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Introducing the Non-QM Portfolio Program


(Applicable for Wholesale channel)



Dear Licensed Partner,

Sun West Mortgage Company, Inc. is pleased to introduce its proprietary Non-QM Portfolio Program.

Our Non-QM Portfolio Mortgage program offers to meet the expanded credit profile including mortgage history, consumer credit, and different qualification methods.

The key features of this program are as follows:
  • Maximum loan amounts up to $3 million
  • Minimum FICO Score allowed is 640
  • Maximum allowed LTV is up to 90%
  • Interest-Only Feature available
  • Non-Warrantable Condo Property is eligible
  • Personal / Bank Statement Income Documentation option available

Detailed Program guidelines are available on AllRegs (click here).

Disclaimers:
1. Prepayment penalty is applicable on Investment Properties subject to State Law. This loan product includes a prepayment penalty of 6 months of interest on the amount prepaid that exceeds 20% of the original principal loan amount; if the loan is paid off within 5 years of closing.
2. Being High Risk Loans, Non-QM Portfolio loans may include higher interest rates, closing costs, Interest-Only periods, or prepayment penalties from the borrower.
3. Interest-only mortgage allows the borrowers to pay only the interest on the money borrowed for the first few years of the mortgage (the "interest‑only period"). If the borrowers make interest‑only payments, then at the end of the interest‑only period the borrowers will still owe the original amount that they have borrowed, and their monthly payment will increase because the borrowers must pay back the principal as well as interest. Their payments could increase even more if they have an Adjustable Rate Mortgage (ARM) and the interest rate increases.
4. On a Non-QM Prime Standard Program 30-year fixed rate loan for a purchase transaction with loan amount of $720,000 (at 90% LTV with 10% cash required from borrower), at an interest rate 5% with $14,263.20 discount points (Annual Percentage Rate of 5.368%), the borrower will be required to make 360 equal monthly payment of $3,865.12 (which includes principal and interest only; so the borrower's actual payment, including taxes, insurance, and other property charges will be higher).

For further queries, please contact your Client Relations Manager at (855) AT-SUNWEST or (855) 287-8693.


Sincerely,

Sun West Mortgage Company, Inc.

6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884



SW-1: Our No Overlays Program

This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.

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