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Lender Alert |
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| Appraiser Independence - Clarification on Ordering Appraisals |
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| Go Back - Home > Lender Alerts > April 28, 2010 |
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Important Notification
Dear Business Partner,
FHA recently posted a new FAQ that clarifies the appraiser independence mortgagee letter, ML 09-28. The text of the FAQ is below:
"Q: May a lender order an appraisal by directing a broker to select an AMC from among a group of specifically authorized AMCs, one of which would receive information from the broker about the loan application and begin the appraisal process?
A: No. Such a process would give the broker an element of responsibility for selecting or retaining the appraiser, and therefore would not be compliant with Appraiser Independence".
Subsequently, if SWMC is elected to underwrite your FHA loan, please ensure that you properly order the Appraisal from our Vendor Order section in Reversesoft Online. You may also opt to place your order through our standardized Appraisal Order form. If you need further assistance please contact your Account Executive for additional training.
SWMC Partners that sell Closed Loans to SWMC are encouraged to order the appraisal from one of SWMC’s approved AMCs. Below is the list of approved AMCs.
Please refer to FHA FAQ at below link specifying the requirement of new regulations.
http://www.hud.gov/offices/hsg/sfh/appr/faqs_ML09-28.pdf
P.S. You can access Appraisal Order form from at below link:
http://www.swmc.com/swmc/downloads/SWMC_VendorService_Form_V1.10.pdf
SWMC is unable to accept any appraisals ordered in the name of a Broker. A new Appraisal would be required at the Broker's cost.
Approved AMCs:
- Streetlinks National Appraisal Services
- Valocity - National Valuations Solutions
- Settlementone Solutions
- Inhouse Solutions
- AMC Settlement Services
- Nations Valuation Services
- AAA Appraisal AMC
- Act Appraisal, Inc.
- Accusured Management, LLC
- Dwellworks, LLC
- Landmark Reverse
- Appraisal Partners
- UPF Services.
- Valuation Management Group, LLC
- Transcontinental Valuations, Inc
- SS & AA Appraisal Management
- BroadStreet
- Lendserv
- Landmark Loan Services, LLC
- K Street Appraisal DBA RE Services
- Fiserv Fulfillment Services, Inc
- Appraisal Quick
- Appraisal Management Services NorthWest
If you have any further questions, please contact your Account Executive at (800) 453-7884.
Sun West Mortgage Company, Inc.
18303 Gridley Road
Cerritos, CA, 90703 |
Sun West Mortgage Company, Inc. is licensed by the Department of Corporations under the California Residential Mortgage Lending Act and holds a California Finance Lender License (603 0119) and a Corporation Real Estate Brokers License (00793885). Refer to www.swmc.com to see where SWMC is a licensed lender. In all states, the principal licensed office of Sun West Mortgage Company, Inc. is 18303, Gridley Road in Cerritos, CA 90703; Toll Free: (800) 453-7884. All Sun West programs are subject to change without notice. |
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| Enter your E-Mail Address Above... |
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Consumer Home Loan Mortgages |
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SWMC offers a wide range of residential home loan mortgage programs to suit different situations such as a purchase, refinance, a property rehabilitation loan or a reverse mortgage at the competitive interest rates.
FHA Purchase at 96.5% Financing, Streamline (Interest Rate Reduction) Refinance, and Cash-Out Refinance, 203(k) Rehabilitation Loan, 203(k) Streamlined Rehabilitation Loan, and the Home Equity Conversion Mortgage (Reverse Mortgage) and USDA Rural Housing mortgages.
If you are a Veteran, Sun West offers you VA guaranteed mortgages for Purchase Loans at 100% Financing, Cash-Out Refinance, and Streamline Interest Rate Reduction Refinance Loans (IRRRL).
You can use our simple mortgage calculator tools to find out your monthly payment, the house you can afford, your refinance options, or the home equity you may be able to access through a reverse mortgage (HECM).
As a full-service mortgage bank, Sun West is one of the few approved direct lenders to provide in-house origination, processing, underwriting, closing, funding, and servicing. Based in California with active presence across the country, Sun West is dedicated to offering exceptional service coupled with integrity, reliability, and experience. |
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| Read More About Consumer Home Loan Mortgages >> |
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Loan Calculators |
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- FHA Purchase Calculator
Calculates the monthly mortgage payment for your home purchase loan, as per prevailing interest rates.
- Reverse Mortgage Calculator
Calculates and compares the available options for HECM products.
- Monthly Payment
Calculates your payment for different loan amounts, interest rates, and amortization terms.
- How Much Can I Afford?
Calculates your maximum mortgage loan amount based upon the monthly home loan payment, interest rate, and term that you enter.
- Should I refinance?
Just enter information about your current mortgage loan and the new loan you're thinking of taking, and we'll calculate your savings.
