ALCOVA Mortgage Reinvents with Underwriting Process With the Help of Candor LES

- CASE STUDY -

Anyone working within the mortgage industry can tell you it has a lot of ups and downs. Mortgage lenders are constantly being pressured to do more with less. Underwrite more loans, faster. Improve quality. Reduce or eliminate buybacks. It’s a lot to contend with, even when the market is good. The decisions you make today can impact your business forever. However, you don’t have to go it alone. Investing in the right technology can help future-proof your business. ALCOVA Mortgage is one company taking the initiative to set itself up for long-term success.

ALCOVA Mortgage

The alcova mortgage logo is blue and white on a white background.

ALCOVA Mortgage is a residential mortgage lender offering home purchase and refinancing assistance. The company was founded in 2003 by childhood friends Bobby Nicely, Billy Siple and Rob Lindstrom, who were looking for a way to simplify the mortgage process.

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The Problem: Underwriting Bottleneck & A Lack of Innovation

According to ALCOVA Mortgage Owner & Chief Revenue Officer Bobby Nicely, the company’s biggest challenge before implementing Candor LES was an underwriting bottleneck.


Nicely said his team was looking for a solution that would help increase underwriting capacity and decrease cost, while also giving ALCOVA a system to train new underwriters. That’s when his team began conversations with Candor Technology, Inc. about its Loan Engineering System.


The Solution: Increased Capacity & A New Way of Thinking


Candor’s Loan Engineering System (LES) is innovative technology that sits inside of your loan origination system (LOS) and not only creates but clears conditions. Candor’s LES not only helped ALCOVA Mortgage increase underwriting capacity since its implementation, but it also inspired the company to rethink the way it trains new hires to better use the technology.


“Candor takes decades of underwriting knowledge and works in accordance with today’s strict guidelines to produce a higher quality loan that our underwriters can trust is accurate.”

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ALCOVA Results:

Reduced Cost &

Increased Efficiency

Since ALCOVA Mortgage rolled out Candor across its teams in January 2022, the company has seen improvements in several key areas and anticipates even more long-term benefits. Performance highlights seen after 6 months include:


15%

increase in borrower approval numbers (went from 20 to 35% files approved within 7 days). This includes all borrower

conditions and a lot of that improvement is Candor.


2-3 DAYS

estimated average savings in underwriting time on Candor files.


24%

lift in loan production revenue.


NO

quality issues reported with Candor files since implementing LES.

Another important improvement seen by ALCOVA Mortgage is the ability to “go on the offensive” in a shifting marketplace and potentially increase market share.

Perhaps the greatest benefit of Candor LES for ALCOVA Mortgage was discovering it could be

implemented at the point of sale, adding certainty to the entire loan decision making process.

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