Sun West Mortgage Co. (SWM) has filed a lawsuit against First National Bank of Pennsylvania (FNB) for failing to repurchase two reverse mortgages worth more than $850,000 from Fannie Mae, alleging a breach of a 2017 settlement agreement. 

The case involves reverse mortgages transferred from a bank acquired by FNB to Sun West. Fannie Mae later demanded that Sun West repurchase the loans due to “various errors which arise out of FNB’s solicitation, processing, origination, underwriting, funding and/or closing of the loans,” Sun West stated in court documents.

The lawsuit was filed on Oct. 28 details ⇒

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