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Press release content from PR Newswire. The AP news staff was not involved in its creation.

Has Candor Bootstrapped The Next Billion Dollar Startup?

October 30, 2020 GMT
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ATLANTA, Oct. 30, 2020 /PRNewswire/ -- Candor has been quietly onboarding some of the mortgage industry’s biggest, most respected names to bring its Loan Engineering System to market. Following a 50,000 loan stress test, Candor has demonstrated it can fully underwrite loans with great integrity and without absorbing any underwriting resources. And those 50,000 loans are backed by $3.8B in defect insurance from Lloyd’s of London, eliminating both scratch and dent and repurchase risk.

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“Candor addresses the most significant and hard to solve problem in mortgage manufacturing: modeling an underwriter’s critical thinking,” said Thomas Showalter, Candor’s CEO. “Candor is the only mortgage FinTech platform to successfully institutionalize underwriter thought life in a machine. Using our proprietary, patent pending form of Knowledge Engineering, Candor successfully underwrites a loan to the highest level of integrity with virtually no human assistance.”

Candor’s clients report per loan cost reductions of >$1,000 and a cycle time reduction of ~20 days, a market demand left unanswered by the glut of offerings in OCR, data validation, and other digitization tools.

“Candor is our client’s secret weapon,” said Brandie Young, Candor’s CMO. “It’s a first mover advantage they play close to the vest. The low cost to implement levels the playing field between mega and small to mid-size lenders. Given the broad market appeal, I see Candor evolving into a core lending technology over the next several years.”

Self and Angel-funded Candor, an EBITDA positive company, continues to attract investment dollars as it is poised to address a huge multi-dimensional market with its proprietary, highly effective productivity solution. The addressable market exceeds $3.1B in processing fees and more than $1.4T in insurance coverage. Candor is structured for aggressive growth and profitability and looks forward to a bright future.

About Candor
Finally, lenders can use a machine to make complex, dynamic lending decisions and underwrite a loan with virtually no human assistance. Candor ’s patent-pending Knowledge Engineering Technology models underwriter thought life to automate the critical thinking needed to underwrite a loan. And every loan Candor underwrites is backed by a Lloyd’s of London defect policy. Follow Candor, or demo Candor.

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SOURCE Candor