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Los Angeles-based Sun West Mortgage Company (SWMC) has launched a new version of Morgan, a real estate blockchain platform.
According to the company, Morgan’s AI technology transforms pre-licensed asset-specific assets into “asset-independent” non-fungible tokens (NFTs).
The tokens are backed by real money and sponsored by Sun West Lenders said the approach gives buyers and sellers the flexibility to offer and accept money “without realism and financial consequences”.
Pavan Agarwal, CEO of Sun West Mortgage, explains: Once the NFT seller and the mortgagee accept and agree on the value of the transaction (the value of the house), the transaction is closed to the public.
To ensure that NFTs are traded as agreed, NFT sellers (buying houses) have two options. You can close the transaction and transfer NFT. Standard real estate purchase. “
Sun West, which originates and manages loans in 48 states, says its blockchain-based platform has helped improve the loan approval process and cut the loan process down to 30 minutes.
Reference Source: MPA
