LOS ANGELES, Aug. 18, 2022 (GLOBE NEWSWIRE) — After several years in development, Sun West Mortgage Company, Inc. (SWMC), a national leader in Mortgage Originations and Servicing, has launched the latest version of its proprietary AI platform Morgan ™. Sun West’s new application of open ledger technology is groundbreaking and will redefine how real estate sales are conducted.
Sun West Mortgage CEO Pavan Agarwal said: “Since we were founded in 1980, the landscape in which we get a home loan has changed. The multi-trillion dollar real estate market is based on countless one-off person-to-person transactions. It was once amazing simple, but over the last few decades has become unnecessarily complex. The invention and mass adoption of blockchain-based technology has given us a new opportunity to streamline these processes, and Morgan™ is designed to redefine the way we trade real estate, while simplifying and correct this over complication.” Sun West reclaims this simplicity by reversing the traditional process of buying a home.
Powered by SWMC’s sister company Celligence™ and together with their TRU Approval™ platform, Morgan’s™ AI technology converts a pre-approved property-specific loan into a property-agnostic tradable Non-Fungible Token (NFT). This NFT is backed by real dollars and guaranteed by Sun West. This approach not only opens up buyers and sellers to wider opportunities, but gives all parties in the income bracket the opportunity to present and accept offers with certainty and without unexpected financing conditions. Thus, the borrower is now armed with the strength of an “all cash” offer that home sellers prefer.
“What we traditionally call a home buyer is now a seller of their unique credit-eligible Non-Fungible Token (NFT). If the trade value (the price of the home) is accepted and accepted by the NFT seller and the property owner, the transaction is openly recorded. To ensure that the NFT is traded as agreed, the NFT seller (home buyer) has two choices, they can terminate the transaction and transfer the NFT, or if they choose not to honor the trade, they lose their earnest money deposit, as usual in all standard real estate purchases,” continues Pavan Agarwal.
Since its soft launch, Sun West has diligently tested and defined Morgan’s™ real-world performance. The results have been remarkable, of the thousands of loan terms Sun West receives daily, Morgan™ reviewed and resolved 99% within two hours. Over 30% of those received were reviewed in 30 minutes. The result is a 100% success rate in properly underwritten and guaranteed TruApproval™ loans.
While the Sun West team is excited to launch its market-making mortgage-based blockchain platform, Pavan Agarwal remains passionately committed to creating transformative technology.
About Sun West Mortgage Company (NMLS ID 3277)
Sun West Mortgage Company, Inc. is committed to core values of people, experience, technology and product. Sun West was founded in 1980 with a “customers first” perspective and the desire to make the mortgage process easy and stress-free for potential 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.
Visit www.swmc.com/tru-terms for TRU Approval® terms and conditions. For licensing information: 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.
Related images
Picture 1
This content was issued through the press release distribution service of Newswire.com.
-
Featured Image for Sun West Mortgage Company, Inc.
