Emerging Startup Introduces Underwriting Robot For The Mortgage Industry
Summary
Former NASA Rocket Scientist and current CEO of Candor Technology, Tom Showalter, applied his skills and knowledge to solve long-standing problems in the mortgage industry, such as capacity issues and lack of ample talent in the underwriting sector. The pandemic stirred up a housing frenzy, with interest rates dipping to historic lows and demand skyrocketing to new heights, which caused pipelines to bulge and underwriters to work at full speed to push loans through. Over the past few years, AI technology has been introduced and touted by a number of mortgage software companies in the industry, but not at the level of complexity as Candor’s Loan Engineering System. As of now, Candor can conduct 110,000 intelligent acts — including edits, updates, additions, calculations, verifications, and validations — within 7 seconds. I will say we are unique to the industry, bringing extremely valuable products, and right now we have a significant valuation.” "There will always be a place for seasoned underwriters," Young added.