OptiFunder closes on capital raise and expands its Executive Team
Mortgage Industry's first Warehouse Management System set to capitalize on strong demand
ST. LOUIS - Sept. 18, 2019 - PRLog -- OptiFunder, the residential mortgage industry's first Warehouse Management System for mortgage originators, announced today that it has raised a seed round of capital and named Brian Abbott as its new Chief Operating Officer. OptiFunder will leverage the funding and executive team addition to capitalize on the strong demand for its revolutionary Warehouse Management System. Participants in the capital raise are comprised of mortgage industry executives and seasoned investors in high growth technology firms.
Non-bank mortgage originators continue to increase their share of residential mortgage originations. As such, the need for warehouse lines and other short-term financing solutions is increasingly more important. OptiFunder automates and optimizes the currently manual and sub-optimized funding process for originators. It's patent-pending optimization algorithm has proven the ability to decrease mortgage originators cost of warehouse financing by upwards of 10%.
"With the additional capital behind us and the expansion of our executive team, OptiFunder is well positioned to scale its revolutionary technology. We have been absolutely blown away by the industry response from our launch earlier this year. At a time when the cost to originate a mortgage has continued to increase, we have achieved significant ROI for our customers by decreasing the second-largest expense incurred by independent originators,"
An industry vet, Brian Abbott brings executive leadership and a long history of bringing innovative technology solutions to the mortgage industry. Abbott most recently served as Director of Operations & Strategy for Altisource, a leader in services and technology in the mortgage and real estate industries. Prior to that, Abbott served as Vice President of Strategy and Corporate Development for Mortgage Builder, a provider of mortgage origination and servicing systems.
Abbott adds, "I am incredibly honored to be joining the OptiFunder team to help guide the next phase of growth. Both its people and the technology are the best in the business and our new capital raise means that OptiFunder's future is incredibly bright. With ever increasing cost to originate, we are uniquely positioned to set a new standard for mortgage technology. We are well on our path to disrupting the current manual and sub-optimized process independent mortgage originators rely on to fund a mortgage loan."
McFadden continues, "I could not be more excited about having Brian join our executive team. Brian is a proven leader and has built his career around bringing innovative technology solutions to the mortgage industry and rapidly scaling growth companies. We are very excited for the promising future ahead for OptiFunder."
For more information on OptiFunder and its product offerings, visit www.optifunder.com.
About OptiFunder Corp.
OptiFunder is a Fully-Integrated and Automated Warehouse Management System for mortgage originators. OptiFunder developed a patent-pending optimization algorithm to optimize where originators fund each and every loan to achieve the best financial performance. Additionally, OptiFunder automates the submission of data and documents to the warehouse lender, providing a fully-integrated solution for the mortgage funding process.