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