Solve the problem of fair lending with empathic technology

BUENA PARK, CA – (BUSINESS CHP) – The limitation of financial programs, the complexity of lending processes and the reluctance of many lenders to invest time and resources in potential clients with non-traditional financial conditions is a major barrier to affordable housing in underserved communities. Pavan Agarwal, CEO and founder of Sun West’s technology division, Celligence ™, is committed to tackling these inequality issues. “Technology is the best equalizer and universally levels the field. The goal of our technology is to achieve truly impartial fair lending. In today’s volatile and unpredictable environment of interest rates, sellers often reject strong offers due to low down payments and unforeseen circumstances for FHA / VA / USDA loan approval. ”

Sun West has used what they call Empathetic Technology to create two tools to achieve equitable lending everywhere. TRU approval® enables lower-income borrowers to submit offers that are often considered equal to or even better than money offers. The second is Morgan ™ – a technology based on artificial intelligence. These products are already helping people achieve their home ownership dream with the latest results, showing about 65% of TRU approvals® were for traditionally lower incomes and lower down payments loans from the FHA / VA / USDA. 53% of TRU approvals® were for borrowers with a credit rating of 680 or less and 22% of TRU approvals® were for borrowers with a credit rating of 620 less. Mr Agarwal said: “Our approach has met a real need in the housing market. In fact, 33% of Sun West’s new loan applications were approved by the TRU® and with the precision of AI technology in Morgan’s brain, we were able to honor every TRU approval® in a highly competitive and turbulent environment. ”

Other notable performance measures achieved with Morgan бяха were 99% of the thousands of loan terms that Sun West receives daily, reviewed within two hours, and over 30% of these obtained terms were reviewed in just 30 minutes. So, over 99.5% of Sun West’s new applications are carefully reviewed and signed by 8 a.m. the next business day. Mr Agarwal explained how this had been achieved: “At any time of the day, the originator of the loan simply hands over the documents and supporting information to the borrower’s safe to Morgan. Our AI engine will recognize the information provided and intelligently build the loan file. While this is being done, the system performs most of the processing functions that are usually performed manually. This allows us not only to streamline the entire file review, but also eliminate any manual delays and cost overruns that are a common barrier to approving a loan for underserved communities.

While the Sun West team is proud to present Celligence in the real world, they are even more excited about the release of the next iteration of the technology. Through Morgan ™, borrowers will be able to communicate with any part of the company (from taking out insurance to closing to servicing the loan) in the language they prefer. Over the next 90 days, Sun West’s goal is Instant Underwriting, where every document given to Morgan will be reviewed and addressed in less than 30 minutes. Sun West has already introduced multilingual Touchless Closings ™. With Touchless Closing ™, loan documents are generated automatically and delivered to the closing table within six hours after the final loan condition is given to Morgan.

Borrowers in underserved communities deserve the opportunity to present their offers to sellers with pride and confidence, just as high-income buyers do. “Like the House of Honest Lending”, we provide this level of service equally for all demographic groups of borrowers. We will continue to invest in creating transformative technology that will make low-cost financing more affordable and equitable than ever. The introduction of key technologies such as multilingual Morgan, Instant Underwriting and Touchless Closings has broken down barriers to home ownership. “These initiatives are making Sun West a home of honest lending,” said Pavan Agarwal.

About Sun West Mortgage Company (NMLS ID 3277):

The 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 that they can find great interest rates and provide the most suitable loan options for each client – with incredible speed. Our focus on technology has given us an edge in the mortgage industry to offer some of the fastest lead times available – so the customer can get to their dream home sooner!

We are committed to our core values ​​of people, experience, technology and products. 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 future 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 41 years of experience have been passed on to everyone here at Sun West through excellent leadership and ability.

Visit swmc.com/tru-terms for TRU approval® terms and conditions. For licensing information, visit: 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 to view the Texas Complaint Notice and Service Disclosure Disclosure. In all jurisdictions, the primary (primary) licensed location of Sun West Mortgage Company, Inc. is 6131 Orangethorpe Avenue, Suite 500, Buena Park, CA 90620, phone: (800) 453-7884.

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