Candor Raises $ 12.5 Million to Create Autonomous Science of Mortgage Underwriting

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Candor Technology announced Wednesday that it has completed a $ 12.5 million Series A fundraiser led by early-stage investment firm Arthur Ventures.

According to Crunchbase, in the new round, the total investment of the tech lending company, which uses machine intelligence to power its mortgage underwriting platform, reached $ 13.9 million, with previous debt financing closed at $ 1.4 million in October 2020.

Sincerity seeks to bring better consistency with underwriting. The last cash injections will be used to further develop the company’s credit engineering system. The system is a patented decision making mechanism with 37,741 pivot points. it’s the same part of a larger innovation Candor is trying to create called “Mortgage Decision Technology.”

“This allows lenders to dramatically improve the mortgage economy beyond what current business models can provide,” Founder and CEO Thomas Showalter said in a statement emailed to National Mortgage News. “The Candor credit engineering system … autonomously makes income, asset and lending decisions, which are backed by a defect policy.”

The company has integrated three credit operating systems with its platform. Two more are under development. In addition to regular mortgages, clients will be able to make decisions on those supported by the Federal Housing Administration and the Department of Veterans Affairs through the Credit Engineering System later in 2021.

“Candor has solved an extremely difficult mortgage lending problem. They taught the car to think like an insurer. ” Patrick Minan, general partner of Arthur Ventures, said in a press release.



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