Improved market conditions early this year have accelerated the company's relaunch
After putting operations on hold for the past three years, InterFirst Mortgage has re-entered the mortgage space with the launch of a new loan origination technology platform.
The private equity-backed mortgage originator exited the market in 2017, citing "increased uncertainty" and "oversaturation and overvaluation in the mortgage market" as the reasons. According to InterFirst, its core leadership team has spent the last two years developing previous innovations and refining the company's flagship technology systems to lower its origination costs, while maintaining profitability.
InterFirst announced on Wednesday that it had resumed operations with a new platform and an expanded business model. The firm has begun to originate mortgages through its wholesale and consumer-direct retail channels.
The favorable market conditions in early 2020 boosted InterFirst's plan to relaunch, according to Mark Freedle, executive vice president of production at InterFirst
"2020 represents an unprecedented opportunity for a mortgage lender with real experience and substantial equity capitalization, no legacy challenges, and the capability to build a proprietary online experience," Freedle said. "The industry disruption has also created an opportunity for private equity-backed Interfirst to acquire consumer-direct call centers and strategically located licensed conforming/government wholesale mortgage operations that have Ginnie and/or Fannie Seller Servicer tickets. The pace of our planned expansion to 50 states will depend on these strategic acquisitions."
In addition to the relaunch, the company is expanding its wholesale product offerings by recruiting both new mortgage brokers and previous employees. InterFirst also plans to build a call center team of loan originators, along with a non-commissioned sales team, to support its new retail channel.
"Although InterFirst's business model has changed, its aversion to risk and commitment to quality remain the top priority," Freedle said. "Our guiding principles have always prioritized avoiding reckless lending practices or the origination of overly risky mortgages. The company will continue to pride itself on the highest quality origination and servicing of mortgage loans."