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Partner Resources |
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Press Releases |
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- 05/15/2012: Sun West Mortgage Company Partners with EGIA to Introduce the FHA PowerSaver Loan Program Read More..
- 12/16/2011: Sun West Mortgage Company and the Cerritos Sheriff Station team up to supply little boys and girls toys this holiday Read More..
- 10/03/2011: Sun West Mortgage Increases Its Reach in New Jersey Read More..
- 4/22/2011: Variable Servicing Margins on Different Participations of the Same Loan for HMBS Issuers Announced by Sun West Mortgage Read More..
- 2/16/2011: Sun West Mortgage Company Crosses $6 Billion Mark in Ginnie Mae HECM Mortgage Backed Securities Read More..
- 10/26/2010: Capital Markets Cooperative and Sun West Mortgage Company Creates New Strategic Alliance Read More..
- 7/14/2010: Sun West Mortgage Issues Green Building Guidelines For Multifamily Projects Nationwide Read More..
- 3/18/2010: Pentagon Federal Credit Union and Sun West Mortgage Announce First in the Nation Approach to Reverse Mortgage Initiative Read More..
- 1/28/2010: Ginnie Mae Hope for Homeowners Securities Issued by Sun West Mortgage Read More..
- 1/28/2010: Sun West Crosses $2 Billion Mark in Ginnie Mae HECM Mortgage Backed Securities Read More..
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| View All Press Releases >> |
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Lender Alerts |
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- 05/16/2012: Introducing SWMC Express: Reduced Overlays and Faster Reviews! Read More..
- 04/18/2012: Reduced FHA Streamline Overlays Read More..
- 04/17/2012: Same Day Underwriting For Fha Streamlines. Submit Your Streamlines Now. All Other Products: 48 Hours Or Less Read More..
- 04/11/2012: Webinar Invitation Streamline Loan Delivery and Purchase with Sun West Read More..
- 04/04/2012: SWMC Service Alert Read More..
- 04/04/2012: SWMC Early Lock Desk Closure Notification Read More..
- 03/22/2012: Additional Reduced Overlays for FHA Streamlines Read More..
- 03/15/2012: SWMC Presents "FHA 203k" Read More..
- 02/22/2012: Sun West Announces Relaxed Guidelines for FHA Streamline Refinances Read More..
- 02/07/2012: SWMC Product Guidelines - FHA Jumbo Update Read More..
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| View All Lender Alerts >> |
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| Careers | Contact Us | Links | Site Map | Terms | Privacy Policy |
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Notice to prospective vendors, service providers, brokers, dealers, trading counter-parties, and corporate partners:
The only persons authorized to enter into contracts on behalf of Sun West Mortgage Company, Inc. are the company's President and Chief Executive Officer.
You may call our corporate office at +1 (800) 453-7884 or e-mail contracts@swmc.com to verify the execution of any contract. |
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Sun West Mortgage Company, Inc. (NMLS ID 3277) is licensed in New York as a Mortgage Banker-NYS Banking Department (License# B500897) [(212) 709-3847]; is a registered third party servicer in Massachusetts (Registration# LS3277) [(617) 956-1500]; is a North Dakota licensed Money Broker (License# MB101661) [(701) 328-9932]; is licensed as a Supervised Lender in Maine (License # SLM9710) [(207) 624-8539]; a mortgage lender in West Virginia (License# ML-23946) [(304) 558-2294]; is licensed by Florida’s Office of Financial Regulation with a Mortgage Lender License (License# MLD266) [(850) 410-9895]; registered by the Tennessee Department of Financial Institutions under the Residential Lending, Brokerage and Servicing Act (License# 3552) [(615) 253-6714]; registered in New Mexico under the Mortgage Loan Company and Loan Broker Act (License# 03201) doing business as Sun West Mortgage USA, Inc. [(505) 476-4908]; Sun West Mortgage Company, Inc. (NMLS ID 3277) has a Consumer Credit License in Alabama (License# 21015) [(334) 242-3452]; and licensed as a Residential Mortgage Lender in Wyoming (License# MBL-1902) [(307) 777-6483]; has a Mortgage Company License (License# MC.0025065) in Kansas [(785) 296-2266]; is licensed as a Residential Mortgage Lender in Louisiana (License# 2713) [(225) 925-4660]; is a licensed Mortgage Lender in the District of Columbia (MLB3277) [(202) 442-7821]; and is licensed as a Mortgage Banker in Wisconsin (License# 212942BA) [(608) 261-7578]; is a licensed Mortgage