Candor Technology has announced a technology integration agreement with Mortgage Automation Technologies, the providers of the innovative platform The BIG Point of Sale. Through this relationship, borrowers will leverage the seamless user interface with The BIG Point of Sale to apply for a loan and provide the required information to lenders. Using this information and Candor’s patented Cognitech, a lender will be able to rapidly deliver conditional approvals to qualified borrowers who are searching for a home.
Cognitech is an expert system that applies investor guidelines to loan applications using the virtual intelligence of an underwriter and a forensic auditor. Its Decisions On Demand workflow gives borrowers control of the timing of their interaction with the lender and the speed of the lender’s conditional loan approval.
The integration of Decisions on Demand into The BIG Point of Sale represents the first pairing of its kind, giving lenders on the platform a distinct competitive advantage by enabling them to deliver valid, reliable loan approvals to borrowers in the POS space.
“The borrower may engage with the lender’s The BIG Point of Sale website, powered by Candor’s Decisions on Demand, at their convenience, enabling the lender to transform a curious homebuyer into a conditionally qualified borrower in 45 minutes or less,” said Matt Van Fossen, CEO of Mortgage Automation Technologies. “Through this integration, we are redefining the gold standard for mortgage loan closings by leveraging our efficient and borrower-friendly workflows.”
“Integrating Candor with The BIG Point of Sale was a perfect way to combine ease-of-use with the analytics necessary to enable lenders to engage at the speed of the borrower,” added Van Fossen.
With Candor’s Decisions On Demand workflow and Cognitech technology integrated into their The BIG Point of Sale, lenders can provide borrowers an elevated experience, transforming what was once a slow, chaotic, aggravating process into one that is fast, convenient and easy.
“Candor’s Loan Engineering System is the only AI-based system that can qualify a borrower and provide a GSE guideline compliant approval in less than one hour,” said Sara Knochel, Candor’s CEO of Data and Analytics.
And, Candor can make one additional promise: Each borrower touched by Cognitech will be treated the same as other similarly situated borrowers. Inside the Cognitech workflow, there is no room for subjective treatment or unconscious bias. Instead, Cognitech promises and delivers consistent treatment on every file, navigating borrowers through the Decisions on Demand process to quickly and seamlessly achieve their homeownership goals.
“We are excited to leverage the ease-of-integration, ease-of-use and rapid lender implementation supported by The BIG Point of Sale platform. A lender will enable a qualified borrower to start their search for a loan at noon on Friday, get a decision that same day, and submit a bid for a home with exceptional confidence shortly thereafter,” said Tom Showalter, CEO of Candor Technology. “But it’s not just about facilitating an improved borrower experience, Cognitech also produces a higher quality loan with lower exposure to repurchase risk. Convenience, speed and quality – it’s what differentiates a Candor loan from an ordinary mortgage.”
To learn more about Decision on Demand on The BIG Point-of-Sale, visit www.thebigpos.com.
ABOUT CANDOR TECHNOLOGY
Candor Technology uses its patented, complex expert systems technology to bring greater automation to the mortgage loan process. A two-time HousingWire Tech100 winner and winner of Progress in Lending’s 2022 Innovation award, Candor is widely recognized as a leader in Mortgage Decision Sciences Technology. Candor’s Loan Engineering System is a first-of-its-kind machine that automates an underwriter’s credit and information risk assessment – the costliest and most time-consuming part of mortgage origination. With the power to automate the intellect and judgment required to make underwriting decisions, lenders can consistently originate high-quality, high-margin mortgage loans, enabling them to meet any market cycle demand with no change in personnel. Calculate Candor ROI here.
ABOUT MORTGAGE AUTOMATION TECHNOLOGIES, INC.
Mortgage Automation Technologies, Inc. (MAT) is a fintech software and hardware company that designs, develops, and integrates web-based solutions. MAT provides a point of sale software and integrated system hardware such as digital kiosk terminals. Its robust software The BIG Point of Sale services Independent Mortgage Bankers and Mortgage Brokers. At MAT, we are customizing and streamlining the borrower mortgage experience, from simplified web-based portals to state-of-the-art digital kiosks. The company will continue to innovate, streamline and automate the mortgage experience to connect our customers to new clients and partners. Visit mortgageautomationtechnologies.com to learn more.
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