MortgageReverse

Sun West Announces Zero Fee Reverse Mortgage

NewImage.jpgSun West Mortgage Company announced it’s offering improved pricing and a no fee reverse mortgage starting May 27, 2010.

The new product allows wholesale customers to design a reverse mortgage with all or any combination of service, origination, mortgage insurance premium (MIP), and title insurance fees to provide consumers with a HECM product that best fits their needs said the company in a statement to brokers.

Wholesale customers can create the product by sliding the dials in SWMC’s LOS (see image below).

NewImage.jpg

The move by SWMC is the latest effort by wholesaler lenders to compete after Bank of America started crediting the entire upfront MIP fee for brokers on the fixed rate program.

SWMC is providing more flexibility to brokers than BofA which told RMD in an email “since we don’t control a broker’s origination fee, we believe offering a credit for the MIP is the best way to ensure that value is given back to the customer.”

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