Candor Mortgage AI Company Holds Layoffs

Kandor Technology Co., a mortgage artificial intelligence company focused on automated mortgage underwriting decisions that has cut headcount as lenders rush to cut costs.

Candor CEO Tom Showalter said in an email response:

Showalter explained that Candor is in a position to optimize its staffing levels due to various headwinds in the mortgage industry.

Candor did not respond to a request for comment on the company’s size and job cuts. The number of employees in the company is estimated at 51 He to 200 He has 65 employees registered. LinkedIn.

“Future development projects will follow this collaborative approach with our clients and strategic partners. It gives them an edge inside,” added Showalter.

The company debuted in August 2020 with a mission to automate much of the underwriting process when making income, wealth and lending decisions. The company’s automated underwriting technology is designed to augment the capabilities of human underwriters, enabling them to handle more loans.

According to the company, Candor’s clients see about 14 to 19 days less cycle time because the technology eliminates queues.

The Georgia-based technology company offers automated underwriting to 40 lenders, including: American Pacific Mortgage, American financial network, american finance, Alcobabased in Florida FBC Mortgage and home star.

In August 2021, Candor raised $12.5 million in Series A funding. Arthur Ventures.

The company planned to develop an automated valuation and title insurance process.

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