Candor Technology announced today that it has created the first-ever automated underwriting engine for Loan Quality Services (LQS), further helping clients transform their business models for the twenty-first century.
Candor is offering lenders its Loan Quality Services for just $75 per loan file, enabling them to adapt to current market conditions while still offering borrowers best-in-class service.
Candor’s LQS addresses many pressing concerns such as QA’s impact on the fallout, QC’s impact on loan profitability, leakage of recurring defects from QA to QC, and the originator’s quality ranking with investors.
Candor’s LQS gives client members access to automation of numerous capabilities, including primary source document and data validation; thorough re-underwrite of income and assets; application of guidelines and overlays; defect identification and resolution, and reporting and repurchasing defense data.
Using Candor’s unmatched technology, clients can monitor for defects in real time, mitigate repurchase risk and achieve repurchase claim defenses.
“Our goal at Candor is to provide clients with cutting-edge technology solutions that enhance their business operations at a price that makes sense for their bottom lines,” said Candor CEO Tom Showalter. “Now, more than ever, it is critical that we find ways to use technology to better serve consumers while keeping costs low. Our Quality Services do exactly that, and we’re proud to bring it to market.”
Candor’s Loan Quality Services announcement follows the news that its CogniTech™ decisioning platform was awarded a U.S. Patent earlier this fall. The CogniTech platform uses Expert Systems, Natural Language Processing, and other AI techniques to successfully reproduce the critical thinking of an underwriter, thus effectively reducing the cost and time it takes to close a home loan.
“Candor is dedicated to finding new and innovative ways to leverage technology to enhance the lending process,” said Showalter. “We work passionately every day to uncover the innumerous ways that data and analytics can be used to better the lending lifecycle.”