Solving the fair loan problem with empathic technology

BUENA PARK, California, June 09, 2022– (BUSINESS WIRE) – The limitation of financial schedules, the complexity of lending processes and the reluctance of many lenders to invest time and resources in potential clients with non-traditional financial circumstances pose a major barrier to affordable housing in disadvantaged communities . Pavan Agarwal, CEO and founder of Sun West’s technology division, Celligence ™, is committed to addressing these inequality issues head-on. “Technology is the ultimate equalizer and universally levels the field. The goal of our technology is to secure a fair and impartial loan. In the current environment of fluctuating and unpredictable rates, sellers turn down strong offers many times over. the low down payment and the FHA / VA / USDA loan if approved. “

Sun West used what they call empathic technology to create two tools for obtaining ubiquitous fair loans. TRU approved® empowers low income borrowers with the ability to submit offers that are often respected as being equal to or even better than cash offers. The second is Morgan ™, the technology based on Artificial Intelligence. These products are already helping people realize their dream of owning a home with recent results showing around 65% of TRU approvals.® they were for traditionally lower income, lower down payment FHA / VA / USDA loans. 53% of TRU approvals® they were for borrowers with credit scores of 680 or less and 22% of TRU approvals® they were for borrowers with 620 lower credit scores. Mr. Agarwal said, “Our approach met a real need in the home buying market. In fact, 33% of Sun West’s new loan applications were approved by TRU.® and with the precision of AI technology in Morgan’s brain we have been able to honor every TRU approval® in a highly competitive and turbulent environment “.

Other notable performance metrics achieved with Morgan ™ were 99% of the thousands of loan terms Sun West receives daily were reviewed within two hours and over 30% of those terms received were reviewed in just 30 minutes. Therefore, more than 99.5% of new applications submitted by Sun West are thoroughly reviewed and signed by 8:00 the next business day. Mr. Agarwal explained how this was achieved: “At any time of the day, a loan originator simply delivers the borrower’s supporting documents and information securely to Morgan. Our AI engine will perform OCR of the information you provide and it will intelligently build the loan file. While this is done, the system performs most of the processing functions that are normally done manually. This allows us not only to streamline the entire file review, but also to eliminate any manual delays and cost overruns that are a common obstacle to loan approval for disadvantaged communities. “

While the Sun West team is proud of Celligence’s real-world performance, they are even more excited about the launch of the next iteration of the technology. Through Morgan ™, borrowers will be able to communicate with any part of the business (from underwriting to closing the loan service) in the language of their choice. Within the next 90 days, Sun West’s goal is Instant Underwriting ™, where any document delivered to Morgan ™ will be reviewed and addressed in less than 30 minutes. Sun West has already introduced multilingual Touchless Closings ™. In a Touchless Closing ™, the loan documents are automatically generated and delivered to the closing table within six hours of the date of the final condition of the loan to Morgan.

Borrowers in disadvantaged communities deserve the opportunity to present their offers to sellers with pride and confidence, just like buyers in high income brackets. “As a Home of Fair Lending ™, we are offering this level of service equally, across all demographic groups of borrowers. We will continue to invest in creating transformative technology that will make low-cost financing more affordable and equal than ever. . The introduction of key technologies such as multilingual Morgan ™, Instant Underwriting ™ and Touchless Closings ™ has broken down the barriers to home ownership. These initiatives make Sun West the home of fair lending, “said Pavan Agarwal.

About Sun West Mortgage Company (NMLS ID 3277):

At Sun West Mortgage Company, Inc. we are dedicated to offering the best service to our customers. To achieve this, we empower our loan officers so they can find great rates and provide the loan options that are best suited to each client, at astonishing speed. Our focus on technology has given us a head start in the mortgage industry to offer some of the fastest turnaround times available, so the client can enter their dream home sooner!

We are committed to respecting our core values ​​of people, experience, technology and product. Sun West was founded in 1980 with a “customer first” perspective and a desire to make the mortgage process easy and stress-free for prospective homeowners. Since then, Sun West has served a multi-billion dollar loan portfolio and is licensed in 48 states, the District of Columbia, Puerto Rico and the US Virgin Islands. Our 41 years of experience have been passed down to everyone here at Sun West through excellent leadership and skills.

Visit swmc.com/tru-terms for TRU approval® Terms and conditions. For licensing information, visit: www.nmlsconsumeraccess.org. Please visit http://www.swmc.com/swmc/disclaimer.php for the complete list of licensing information. Refer to https://www.swmc.com/TXdis.php to view the Texas Complaint Notice and Support Policy. In all jurisdictions, Sun West Mortgage Company, Inc.’s licensed head office (principal) is 6131 Orangethorpe Avenue, Suite 500, Buena Park, CA 90620, Telephone: (800) 453-7884.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220609005349/en/

Contacts

Sophie Michaels
[email protected]

Leave a Comment

Your email address will not be published.