Candor Technology has expanded its Loan Engineering System (LES) to include Federal Housing Administration (FHA) loans.
In an industry first, Candor’s LES not only automates underwriting decisions for FHA loans but also offers a warranty on income calculations and cleared conditions for funded FHA loans.
“There is no other automated underwriting technology that helps lenders make decisions on FHA loans like ours,” says Mark Hinshaw, CEO of Candor Technology, in a release. “We’re excited to lead the way with this groundbreaking technology. Our LES capitalizes on the power of AI, enabling originators to make faster, more confident decisions, ultimately enhancing the borrower experience.”
Candor’s LES seamlessly integrates with lenders’ loan origination software, enabling it to calculate income, assets, and other qualifying credit criteria while cross-referencing FHA guidelines. The system generates and clears dynamic, loan-specific conditions and is backed by a warranty from an AAA-rated insurer for up to 60 months post-closing.
Using advanced expert system technology, the LES can fully underwrite a loan in as little as 90 seconds — even at the point of sale — giving loan officers a competitive edge to secure borrowers faster than ever before.
“At Candor, we’re committed to redefining mortgage industry standards,” Hinshaw adds. “Rice Park Capital Management’s recent investment underscores our focus on customer-centric innovation and industry leadership. We’re not the Candor of old — our new direction is rooted in pushing the industry forward with cutting-edge solutions at a time when industry employment is at a 10-year low despite falling rates. It’s time for lenders to take another look at Candor.”