ALPHARETTA, Ga., July 23,
2024 /PRNewswire/ -- Candor Technology, a leader
in mortgage technology innovation, announces the release of its
groundbreaking PreQual product, a patented borrower
prequalification service that leverages artificial intelligence to
deliver instant results and borrower insights across conventional
and FHA loans. Traditional prequalification processes are often
time-consuming and cumbersome, leading to delays and inefficiencies
in the mortgage lending workflow. With Candor's PreQual tool, loan
officers can streamline prequal or full conditional credit approval
processes and provide borrowers with near-instant decisions,
transforming the mortgage lending experience for all parties
involved.
Key features and benefits of Candor's PreQual product
include:
- Smooth Integration: Effortlessly blend with existing
workflows, loan origination systems, and point of sale
platforms.
- Instantaneous Results: In less than a minute, lenders
obtain:
- Initial eligibility decisions
- A dynamic borrower-needs list
- FHA manual downgrade notifications when applicable
- Rapid Underwriting Analysis: Within 30 minutes of
submitting borrower documentation or digital verifications, lenders
can obtain:
- Full credit approval
- Income calculations and asset verifications
- Approval letters
- Step-by-step processor guidance
- Enhanced Efficiency: Loan officers no longer need to
wait for a loan to be processed or reviewed by underwriting.
- Reducing borrower walk-aways by 15%-18%
- Shortening LO response times
- Enabling LO to serve more qualified borrowers
- Superior Borrower Experience: Borrowers receive
near-instant decisions, eliminating the long hours of waiting for
feedback and reducing their apprehension and uncertainty about the
homebuying process.
"We are thrilled to introduce Candor's PreQual product to the
mortgage lending industry," said Mark
Hinshaw, CEO at Candor Technology. "By harnessing the power
of AI, we are empowering lenders to make faster, more informed
decisions while providing borrowers with a seamless and stress-free
experience."
For more information about Candor's PreQual product and to
schedule a demo, please visit
https://www.candortechnology.com/.
About Candor Technology:
Candor Technology empowers lenders to create high-quality,
profitable loans with speed, accuracy, and transparency, making it
a valuable tool in the mortgage industry. Learn more about Candor
Technology, Inc. at www.candortechnology.com.
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SOURCE Candor Technology