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Lender Alerts

Lender Alerts

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Important Notification

Dear Business Partner,

In line with the RESPA Reforms of 2010, SWMC requires that Loan Officers may collect up-front fees on a loan only once the applicant has executed the "Intent to Proceed" form. A reasonable fee for the Credit Report is the only exception to this requirement.

Please refer to RESPA FAQ at below link specifying the requirement of new regulations.

Q: At what point can a loan originator charge a loan applicant fees for services other than the cost of obtaining a credit report?
A: After a loan applicant both receives a GFE and indicates an intention to proceed with the loan covered by the GFE, the loan originator may collect fees beyond the cost of a credit report for origination-related services.

Additionally, please ensure that no services (such as Appraisal, Inspection, etc.) are ordered prior to:

  1. issuing a Lender's TIL
  2. applicants receiving counseling, in case of Reverse Mortgages

P.S. "Intent to Proceed" form can be accessed from 'Loan Docs' option in SunSoft.

If you have any 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 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.