Banker in Pennsylvania (License# 21829) [(717) 787-7334]; is a First Lien Mortgage Lending licensee with Indiana Department of Financial Institutions (License# 11272) [(317) 232-3955]; is licensed by the New Hampshire Banking Department as a Mortgage Banker (License # 13604-MB) [(603) 271-8675]; is a licensed Residential Mortgage Originator in Minnesota (License# MN-MO-40020564) [(651) 296-6657]; is licensed as a Mortgage Lender in Montana (License# 3277) [(406) 841-2928]; is licensed as a Mortgage Banker and Mortgage Servicer by the Arkansas Securities Commissioner (License# 40431) [(501) 324-9265]; is licensed by the Hawaii Department of Financial Institutions as a Mortgage Loan Originator Company (HI-3277) having a Branch Office (Mortgage Loan Originator Company Branch License HI-719250) in Kapaa, HI (NMLS 719250) [(808) 586-2820]; a registered Texas Mortgage Banker (NMLS ID#359295) [(877) 276-5550]; is a licensed Mortgage Lender in Georgia (License# 22591) [(770) 986-1633]; is a licensed lender in Utah (License# 7477238) with a branch license in South Jordan, Utah (NMLS ID 776241) [(801) 530-6297]; a South Dakota Licensed Mortgage Lender (License# ML.04740) [(605) 773-3421]; licensed by the Arizona Department of Financial Institutions registered in Arizona as Sun West Mortgage USA Company, Inc. DBA Cal State Funding and licensed as a Mortgage Banker (License# 0909624), a branch in Chandler, AZ (NMLS ID 167400) and Scottsdale, AZ (NMLS ID 359295) [(602) 771-2800]; has a Consumer Loan License in Washington (CL-3277) [(360) 902-8703]; is a licensed lender in Delaware (State Bank Commissioner License# 9970) [(302) 739-4235]; by the Department of Corporations as a California Finance Lender (License #6030119) with a Branch Office in Corona, CA (NMLS ID 363427) [(866) ASK-CORP] and is licensed by the Department of Real Estate (License #00793885) [(877) 373-4542]; is licensed in Idaho as a Mortgage Broker and Lender (License# MBL-6742) [(208) 332-8002]; by the Colorado Department of Law Uniform Consumer Credit Code, holding a Supervised Lender’s License (989559) and a Mortgage Company Registration [(303) 866-4527]; is licensed as a Mortgage Loan Company by the Department of Financial Institutions in Kentucky (License# MC71444) [(800) 223-2579 ]; is a Residential Mortgage Loan Broker licensee in Missouri (License# 11-1881-S) [(573) 751-4243]; is a licensed mortgage lender in Maryland (License# 17740) [(410) 230-6155]; is registered as a First Mortgage Broker, Lender and Servicer in Michigan for first (License# FR0016085) [(877) 999-6442]; Licensed by the Mississippi Department of Banking and Consumer Finance (License# 603/2008) [(800) 844-2499]; is licensed in Oklahoma as a Mortgage Broker (License# MB001619) [(405) 521-3653]; is licensed in Alaska as a Mortgage Broker and Lender (License# AK3277) [(907) 269-4594]; licensed Broker by the Virginia State Corporation Commission as (License# MC-4999) [(804) 371-0484]; is a licensed Mortgage Banker in Nebraska as dba Cal State Funding, Inc. (License# 1908) [(402) 471-2171]; is a licensed Mortgage Banker in Iowa (License# 2007-0093) [(515) 281-4014]; the Connecticut Department of Banking (Registered in Connecticut as Sun West Mortgage Company, Inc. dba Cal State Funding, Mortgage lender (License# 19683) [(860) 240-8275]; is licensed as an Illinois Residential Mortgage Licensee by the Office of Banks and Real Estate, Mortgage Banking Division, (License# MB.6760356) [(312) 793-1955]; is a licensed lender in Vermont (License# 6060) and a licensed Loan Servicer (License# 3277-1) [(802) 828-3307]; is a licensed lender in New Jersey (License# 9400980) with a branch office in Denville, NJ (NMLS ID 454915) by the New Jersey Department of Banking [(609) 292-7272]; an Oregon Mortgage Lender Licensee (License# ML-4599) [(503) 378-4140]; is exempt from licensing as a Wholesale Lender in Nevada [(775) 684-7060]; is a licensed Mortgage Lender and Servicer in Puerto Rico (License# IH-138) with a branch license in Guaynabo, Puerto Rico (NMLS ID 516931) [(787) 723-8403]; is a licensed Mortgage Lender and Servicer in South Carolina (License# MLS-3277) [(803) 734-2020]; registered in Ohio under the Mortgage Broker Act Mortgage Banker Exemption (MBMB.850093.000) with a branch (NMLS ID 447576) in Westerville, Ohio (License# MBMB.850093.001). [(614) 728-8400]; In all states, the principal licensed office of Sun West Mortgage Company, Inc. (NMLS ID 3277) is 18303 Gridley Road in Cerritos, CA 90703; (800) 453-7884. |
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