Sun West Re-Launching Warehouse Line Division

image Sun West Mortgage Company sent out a notice to its reverse mortgage brokers that HECM loans with FHA case numbers dated on or after 10/1/09 will no longer receive pricing adjustments for properties located in a range of states which you can see below:

Type Old Pricing New Pricing
Properties located in GA, FL, AL, MS and AZ   0.625% Cost No Cost
Properties located in NH, NY, NJ, VT, CT and ME  0.375% Cost No Cost
Approved appraisals that do not meet SWMC guidelines 0.625% Cost No Cost

The most interesting part of the announcement was hidden at the bottom of the email regarding the re-launch of their warehouse line division:

Additionally, we are in the process of re-launching our Warehouse Line division, which is scheduled for a January release. Due to the high demand for this product, initial enrollment will be limited to Premium Accounts.  Please contact your Account Executive at (800)  453-7884 for further information.

The lack of warehouse lines for reverse mortgage lenders has been one of the biggest issues facing mortgage bankers, so this is a good a sign. 

RMD contacted SWMC but couldn’t get any details about the re-launch, if you have any information please let us know. 

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