Candor Technology, a trailblazer in the provision of automated underwriting technology and other tech-enabled solutions for the mortgage sector, has successfully concluded a Series B equity funding round.
This significant financial injection, orchestrated by Rice Park Capital Management based in Minneapolis and bolstered by the backing of Arthur Ventures, Assurant Ventures, and the management team, is set to propel Candor’s Loan Engineering System’s capabilities and enrich the overall user experience. The round also saw the participation of numerous industry vanguards, cementing Candor’s position as a key player in the mortgage technology landscape.
At its core, Candor Technology stands out with its Loan Engineering System, the only patented software in the industry designed to support licensed loan officers, underwriters, and processors. This innovative system enables the production of “decision-ready” loan files, meticulously aligned with investor guidelines. Its broad user base, encompassing Brokers, Banks, Independent Mortgage Bankers (IMBs), Correspondent, and QC providers, relies on the system to delve into borrower data’s eligibility, quality, and completeness, effectively spotting exceptions and expediting decision-making processes. This, in turn, elevates borrower satisfaction and fortifies the integrity of loan portfolios.
The infusion of fresh capital is poised to bolster Candor’s trajectory, especially as it joins forces with Rice Park Capital. Mark Hinshaw, the co-founder and newly minted CEO of Candor, expressed enthusiasm about this strategic partnership, highlighting Rice Park’s deep-rooted industry ties and hands-on investment approach as instrumental in propelling Candor towards becoming the paramount software solution provider in the mortgage industry.
This collaboration comes at an opportune moment, aligning with favourable market shifts like declining interest rates and a resurgence in mortgage loan volumes. Consequently, Candor anticipates a significant downturn in the vulnerabilities traditionally associated with manual underwriting processes, such as fluctuating labour costs and compromised loan quality.
Candor Technology CEO Mark Hinshaw said, “We’re very excited to have joined the Rice Park family of companies. Rice Park brings unique synergies to Candor that extends far beyond its investment. Its industry relationships and knowledge, as well as its hands-on business approach to investment will be invaluable as Candor continues its quest to be the industry’s preeminent provider of software solutions for mortgage lenders.”
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