Sun West Making Mortgage Processing Fees Extinct
BUENA PARK, Calif.–(BUSINESS WIRE)–Sun West Mortgage Company, Inc. (www.swmc.com) – an industry leader in residential home loans announced the elimination of the mortgage application processing fee charged to its borrowers. Processing fees are traditionally recouped by the lender as a borrower upfront cost or added into their financing costs. This equates to an average of an additional 30 Basis Point charge. At a time when interest rates have risen to ten-year highs, this cost elimination is much needed relief to home buyers.
“I believe everyone should have the opportunity to apply for a home loan without fees being a concern or limiting factor. By eliminating the cost related to processing the loan, I hope to lower the cost of financing so that a broader segment of society may become homeowners.” said Pavan Agarwal, CEO of Sun West.
This announcement comes as Sun West continues to invest heavily in Morgan™ (www.usemorgan.com), the intelligent AI based on Celligence™ Empathetic Technology Architecture (www.celligence.com).
This latest software addition is called “The Processor™” (www.swmc.com/theProcessor). The Processor™ platform autonomously processes loans through AI alleviating the need for costly manual tasks. Mr. Agarwal explained The Processor™ as, “Our platform is designed to automate labor intensive loan processing into a simple one button click. Our AI engine intelligently constructs the loan file and auto performs the majority of processing functions. As a loan originator or borrower compiles and inputs additional required information those documents scanned using optical character recognition and auto-reviewed in minutes. If any additional clarification is needed, the system alerts a bilingual loan expert (English/Spanish) and coordinates with the borrower or the loan officer through their preferred contact method.” The Processor™ allows Sun West to streamline the entire review and closing of the loan file. Coupled with Sun West’s industry defining next day 8 am approvals, a loan originator who is partnered with Sun West is now able to go from loan application to a fully underwritten file within hours.
While the Sun West team is excited to launch “The ProcessorTM” they continue to focus on enhancing Morgan™ and offering borrowers unbiased instant Processing and Underwriting services. This latest addition is a continuation of Sun West’s goal to streamline costs and continue approving loans for underserved communities.
About Sun West Mortgage Company (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 41 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. 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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