Solve the problem of fair lending with empathic technology

BUENA PARK, California, June 9, 2022– (BUSINESS WIRE) – The limitations of financial programs, the complexity of lending processes, and the reluctance of many lenders to invest their time and resources in potential clients with unusual financial situations are a major obstacle to using affordable housing. Pavan Agarwal, CEO and Founder of Sun West’s Technology Division, Celligence ™, is committed to addressing these inequality issues directly. “Technology is the ultimate and universally equal level. The goal of our technology is to achieve unbeatable real-world lending. ».

Sun West has used what they call empathic technology to create two tools to get a ubiquitous loan. TRU approval® It gives lower-income lenders the ability to submit bids that are typically equal or better than cash bids. The second is Morgan ™, a technology based on Artificial Intelligence. These products are already helping people achieve their dream of owning a home.® Traditionally, they were for lower-income and lower-paying FHA / VA / USDA loans. 53% of TRU approvals® They were for loans with credit scores of 680 or less and 22% of TRU approvals.® credit scores were for loans with 620 less. Mr Agarwal said: “Our approach has met a real need in the home buying market, with 33% of Sun West’s new loan applications being approved by TRU.® and we have been able to honor all TRU approvals with the precision of AI technology in Morgan’s brain.® in a very competitive and confusing environment. ”

Other significant performance measures with Morgan ™ were reviewed within two hours of 99% of the thousands of loan terms that Sun West receives on a daily basis, and more than 30% of those received were reviewed in just 30 minutes. So, more than 99.5% of Sun West’s new order shipments are well reviewed and guaranteed by 8:00 a.m. next business day. Mr. Agarwal explained how this was achieved: “At any time of the day, a lender securely delivers the borrower’s documents and support information to Morgan. The information provided by our AI engine will OCR and intelligently build the loan file. “While the system is performing most of the manual processing functions, this will not only facilitate a complete review of the file, but also a manual overcoming of delays and costs in overcoming obstacles.”

Although the Sun West team is proud of the real-world performance of Celligence, they are even more excited to launch the next version of the technology. Through Morgan ™, lenders can communicate with any part of the business (from insurance to closing) in the language of their choice. For the next 90 days, Sun West’s goal is Instant Underwriting, where any document provided to Morgan will be reviewed and corrected in less than 30 minutes. Sun West has already introduced Multilingual Touchless Closings. In Touchless Closing ™, the loan documents are automatically generated and delivered to the closing table within six hours of Morgan’s final loan condition.

Loans from proud communities deserve to be able to present their offerings to sellers proudly and confidently, just like buyers in high-income brackets. “As a Home of Fair Lending, we are providing the same level of service across the borrower demographics. We will continue to invest in creating transformative technology that will be more affordable and affordable than ever before. Introduction. Multilingual Morgan, Instant Underwriting, and Major technologies such as Touchless Closings ™ have removed barriers to home ownership, making these initiatives the home of Sun West lending, ”said Pavan Agarwal.

About Sun West Mortgage Company (NMLS ID 3277):

At Sun West Mortgage Company, Inc. we are dedicated to providing the best service to our customers. To achieve this, we empower our lenders to find great rates and provide the best loan options for each client at an amazing rate. Our focus on technology has given us an advantage in providing some of the fastest turnaround times available in the mortgage industry so that the customer can get into their dream home sooner!

We are committed to the core values ​​of people, experience, technology and product. Sun West was founded in 1980 with a “customer first” approach and for homeowners who want the mortgage process to be easy and stress-free. Since then, Sun West has offered a multi-billion dollar loan portfolio and is licensed in 48 states, including the District of Columbia, Puerto Rico and the US Virgin Islands. We have passed on our 41 years of experience to all of Sun West through our outstanding leadership and skills.

Visit swmc.com/tru-terms for TRU approval® terms and conditions. For license information, go to www.nmlsconsumeraccess.org. Visit http://www.swmc.com/swmc/disclaimer.php for a complete list of license information. Please see https://www.swmc.com/TXdis.php for a Texas notice of complaint and disclosure of services. In all jurisdictions, Sun West Mortgage Company, Inc.’s authorized (principal) location is 6131 Orangethorpe Avenue, Suite 500, Buena Park, CA 90620, Phone: (800) 453-7884.

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

Contacts

Sophie Michaels
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