Sun West Mortgage

Sun West was founded in 1980[5] in Cerritos California by Hari Agarwal as one of United States first mortgage banks.[6] It has been involved with Ginnie Mae debt issuance.[7][8] The company is currently headed by CEO Pavan Agarwal.

Since 2007, the business of SWMC is processed through an Indian company called XL Dynamics(located in Navi Mumbai), which is owned by the same owner as SWMC.[9]

Sun West Mortgage made a transition from strictly wholesale to retail. This transition made Sun West one of only two major lenders to offer retail reverse mortgage services during this time.[10] They also opened a second headquarter in Morris County New Jersey as well as satellite offices around the east coast to provide loan service to a part of the country that had not yet recovered from the 2007 Financial Crisis.[11][12] Sun West also networked with local groups, like American Assist, consolidating services to become an institution capable of servicing the full financial needs of their clients.[13][14] In 2018 Sun West Mortgage started business in the retail sector with new DBA name Mortgage Possible.[15]

Sun West Mortgage also partnered with the United States Department of Veteran affairs allowing eligible service members to be guaranteed a loan as well as borrow a greater percent against their home's value and allowing all loans to be insured by the United States government against default.[16] This partnership led to Sun West Mortgage one of the 300 lenders serving veterans.[17] In order to further expansion, Sun West Mortgage hired Andrew Platt as senior managing director.[18]

• In 2014, Sun West Mortgage Company was ordered to surrender their Georgia mortgage lending licenses and were fined by the Georgia Department of Banking and Finance for the violations. Sun West had employed nine convicted felons, which is prohibited in Georgia.[19] Per the Georgia Department of Banking and Finance, violation of those rules leads to the revocation of the company’s lending license and a fine of $5,000 per felon. Consequently, Sun West was ordered to surrender its license and fined $45,500.

• In June 2018, Ginnie Mae issued a restriction the company from including VA single family guaranteed loans in Ginnie Mae I securities or Ginnie Mae II multi-issuer securities.[20]
• In 2017, Clayton Services LLC, a Shelton-based loan review and due diligence company, filed a lawsuit in federal court against Sun West Mortgage Co. claiming breach of contract. Clayton charged Sun West with improperly canceling its contract by failing to provide written notice two months ahead of the termination date. “The only means by which Sun West could have terminated the Statement of Work would have been for cause in accordance with the terms of the Master Services Agreement,” said the company in its lawsuit, adding that Sun West has yet to pay for Clayton’s credit, compliance and value review services and loan reverification work.[21]