Candor Technology utilizes a patented automated underwriting engine to analyze loan data and borrower documentation against investor guidelines, enabling consistent and unbiased loan scoring. This technology reduces cycle times and enhances loan quality, allowing lenders to process files more efficiently while minimizing errors and costs.
Funding
$31.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
RPFounders
Product
Problem
Mortgage lenders face challenges in maintaining consistency and eliminating bias in loan underwriting due to manual processes and varying underwriter interpretations of investor guidelines. This can lead to increased cycle times, higher costs, and potential errors in loan quality, impacting profitability and repurchase risk.
Solution
Candor Technology offers an AI-powered underwriting platform that automates the loan review process, ensuring consistent and unbiased loan scoring. The patented CogniTech engine analyzes loan data and borrower documentation against investor guidelines, emulating the thinking process of a human underwriter. By creating and clearing conditions upfront and identifying exceptions for underwriter review, Candor streamlines the underwriting workflow. The system captures data to support repurchase defense and provides a MetaScore™ to offer insight into loan and data quality.
Target Audience
The primary target audience includes mortgage lenders, banks, and credit unions seeking to improve efficiency, reduce costs, and enhance loan quality in their underwriting processes.
Features
- Patented CogniTech AI engine for automated underwriting
- Loan Engineering System (LES) analyzes loan data against investor guidelines
- Automated condition creation and clearing
- Exception identification and surfacing in the LOS
- Consistent loan scoring to eliminate bias
- Data capture for repurchase defense
- MetaScore™ for loan and data quality assessment
- Candor PreQual for borrower pre-qualification
- CandorPLUS for loan fulfillment spanning the entire loan lifecycle
- Loan Quality Services (LQS) for high-quality loan file production