The company also adds former OCC chief to its board of directors
Interfirst Mortgage has secured $175 million through an investment round led by StoicLane, a Chicago-based "long-term growth platform."
Funds managed by Oaktree Capital Management, MFA Financial, family offices, and other strategic investors also participated in the funding round through a special purpose vehicle, StoicLane said on Wednesday.
The mortgage originator, also headquartered in Chicago, plans to use the money to accelerate growth and boost its technological advances. Interfirst also aims to leverage artificial intelligence to eliminate upfront fees and lower interest costs through its platform.
"The mortgage industry is fragmented and ripe for disruption by tech-enabled, customer-centric platforms," said Al Goldstein, CEO and chairman of StoicLane. "We look forward to partnering with Interfirst's talented management team and employees to help accelerate the realization of Interfirst's potential."
Read more: Interfirst to recruit 250 Chicago teachers as loan officers
"We are thrilled to welcome StoicLane as our new partner, as Al and the team share our strategic vision for the long-term," said Interfirst CEO Dmitry Godin. "StoicLane's investment in Interfirst signifies their confidence in our commitment to innovate and deliver best-in-class technology for the mortgage industry. This partnership will help us continue to build as we drive the mortgage industry forward."
In addition to the investment, Interfirst added three people to its board of directors, including Brian Brooks (former CEO of Binance US and former Acting Comptroller of the Currency), Brian Laibow (managing director and co-head of North America for Oaktree's Global Opportunities strategy), and Jeffrey Hecktman (founder and CEO of Hilco Global).
