Candor rolls out product feature to enhance loan data accuracy

The Candor Pre-Check feature was built to enhance efficiency and improve loan quality

Candor Technology, a mortgage artificial intelligence (AI) technology firm, announced this week that it has unveiled its latest product feature, Candor Pre-Check. The tool aims to identify inconsistencies between loan applications and borrower-provided documents to data accuracy.

“At Candor, we strive to create best-in-class technology to benefit the consumer, the lender, and the mortgage investor. 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,” said Candor CEO Tom Showalter.

Candor Pre-Check utilizes the company’s Loan Engineering System (LES) and its CogniTech Expert System Technology to enhance data quality at an early stage of the loan process, which minimizes underwriting conditions and boosts operational efficiency.

The company’s LES platform has already completed over 2 million hands-off underwrites without any repurchases to date. It has also resulted in a surge in underwriter productivity, which the company said is up by 400%, while turn-times have decreased by a minimum of 10 days.

Additionally, the pull-through rate has seen a 15% increase, according to the company.

Candor estimates that the utilization of the LES could reduce partners’ repurchase exposure from 12 basis points to just 1 basis point.

Founded in 2018 and based in Alpharetta, Georgia, Candor Technology works to empower lenders to scale their operations to meet market demands, without requiring additional personnel.

Candor Technology’s Loan Engineering System operates in the Mortgage Decision Sciences Technology sector, offering solution for automating the credit and information risk assessment process handled by underwriters. With the ability to automate the intellectual and judgmental aspects of underwriting decisions, lenders can originate high-margin mortgage loans without bias.

This content was generated using AI and was edited by HousingWire’s editors.

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