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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.
“Does it make sense?”
That’s the mantra and ultimate question Candor Technology Solutions LLC seeks to answer with their highly advanced automated underwriting technology. 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. Typically, mortgage companies will hire hundreds of new underwriters when the housing market heats up — many of whom are unseasoned and eventually get canned when the market cools back down. Such is the way for many sectors of the mortgage industry, which is why many companies look to automate wherever they can.