Meet the Founder
Michael Powell has served the mortgage industry since 1993. He began his career as a processor, owned his own mortgage company for 12 years, and is currently president of a mortgage division closing up to $100 million in monthly production.
Powell’s experience in various roles in the mortgage industry led to his frustration with the regulatory and compliance environment.
“There was stress associated with upper management expecting the mortgage team to get it all right but not having the solutions to fix the problems,” Powell stated.
This pressure created tremendous stress on the operations staff. The current solutions prior to Cahootz relied on increased staffing, manual checklists, use of excel spreadsheets, and reviewing loans at multiple stages to ensure regulatory compliance. All of this made it difficult to hire and train new employees.
“The industry had created a system of mental gymnastics,” Powell stated.
As he sought a solution to this “mental gymnastics” he knew he wanted to create a software that allowed the mortgage industry to come together and solve the industry’s challenges one time.
This led Powell to create and develop Cahootz, a powerful, yet intuitive, software solution which advocates lenders to work together to solve the mortgage industry’s challenges.
