Sun West Mortgage Launches Market-Making Blockchain Platform
LOS ANGELES, Aug. 18, 2022 (GLOBE NEWSWIRE) -- After years in development, Sun West Mortgage Company, Inc. (SWMC), a national leader in Mortgage Originations and Servicing, has launched the newest iteration of their proprietary AI platform Morgan.
LOS ANGELES, Aug. 18, 2022 (GLOBE NEWSWIRE) -- After years in development, Sun West Mortgage Company, Inc. (SWMC), a national leader in Mortgage Originations and Servicing, has launched the newest iteration of their proprietary AI platform Morgan™. Sun West's novel application of open ledger technology is ground-breaking and will redefine how real estate sales are transacted.
Sun West Mortgage CEO Pavan Agarwal said, "Since our founding in 1980, the landscape of which we obtain a mortgage has changed. The multi-trillion-dollar real estate market is based on countless singular person-to-person transactions. It was once wonderfully simple but, over the past decades, has become unnecessarily complex. The invention and mass adoption of blockchain-based technology has brought us a new opportunity to streamline this processes and Morgan™ is designed to redefine the way we trade real estate while simplifying and correcting this over complication." Sun West regains this simplicity by reversing the traditional process of buying a home.
Powered by SWMC's sister company Celligence™ and paired with their TRU Approval™ platform, Morgan's™ AI technology converts a pre-approved property-specific loan to 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 buyers and sellers to wider opportunities but empowers all income bracket parties the ability to present and accept offers with certainty and without open-ended financing contingencies. 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 qualified Non-Fungible Token (NFT). If the trade value (the price of the home) is accepted and agreed to by the NFT seller and property owner, the transaction is openly recorded. To ensure the NFT is traded as agreed, the NFT Seller (home buyer) has two choices, they may close the transaction and transfer the NFT, or if they choose to not honour the trade, they forfeit their earnest money deposit, as customary in any standard real estate purchase," continues Pavan Agarwal.
Since its soft launch, Sun West has been diligently testing and defining Morgan's™ real-world performance. The results have been remarkable, of the thousands of daily loan conditions Sun West receives, 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 TruAproval™ loans.
While the Sun West team is excited to launch their market-making mortgage-based blockchain platform, Pavan Agarwal remains eagerly committed to the creation of 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 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 been servicing 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 has been passed down to everyone here at Sun West through excellent leadership and capabilities.
Visit www.swmc.com/tru-terms for TRU Approval® terms and conditions. For licensing information: www.nmlsconsumeraccess.org. Visit http://www.swmc.com/disclaimer for the full list of license information. Please refer to https://www.swmc.com/TXdis to view Texas Complaint Notice and Servicing Disclosure. In all jurisdictions, the principal (main) 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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