Celligence™ – provides true fair lending by implementing blockchain technology
The current real estate industry is full of inefficiency and inequality. On December 7, Celligence™ and Sun West Mortgage President and CEO Pavan Agarwal spoke at the Benzinga Future of Crypto conference to explore how blockchain is democratizing real estate and how Celligence™ is disrupting the industry status quo by putting the power in the hands of every buyer with its flagship AI product, Morgan™, available at helloMORGAN.com.
Earlier this year, Celligence™ unveiled Morgan and its TRU Approval® NFT. Celligence™ has converted a worthless mortgage pre-approval into a valuable, property-agnostic TRU Approval® NFT that is embedded with a conditional guarantee and is contingently backed by real US dollars from Sun West Mortgage. This makes the buyer’s offer as good as cash, and creates liquidity and equality for all buyers. It puts the power in the hands of the buyer and opens up opportunities for borrowers in underserved markets with lower income and credit scores, as the home buyer now becomes the seller of their valuable TRU Approval® NFT.
Pavan explained: “It is our mission to make home buying easy and accessible for all buyers. With our technology, we can equip borrowers who have lower credit scores and income with the same power as the buyer who can make a cash offer. Buyers know exactly what they qualify for, get liquidity and are backed by a major financial institution. True fair lending can be achieved when everyone has a TRU Approval® NFT.”
Morgan brings transparency and trust to the sales process thereby improving efficiency and resulting in cost reductions for the borrower. Currently, industry standard closing costs and real estate sales costs are around 6-9% of the sales price. With our technology, we can significantly reduce costs for buyers and sellers.
Pavan further emphasized, “When we talk about NFTs and blockchain, we are not talking about buying a home with Bitcoin, Ethereum or any other cryptocurrency. This is about buying a home with real fiat currency. Nor is it necessary to record all real estate transactions on an open blockchain ledger Since we can record mortgage transactions on the existing Mortgage Electronic Registration System (MERS) standard for only about $10, the mortgage registration problem has already been solved and has stood the test of time There is little to be gained by creating a alternative mortgage registration system on the blockchain. Rather, we take the core of blockchain technology and make it do real work by increasing transparency, reducing risk and cost for buyers, and achieving true fair lending.”
About Sun West Mortgage Company, Inc. (NMLS ID 3277)
At Sun West Mortgage Company, Inc. (swmc.com), we are dedicated to providing an amazing experience to our customers. To achieve this, we empower our loan officers so that they can find good prices and offer the most suitable loan options for each customer – with incredible speed. Our focus on technology has given us an edge in the mortgage industry to offer exceptional delivery times so customers can get into their dream home faster!
We are committed to our core values of people, experience, technology and product. Sun West was founded in 1980 with the perspective of “customers first” and the desire to make the mortgage process easy and stress-free for prospective homeowners. Since then, Sun West has serviced a multi-billion dollar loan portfolio and is licensed in 48 states, the District of Columbia, Puerto Rico and the US Virgin Islands. Our 42 years of experience have been passed down to everyone here at Sun West through excellent leadership and ability.
For licensing information, go to: www.nmlsconsumeraccess.org. For full list of license information visit. Please see to see the Texas Complaint Notice and Service Disclosure. In all jurisdictions, Sun West Mortgage Company, Inc.’s principal (principal) licensed location is 6131 Orangethorpe Avenue, Suite 500, Buena Park, CA 90620, Telephone: (800) 453-7884
About Celligence™
Celligence (celligence.com) is a subsidiary of Sun West Mortgage Company, Inc. (Sun West), one of the largest independent, privately held financial services companies. As one of the fastest growing fin-tech companies, Celligence offers exceptional service, technology and product innovation.
At Celligence, a team of brilliant engineers continuously files new patents and pushes the boundaries of the financial services industry through innovations in mobile applications, customer acquisition and retention algorithms, and AI-based process automation.
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