Agarwal's goal is complete robotic manufacturing in the mortgage industry, similar to the manufacturing process of products like cell phones and automobiles. He believes that this approach is more scalable, resilient, and profitable than traditional methods. He also shares that the company's loan officers spend most of their time sourcing business rather than being involved in the manufacturing process. Despite developing Angel Ai for Sun West, Agarwal has made the technology available to competitors, believing that there is plenty of business for everyone. He predicts that the current market conditions, AI technology, and the generational gap between originators and customers will lead to a significant shift in the industry.
Key takeaways:
- Pavan Agarwal, CEO of Sun West Mortgage Company, believes that AI technology can automate 99% of tasks in the mortgage industry, reducing the need for human involvement.
- Agarwal's goal is complete robotic manufacturing in the mortgage industry, similar to how products like cell phones and automobiles are manufactured.
- Agarwal believes that the future of loan officers will change, with less involvement in the manufacturing process and more focus on sourcing business.
- Despite developing Angel Ai for Sun West, Agarwal has made the technology available to competitors, believing there is plenty of business for everyone.