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Industry Updates
CANDOR INTRODUCES CRITICAL
AI UNDERWRITING SOLUTION
Candor Technology has been granted a
U.S. Patent for its CogniTech Expert System
Technology, which successfully models an
underwriter and forensic auditor's critical
thinking.
Using Candor's Loan Engineering System
(LES), Candor clients have reported increased
underwriter productivity by 400%, decrease
turn-time by at least 10 days, and increase
pull-through by 15%. With this data, Candor
estimates the reduction in repurchase exposure
goes from 12-basis points to 1-basis point with
the use of Candor's technology.
Candor's patented technology operates as an
unbiased data matching and validation system.
e system conducts a consistent underwriting
of a loan or other financial asset, leveraging its
access to and ability to interpret and compare
data from multiple sources that lead to the quality
underwriting of a loan. Candor's technology
doesn't operate in the shadows of a black box, but
creates a transparent and auditable underwriting
trail that is preserved in a permanent, immutable,
quantum ledger database.
"At Candor, we strive to create best-in-class
technology to benefit the consumer, the lender,
and the mortgage investor," Candor CEO
Tom Showalter said. "Receiving this patent on
the technology we have spent years perfecting
is tremendously rewarding, as it propels us
forward in our goal to break down barriers to
homeownership by bringing greater ease and
efficiency to the mortgage loan process."
To date, Candor's Loan Engineering
System has conducted more than 1.8 million
underwrites for banks, credit unions, and
mortgage lenders with zero repurchases.
