. To become a Sun West partner, mortgage bankers can send an e-mail to sales@swmc.com or call Anthony Toro directly at (626) 676-9609.
About Sun West Mortgage Company Inc.
Sun West Mortgage Company Inc. is a FHA, VA, Freddie Mac, Fannie Mae and Ginnie Mae approved full-service mortgage banker. It has been approved as a Ginnie Mae HMBS Issuer, Servicer 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 Multi Family, 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.
About ReverseSoft Online
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 at 'http://www.swmc.com'
. ReverseSoft Online at 'http://www.ReverseSoftonline.com'
. Reverse Mortgage Calculator at 'http://www.SimpleHECMCalculator.com'
Sydney Fernandez
Phone: (800) 453-7884
Fax: (562) 924-6057
E-mail: media@swmc.com
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