Candor isn’t just another word for honesty. It’s also an adaptive platform lenders use to automate the underwriting of high-quality loans. APM signed up for this dynamic system in January, and our loan officers couldn’t be happier with it.
We all know fintech holds many of the keys to doing things faster, cheaper and easier. Candor is another tool in that toolbox. Underwriting is automated through Candor’s AI-enabled Knowledge Engineering Technology, which models the thinking of an underwriter to adaptively validate, verify and then underwrite data. Candor uses extensive data cross-check methodology between 1003 information, supporting documents, third-party data and the guidelines. Then it makes a lending decision.
We were sold when we heard Candor’s clients report an average reduction of 18.7 days in cycle time, as well as a pull-through increase of 14.6 percent. That means for every 100 loans manufactured, Candor clients are closing, funding and selling 14.6 additional loans. That’s $4 million in volume right there! Clients also reported a decline in underwriter touches, from 2.7 per loan to 1.0 with no erosion to quality.
These stats help Candor’s clients capture additional revenue, while simultaneously tackling the challenge of scaling workforces that comes with increased demand in loan underwriting. In essence, Candor’s Loan Engineering System gives lenders desperately needed capacity at a time when we’re all looking for more hours – and more hands, eyes and brains – in a day.
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