Candor Secures Series B Funding, Led by Rice Park Capital
Candor Technology, Inc., a leading provider of automated underwriting technology and other technology enabled solutions for the mortgage industry, announced today it has closed a Series B equity round to expand its Loan Engineering System's capabilities and enhance the user experience. The funding was led by Minneapolis-based Rice Park Capital Management, with the support of Arthur Ventures, Assurant Ventures and the management team; as well as participation from several other industry leaders.
Candor's Loan Engineering System is the industry's only patented software solution that assists a lender's licensed loan officers, underwriters, and processors to produce a "decision ready" loan file that complies with investor guidelines. Brokers, Banks, Independent Mortgage Bankers (IMBs), Correspondent, and QC providers utilize the Loan Engineering System to focus on the eligibility, quality, and completeness of the borrower's data; to help identify exceptions; and to increase the speed of decisions that result in improved borrower satisfaction and higher quality loans.
"We're very excited to have joined the Rice Park family of companies," said Mark Hinshaw, Candor's newly appointed Chief Executive Officer. "Rice Park brings unique synergies to Candor that extends far beyond its investment. Its industry relationships and knowledge, as well as its hands-on business approach to investment will be invaluable as Candor continues its quest to be the industry's preeminent provider of software solutions for mortgage lenders."
The new relationship with Rice Park positions Candor well to advance its capabilities and better serve its clients as interest rates continue to decline and mortgage loan volumes recover. Candor's clients are recognizing significantly reduced exposure to the high fixed costs of manual underwriting processes, related labor volatility, and poor loan quality. Candor was purposely built to address these concerns.
Candor's co-founder and newly appointed Chief Executive Officer, Mark Hinshaw, brings to the CEO role an extensive mortgage background and experience with privately owned businesses. He's held leadership positions at Bank of America, JP Morgan Chase, Fifth Third Bank, Digital Risk and several private-equity backed companies.
"We are excited to be an investor in Candor, to have led this Series B round, and to provide an active role on the board," stated Chris Bixby, Managing Director of Strategic Equity Investing at Rice Park Capital. "Mark is very well equipped to lead Candor based on his experience in several private companies, including his leadership at Digital Risk where he served as its CFO and helped guide the company through a successful exit."
Candor has retained its experienced and capable management team of seasoned professionals and entrepreneurs to continue to revolutionize the mortgage industry with new technology solutions. Candor will soon announce its Strategic Advisory Board that will include investors, customers, and others in the industry to support future growth.
About Candor Technology, Inc.
Candor Technology, Inc. is a leading provider of software solutions for the mortgage industry. Its primary offerings include an origination solution (PreQualTM), fulfillment solution (the Loan Engineering System), and an end-to-end machine/human "hybrid" solution (CandorPLUSTM). After more than 3 years, Candor has assisted lenders with more than 2.5 million underwrites. All funded loans are backed by a one-of-a-kind warranty, supported by a triple A rated insurer.
Learn more about Candor Technology, Inc at www.candortechnology.com
About Rice Park Capital Management
Rice Park Capital Management LP is a private investment firm managing funds and investment vehicles on behalf of institutional investors, family offices and high net worth individuals. Its investment focus is to deliver cycle-resistant returns to its limited partners by unlocking value in complex opportunities in the residential and commercial mortgage and real estate sectors. RPC Strategic Equity Investing platform seeks to provide active capital to real estate and mortgage businesses.
Learn more about Rice Park at www.riceparkcapital.com.
No Offer or Solicitation. This press release is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities.
Rice Park is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.
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