Candor Technology Releases AI-Powered PreQual Tool
Candor Technology has released a 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:Â Effortlessly blend with existing workflows, loan origination systems, and point of sale platforms.
- Instantaneous Results:Â In less than a minute, lenders obtain:
- Initial eligibility decisions
- A dynamic borrower-needs list
- FHA manual downgrade notifications when applicable
- Rapid Underwriting Analysis:Â 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:Â 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:Â 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.”
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