Cerritos, Calif.-headquartered Sun West Mortgage has launched a dedicated reverse mortgage processing center. Based out of the company's Irvine, Calif., branch, the center undertakes requests to process reverse mortgages on a contract basis.
‘This service will provide reverse mortgage correspondents with quality, on-time professional and scalable service while avoiding the high costs that go with hiring an experienced FHA mortgage loan processor,’ notes Paul Scheper, head of the company's Irvine branch.
This outsourced processing service is priced at $550, payable out of escrow upon loan funding. If the loan does not fund, the cost is reduced to $125.