With the low fixed rate Reverse Mortgage that Met Life has been offering they are slammed and Underwriting is taking multiple weeks. This is a problem! We have a solution. Sun West Bank has a fixed rate Reverse Mortgage with a little higher interest rate but 24 to 48 hour turn around on Underwriting versus the 1 month we are seeing at Met Life. We will now be sending all Fixed Rate HECM's to Sun West. If you have already written a Fixed HECM with Met Life you and your client need to decide if a little less money available is worth the loan being closed a month faster. In most cases the difference is minimal. (a couple thousand Dollars) In some cases that couple thousand Dollars can make a deal not happen. If you have already written a Met Life Loan and would like to pull it to go to Sun West for faster turn around we will need to have new disclosure docs signed before we submit.
If you have any questions give me a call
Riley
866-309-6626
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