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Pavan Agarwal CEO of Sun West Mortgage Company and MORGAN featured on FOX5 Las Vegas

Pavan Agarwal, CEO of Sun West Mortgage Company and founder of the new fintech startup Celligence, was featured on FOX5 Las Vegas as he demonstrated his award winning AI product called MORGAN. On the broadcast Agarwal discussed topics ranging from artificial intelligence, systemic bank risk concentration, and lending equality. His message was clear- mortgage lending can be complex, but MORGAN simplifies it for everyone.

Artificial intelligence is in the public consciousness lately with the rise in popularity of software such as Chat-GPT and Google’s chatbot Bard. Many think artificial intelligence is a brand new technology in light of these recent developments, but it has actually been around for decades and Sun West Mortgage Company has been at the forefront of this technological revolution. “MORGAN is an artificial intelligence system that we developed over decades. She delivers a very accurate and complete analysis in minutes to hours, what most lenders usually take days and weeks.” Pavan explained. As an engineer by training, Agarwal has always looked at every problem through a technology lens. After being in the mortgage industry for decades and witnessing the challenges first hand, Agarwal came up with the idea of a 24/7 real estate personal assistant accessible via chat. MORGAN makes buying a house as easy as having a text message conversation. Borrowers  talk to her just like any other chat system, and she will deliver guaranteed responses in minutes.

Agarwal also explained one very pertinent concept in light of the recent bank failures in the US- risk concentration. A bank may face concentration risk — or exposure to potential losses large enough (relative to capital, total assets, or overall risk level) to threaten its health or ability to maintain core operations — when its lending base isn’t well diversified. So, as he explained, banks are nervous about having too many borrowers lower income borrowers, challenging life events, or lower purchase prices. However, a recent government study from 2021 showed that credit scores don’t predict mortgage default risk.

While some banks are hesitant to work with the borrowers with complex financial situations, Agarwal encourages them to apply as MORGAN can handle even the most complex scenarios. The Urban Institute did a study that determined African American borrowers have twice the decline rate of white American borrowers. “I wouldn’t say it’s human bias, I would call it complexity. Banks don’t like to do a lot of paperwork. No one likes to do a lot of paperwork.” When MORGAN eliminates the paperwork and the associated costs, then truly every buyer looks equal.

Sun West Mortgage has implemented artificial intelligence and brought their African American decline rates down to be about equal to the national average white American decline rates. So with MORGAN, every American has the same opportunity to buy a home. As a first generation immigrant, Agarwal truly understands the importance homeownership has in building generational wealth. His main goal with MORGAN is to even the playing field and uplift the buyer with the most complex financial situation. Find out more at www.helloMORGAN.COM

About Sun West Mortgage Company, Inc. (NMLS ID 3277)

At Sun West Mortgage Company, Inc. we dedicate ourselves to offering an amazing experience to our customers. To accomplish this, we empower our loan officers so that they can find great rates and provide the most fitting loan options for each customer – at amazing speed. Our focus on technology has given us an edge in the mortgage industry to offer exceptional turn times so the customers can get into the home of their dreams sooner!

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 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.

For licensing information, go to: www.nmlsconsumeraccess.org. Visit http://www.swmc.com/swmc/disclaimer.php for the full list of license information. Please refer to https://www.swmc.com/TXdis.php to view Texas Complaint Notice and Servicing Disclosure.

About Celligence™

Celligence is an affiliate of Sun West Mortgage Company, Inc. (Sun West), one of the largest independent, privately owned financial services companies. As one of the fastest growing fin-tech companies, Celligence provide exceptional service, technology, and product innovation.

At Celligence, a team of brilliant engineers are continuously filing new patents and expanding the boundaries of the financial services industry through innovations in mobile applications, customer acquisition and retention algorithms, and AI based process automation.

Written by Shantel

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