[CS] Case Study
UpEquity levels the playing field with Candor LES.
All-cash offers are now incredibly common — and some experts predict they’re here to stay. Lenders who thrived in the past may not fare as well without rethinking how they manufacture loans. UpEquity runs more like a tech startup than a mortgage company, and that thinking is what led them to Candor.
[01] The Company
UpEquity is a digital mortgage company that specializes in transforming everyday homebuyers into cash buyers. Its flagship “Buy With Cash” and “Buy Before You Sell” programs aim to help homebuyers rally against the rising wave of cash offers in the mortgage marketplace.
[02] The Problem
Uncertainties in underwriting & approval
The loan manufacturing process is full of uncertainty — getting a loan approved is not as standardized as those outside the industry might believe. “There are thousands upon thousands of ways someone can be denied for a mortgage,” said CTO Andy Pruitt. “A typical loan may have anywhere from 20 to 100 conditions on it. There are a lot of details that have to be checked prior to approval.” The team knew there had to be a better way — and found Candor’s Loan Engineering System.
[03] The Solution
Candor LES adds certainty
A decision platform that can create and clear loan conditions and secure approval in record time — and, crucially, one that integrates with and lives inside MeridianLink, UpEquity’s LOS of choice. “A lot of software companies require you to rip out your existing system and retrain everybody,” Pruitt said. “Meanwhile, Candor says: you got this LOS, right? You like it? Don’t change it. Our software works with it.”
“In the past, mortgage lenders thought it was fine to take 30 days or even 60 days to close a loan. But in order to compete with cash offers, you need to be fast. If you’re a mortgage lender that cares at all about speed, you should be using Candor, full stop.”Andy PruittChief Technology Officer // UpEquity
[04] Results
Faster, more accurate loan approvals.
“Historically, the mortgage industry has operated within a boom and bust cycle,” Pruitt said. “The great promise of Candor is to smooth out the boom and bust cycle — so you don’t have to staff up when the next refinance boom hits, because so much of the work is automated.” Candor also takes the guesswork out of approval, helping UpEquity find even greater success competing with cash offers.
“We quickly found out that Candor just gets it right.”Andy PruittChief Technology Officer // UpEquity
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