ALPHARETTA, Ga., Oct. 10, 2024 /PRNewswire/ — Candor Technology, a leader in mortgage technology innovation, announces the expansion of its Loan Engineering System (LES) to include Federal Housing Administration (FHA) loans. In an industry first, Candor’s LES not only automates underwriting decisions for FHA loans but also offers a warranty on income calculations and cleared conditions for funded FHA loans.
“There is no other automated underwriting technology that helps lenders make decisions on FHA loans like ours,” said Mark Hinshaw, CEO of Candor Technology. “We’re excited to lead the way with this groundbreaking technology. Our LES capitalizes on the power of AI, enabling originators to make faster, more confident decisions, ultimately enhancing the borrower experience.”
Revolutionizing FHA Loan Underwriting
Candor’s LES seamlessly integrates with lenders’ loan origination software, enabling it to calculate income, assets, and other qualifying credit criteria while cross-referencing FHA guidelines. The system generates and clears dynamic, loan-specific conditions and is backed by a warranty from an AAA-rated insurer for up to 60 months post-closing.
Using advanced expert system technology, the LES can fully underwrite a loan in as little as 90 seconds — even at the point of sale — giving loan officers a competitive edge to secure borrowers faster than ever before.
Commitment to Innovation and Client Collaboration
Alongside the FHA launch, Candor Technology remains committed to continuous improvement through active client engagement. The company has initiated quarterly client advisory sessions and monthly user group calls to gather feedback and identify areas for enhancement.
“At Candor, we’re committed to redefining mortgage industry standards,” Hinshaw added. “Rice Park Capital Management’s recent investment underscores our focus on customer-centric innovation and industry leadership. We’re not the Candor of old — our new direction is rooted in pushing the industry forward with cutting-edge solutions at a time when industry employment is at a 10-year low despite falling rates. It’s time for lenders to take another look at Candor.”
For more information about Candor’s PreQual product and to schedule a demo, please visit https://www.candortechnology.com/.
About Candor Technology:
Candor Technology is at the forefront of mortgage technology innovation, offering advanced automated solutions to streamline the lending process. Backed by a deep commitment to enhancing both lender and borrower experiences, Candor’s PreQual, LES, and CandorPLUS offerings are reshaping the mortgage underwriting landscape. Learn more about Candor Technology, Inc. at www.candortechnology.com.
SOURCE Candor Technology
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Originally published at https://www.prnewswire.com/news-releases/candor-technology-first-in-industry-to-automate-underwriting-for-fha-loans-and-offer-buyback-warranty-302271692.html
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