Candor Technology Enhances Pre-Close Underwriting Efficiency and Helps Lenders and Investors Quickly Review Portfolios and Reduce Buybacks

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May 20, 2024, 08:00 ET

Recent study of more than 500k funded loans revealed zero repurchases

ATLANTA, May 20, 2024 /PRNewswire/ -- Candor Technology, Inc., a leading provider of automated underwriting technology and other technology-enabled solutions for the mortgage industry, announced today it has completed a study of more than 500,000 funded loans and zero had repurchases. Thirteen repurchase claims were defended because the technology provided the proper information at loan closing. In addition, the company announced that investors are leveraging the automated underwriting technology to quickly review portfolios and avoid re-underwriting files.

"Put simply, Candor helps lenders and investors reduce risk by making the highest quality decision possible," said Mark Hinshaw, Candor's Chief Executive Officer. "Candor doesn't have a bad day even with complicated files. With one out of 12 loans having a defect, lenders can save a substantial amount of money by adding Candor to the underwriting process. It makes the process much more efficient as well. By the time the file gets to the processor and underwriter, 60 percent of the work has been completed so they can review more files."

Candor reviewed more than 500,000 funded loans that were closed within the past five years. Of those loans, only 13 had defects. However, when those loans were reviewed more closely, it was determined that those defects were not due to Candor Technology, resulting in zero repurchases.

Investor confidence boosted with automated underwriting technology

After years of concentrating on mortgage origination underwriting, Candor has broadened its support to strategic partnerships with investors, quality assurance and quality control firms, due diligence companies, and private mortgage insurance providers.

"Candor envisions a future where it underwrites the mortgage loan during origination, providing all investors, agencies, and other involved entities with the certainty they need to avoid duplicating Candor's underwriting process. Imagine the efficiency gains and reduced costs in mortgage manufacturing that would result from this level of certainty," stated Hinshaw.

Find out more go to https://candortechnology.com/, email [email protected] or call 855.520.1400.

About Candor Technology, Inc.

Candor Technology, Inc. is a leading provider of software solutions for the mortgage industry. Its primary offerings include an origination solution (PreQual^™), fulfillment solution (the Loan Engineering System), and an end-to-end machine/human "hybrid" solution (CandorPLUS^™). After more than three years, Candor has assisted lenders with reviewing more than 2.5 million underwrites. All funded loans are backed by a one-of-a-kind warranty, supported by a triple A rated insurer.

Learn more about Candor Technology, Inc at www.candortechnology.com.

SOURCE Candor Technology