American Pacific Mortgage

The Problem: Document Analysis Slows Loan Progress

“We’re always on the search for innovative technology that integrates well into our existing platforms,” said American Pacific Mortgage Senior Vice President of Operations Sean Lamb. While its potential to reduce turn times on conventional loans was intriguing, Candor’s Loan Engineering System (LES) caught the attention of Lamb and his company because of its ability to analyze data and perform cross-checks with high accuracy while also clearing conditions.

“I wanted technology that could look at the documentation for my loan processors and underwriters, so that they could better use their time elsewhere, including on more complex files,” Lamb said.

The Solution: Candor LES Creates New Efficiencies

“Our team meets with Candor on a weekly basis,” Lamb said. “We’re in high contact with one another and they attentively listen to, acknowledge and follow up on our feedback.” APM also worked with Candor and a peer group to determine how to best use Candor LES.

“If I get ‘Candor cleared’ it only takes my underwriter 50 to 55 minutes to look at property details and then clear to close the file,” Lamb added. “My underwriters have a goal to do two weighted files per day, so that’s 10 a week. But my Candor clear underwriters can do six files a day.”

After doing a comparison

between Candor cleared

loans and regular loans

Lamb noticed:

5-7 DAY

reduction in cycle time

for Candor cleared loans.

An INCREASE

in underwriter productivity

from 2 to 5 or 6 files

per day.

“The quicker you take your

borrower off the market, the

less chance they’re going

to shop around somewhere

else,” Lamb said. “It all comes

down to cycle time and

productivity.”

“We’re not looking for solutions

to replace people, but ones

that make their jobs easier.”

Change the Way You Do Business, With Candor

Loan quality matters now more than ever. Candor can be used across all stages of the lending lifecycle to improve loan quality and mitigate repurchases.