Candor Technology has launched PreQual, a patented borrower prequalification service that leverages artificial intelligence to deliver instant results and borrower insights across conventional and FHA loans.
Traditional prequalification processes are often time-consuming and cumbersome, leading to delays and inefficiencies in the mortgage lending workflow. With Candor’s PreQual tool, loan officers can streamline prequal or full conditional credit approval processes and provide borrowers with near-instant decisions, transforming the mortgage lending experience for all parties involved, the company says in a release.
Candor says PreQual offers smooth integration, blending with existing workflows, loan origination systems, and point of sale platforms.
The solution also offers fast results, delivering initial eligibility decisions, a dynamic borrower-needs list, and FHA manual downgrade notifications when applicable, in less than a minute.
PreQual also offers rapid underwriting analysis: Within 30 minutes of submitting borrower documentation or digital verifications, lenders can obtain full credit approval, income calculations and asset verifications, approval letters, and etep-by-step processor guidance.
The tool means loan officers no longer need to wait for a loan to be processed or reviewed by underwriting – thus it shortens LO response times, which, in turn, boosts borrower satisfaction.
“We are thrilled to introduce Candor’s PreQual product to the mortgage lending industry,” says Mark Hinshaw, CEO at Candor Technology. “By harnessing the power of AI, we are empowering lenders to make faster, more informed decisions while providing borrowers with a seamless and stress-free experience.”
Photo: John Schnobrich