What’s touted as a first-ever automated underwriting engine for Loan Quality Services (LQS) was unveiled by Illinois-based Candor Technology.
Candor says its LQS engine addresses many pressing concerns such as quality assurance’s (QA) impact to fallout, quality control’s (QC) impact on loan profitability, leakage of recurring defects from QA to QC and originator’s quality ranking with investors.
The engine gives client members access to automation of numerous capabilities such as primary source document and data validation, re-underwriting of income and asset, application of guidelines and overlays, defect identification as well as resolution, reporting and repurchase of defense data.
“Our goal at Candor is to provide clients with cutting-edge technology solutions that enhance their business operations at a price that makes sense for their bottom lines,” Candor CEO Tom Showalter said in a release. “Now, more than ever, it is critical that we find ways to use technology to better serve consumers while keeping costs low. Our Quality Services do exactly that, and we’re proud to bring it to market.”
This announcement follows news that Candor’s CogniTech decisioning platform was awarded a U.S. patent earlier this fall.
The CogniTech platform uses expert systems, natural language processing and other artificial intelligence (AI) techniques to successfully reproduce the critical thinking of an underwriter, thus effectively reducing the cost and time it takes to close a home loan, according to the company.
“Candor is dedicated to finding new and innovative ways to leverage technology to enhance the lending process,” Showalter said. “We work passionately every day to uncover the innumerous ways that data and analytics can be used to better the lending lifecycle.”