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10 | M R EP O RT MTECH asset; application of guidelines and overlays; defect identification and resolution; and reporting and repurchase defense data. Using Candor's technology, clients can monitor for defects in real-time, mitigate repurchase risk, and achieve repurchase claim defenses. "Our goal at Candor is to provide clients with cutting-edge technology solutions that enhance their business operations at a price that makes sense for their bottom lines," Candor CEO Tom Showalter said. "Now, more than ever, it is critical that we find ways to use technology to better serve consumers while keeping costs low. Our Quality Services do exactly that, and we're proud to bring it to market." Candor's Loan Quality Services announcement follows the news that its CogniTech decision- ing platform was awarded a U.S. Patent earlier this fall. The CogniTech platform uses Expert Systems, Natural Language Processing, and other AI tech- niques to successfully reproduce the critical thinking of an under- writer, thus effectively reducing the cost and time it takes to close a home loan. "Candor is dedicated to find- ing new and innovative ways to leverage technology to enhance the lending process," Showalter said. "We work passionately every day to uncover the innumerous ways that data and analytics can be used to better the lending lifecycle." On the Road to Homeownership NEW LOANDEPOT PORTAL HELPS GUIDE FIRST-TIME BUYERS l oanDepot has introduced a holistic suite of digital tools designed to support first-time homebuyers through every stage of the home buying journey, from preparing for homeowner- ship to navigating the process to closing on their first home. Many potential first-time home- buyers are frozen out of the mar- ket today. Home prices reportedly rose 20.6% from March 2021 to March 2022—and as of April 2022, the typical 7% down payment made by first-time homebuyers amounted to $27,400, which could prevent 92% of renters, whose me- dian savings are just $1,500, from purchasing a home. "Housing affordability and sustainable homeownership are amongst the most pressing issues today, particularly for first-time homebuyers who have unique needs when navigating what can be a complex journey as they enter the market," loanDepot President of Digital Products and Services Zeenat Sidi said. "We're talking about a diverse group, who are more digitally savvy today, with many first-time homebuyers starting the process by researching online to become educated on all of their options. By offering relevant and holistic digital content, tools, and resourc- es in a convenient and easy-to- navigate site, our goal is to make the dream of homeownership a reality for as many homebuyers as possible." Simplifying one of life's most significant financial transactions, loanDepot's new digital portal provides multiple resources, all in one place. Users have access to: A dedicated site for first-time home buyers taking users to fantastic new educational content, as well as helping them get pre- approved for a mortgage and connected to a real estate agent through loanDepot's affiliated real estate referral and broker business, mellohome. A financial wellness section featuring a complimentary credit monitoring tool to help potential homebuyers understand their credit bureau score and report, and how it affects their home buying prospects. Home search functionality allowing customers who are ready to start looking for (or even dreaming about) their perfect home to do so in the portal. Up to $4,500 in cash and incen- tives for first time homebuyers as part of the loanDepot Grand Slam program. In partnership with sister company mellohome, the Grand Slam gives customers seamless access to an entire suite of home transaction products in a single package, with unique benefits for first-time homebuyers who purchase with a mellohome- approved agent and finance through loanDepot. "Providing increased support for first-time homebuyers is a critical part of our Vision 2025 strategy focused on expanding loanDepot's purpose driven purchase market origination footprint," loanDepot President and CEO Frank Martell said. "We are entering a phase of profound generational change and consequently the make-up of the typical new homebuyer in this country. Our team at loanDepot is squarely focused on making sure the first-time homebuyers of today and the future have the best possible information, tools, and support as they start their home- ownership journey." Expanding Affordable Mortgage Options MORTY LAUNCHES NEW DIGITAL MARKETPLACE M orty has expanded its marketplace with FHA loans to better meet the affordability needs of homebuyers in the current market. Since Janu- ary, Morty has seen more than a three-times increase in customers with needs beyond more com- mon conventional loans. Morty has launched a range of new loan options and affordability tools over the past year, includ- ing FHA, HomeReady, jumbo