[CS] Case Study
ALCOVA Mortgage reinvents the underwriting process with Candor LES.
Mortgage lenders are constantly pressured to do more with less — underwrite more loans, faster; improve quality; reduce or eliminate buybacks. The decisions you make today can impact your business forever. ALCOVA Mortgage took the initiative to set itself up for long-term success.
[01] The Company
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.
[02] The Problem
Underwriting bottleneck & a lack of innovation
According to Owner & Chief Revenue Officer Bobby Nicely, ALCOVA’s biggest challenge before Candor LES was an underwriting bottleneck. The team wanted a solution to increase underwriting capacity and decrease cost — while also giving ALCOVA a consistent system to train new underwriters. “The labor pool for underwriting is constrained and underwriting is still very much a manual process,” Nicely said. “Many people in our industry are stuck in their old ways. You have to rethink the way you do things.”
[03] The Solution
Increased capacity & a new way of thinking
Candor LES sits inside the LOS and not only creates but clears conditions — helping ALCOVA increase capacity and rethink how it trains new hires. “We wanted something that would bring underwriting into the 21st century,” Nicely said. “Since we added this technology, we’ve been able to reach a guaranteed decision on select conventional loans in minutes, not days.” A partner that gets it helped: “Candor’s team members have a pretty high mortgage IQ. You don’t have to explain the loan process to get a simple change made.”
“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.”Bobby NicelyOwner & Chief Revenue Officer // ALCOVA Mortgage
[04] Results
Reduced cost & increased efficiency.
Since rolling out Candor across its teams in January 2022, ALCOVA has seen improvements in several key areas — with even more long-term benefits anticipated. Highlights after 6 months:
“Candor LES has helped us gain certainty in our underwriting process, reduce cost and increase efficiency. These are all reasons why I would recommend Candor to others.”Bobby NicelyOwner & Chief Revenue Officer // ALCOVA Mortgage
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