ATLANTA – (COMMERCIAL THREAD) –Candor reached a milestone with more than 250,000 loans going through its adaptive loan underwriting engine just five months into production. The platform, which debuted in August 2020, is a one-of-a-kind loan engineering system that lenders use to automate the underwriting of a high-quality loan. Candor Certified Loans are backed by a default insurance policy from one of the world’s largest and strongest insurers.
In January, Candor signed its tenth client. Alcova mortgage joined a client of the Top 5 lenders, American financial network (APN), Pacific American Mortgage (APM) and other leading lenders who are already using Candor’s loan engineering system.
Candor’s Expert System automates underwriting using its patent-pending knowledge engineering technology, which is a form of AI. The platform models a subscriber’s thinking to validate, verify and then subscribe data in an adaptive manner. Candor uses a thorough methodology to cross-reference data between 1003 pieces of information, supporting documents, third-party data and guidelines, and makes the decision to lend.
After five months, Candor’s customers report an average reduction of 18.7 days in cycle time and an increase of 14.6%. This means that for every 100 loans created, Candor’s clients enter into, finance and sell an additional 14.6 loans for a volume of approximately $ 4 million. Customers also report a drop in contact with underwriters from 2.7 per loan to 1.0 with no erosion in quality.
This reduced cycle time and increased extraction rate help Candor’s customers capture revenue they would not otherwise have and help them meet the challenge of scaling the workforce to do in the face of increased demand for loan underwriting. Using Candor’s loan engineering system gives lenders the capacity they desperately need.
Just five months into production, here are some numbers to support Candor’s burgeoning success:
Cycle time reduced by an average of 18.7 days
Subscriber keys reduced from 2.7 to 1 per record
20% + Improved Processor Productivity
14.6% increase in success rate added ~ $ 4 million in volume per 100 loans closed
To learn more about this technology or to request a demo, visit http://www.candortechnology.com.
About the franchise
With Candor, lenders use a machine to perform the nuanced and dynamic underwriting functions that require critical thinking from an underwriter. CandorPatent-pending knowledge engineering technology models the thinking and decision-making capabilities of underwriters to automate the complexities of underwriting. Plus, Candor Certified Loans are backed by a default policy from an internationally renowned carrier. To pursue Candor or demo Candor.