Candor Technology, a provider of AI-based mortgage underwriting solutions, has launched Candor Pre-Check, its newest product feature. Candor Pre-Check is a data accuracy tool designed to identify discrepancies between a loan application and documents provided by a borrower.
Powered by Candor’s Loan Engineering System (LES) and its patented CogniTech Expert System Technology, Candor Pre-Check improves data quality earlier in the loan process, resulting in fewer underwriting conditions and improved efficiency.
Candor’s LES platform has performed more than two million hands-off underwrites, with zero repurchases to date. Candor clients have reported increased underwriter productivity by 400%, decreased turn-times by at least 10 days and an increased pull-through rate of 15%. Candor estimates the reduction in partners’ repurchase exposure goes from 12 BPS to 1 BPS when they use the LES.
“At Candor, we strive to create best-in-class technology to benefit the consumer, the lender, and the mortgage investor,” says Candor CEO Tom Showalter. “The Candor Pre-Check feature is one more tool lenders can use to improve their loan quality, become more efficient and win in every market cycle.”