Candor Technology secures patent for critical thinking product

He provided a comparison between his technology and prevailing methods: “Our repurchase exposures is now dramatically less than one basis point, or one-thousandth – probably more like one hundred thousandth – and the typical human process is 12 basis points.” That translates into a difference between $300 and $400 per loan by human methods versus about $1.94 with the Candor technology, he noted. “We’ve gone from humans doing stuff to that link to an inference network that’s associated with outcomes and the problem. It’s very robust mathematics and a very robust process.”

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The patented technology operates as an unbiased data matching and validation system. The system conducts a consistent underwriting of a loan or other financial asset, leveraging its access to and ability to interpret and compare data from multiple sources that leads to the quality underwriting of a loan, officials explained. “Candor’s technology doesn’t operate in the shadows of a black box, but rather creates a transparent and auditable underwriting trail that is preserved in a permanent, immutable, quantum ledger database,” according to the corporate literature.

Showalter said the patent further solidifies Candor’s mission to conduct autonomous, extensive loan data analysis using expert systems technology and then leverage that analysis to make complex underwriting decisions and clear conditions leaving the underwriter to be able to focus on more difficult tasks. To date, Candor’s Loan Engineering System has conducted more than 1.8 million underwrites for banks, credit unions and mortgage lenders with zero repurchases.

“At Candor we strive to create best-in-class technology to benefit the consumer, the lender and the mortgage investor,” he said. “Receiving this patent on the technology we have spent years perfecting is tremendously rewarding, as it propels us forward in our goal to break down barriers to homeownership by bringing greater ease and efficiency to the mortgage loan process.”