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 info@candortechnology.com 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.
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SOURCE Candor Technology