May 16, 2022 09:26 AM Eastern Daylight Time
CHICAGO--( BUSINESS WIRE )-- StoicLane , a long-term growth platform making strategic acquisitions to support digitizing Finance, Insurance & Real Estate (“FIRE”) verticals, today announced that it has completed the acquisition of Triserv Appraisal Management Solutions (“Triserv”), a top-tier appraisal management company providing best-in-class appraisal and evaluation solutions for banks, credit unions and mortgage bankers in all 50 states. Through this partnership, StoicLane will provide capital, operational expertise, and technological infrastructure to accelerate Triserv’s growth. “We are very proud of the business we have built at Triserv and are continually looking for opportunities to invest in our people, processes, and technology,” said Todd Ehrlich – Chairman at Triserv. “This partnership with StoicLane will ensure we remain on the forefront of service and performance for our clients, which is our number one priority. We look forward to this next chapter of growth, and to continuing to serve our clients and appraisers nationwide.”
The announcement marks the third investment by StoicLane’s mortgage services affiliate. StoicLane seeks to serve mortgage originators with efficient and valuable tech-enabled, customer-centric mortgage closing solutions. “Triserv is one of the top appraisal management companies in the US, having built an impressive proprietary order management system that provides a best-in-class experience for lenders and appraisers alike,” said Al Goldstein, Co-Founder, CEO, and Chairman of StoicLane. “We look forward to collaborating with Triserv’s team to continue growing the business and innovating in the appraisal industry.”
About StoicLane:
StoicLane is a Chicago-based long-term growth platform making strategic acquisitions to support digitizing Finance, Insurance & Real Estate (“FIRE”). The firm works closely with its portfolio companies by harnessing the power of data and technology to bring better service and quality to consumers. To learn more about StoicLane, visit stoiclane.com . About Triserv:
Triserv Appraisal Management Solutions is a 50 state Appraisal Management Company renowned for its service-first culture, national panel of appraisers, and cutting-edge technology. Triserv is laser focused on building customer confidence, improving operational efficiencies, and driving superior performance. Our ultimate goal is to create sustainability and best-in-class customer service for our lender base. To learn more about Triserv, visit www.triservllc.com
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StoicLane Acquires Triserv Appraisal Management Solutions

HousingWire
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Mortgage lender is reducing its workforce at the lender's facility in Rosemont, Illinois
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Six months ago Interfirst Mortgage Co. issued pink slips to over 350 non-commissioned loan officers, a  workforce reduction  that former workers claimed to represent more than half of Interfirst’s entire staff. It was not enough: the Rosemont, Illinois-based business plans to lay off 140 more employees in May, a Worker Adjustment and Retraining Notification Act (WARN) the company filed in early March reveals. Interfirst plans to lay off at the lender’s facility in Rosemont beginning on May 13, 2022, or within two weeks of that date. The company’s job cuts include human resources, technology, talent acquisition, and executive assistant positions. The workforce reduction is also focused on mortgage loan production. The lender is scheduled to lay off 26 processors, 20 originators, and 15 mortgage account executives in junior and specialist job positions. The company is also laying off four people with the title of vice-president. Interfirst did not respond to requests for comment left by HousingWire. Some mortgage lenders reduced their workforce in the second half of 2021 and are now implementing new layoff rounds, such as Interfirst and Better.com. Interest rates are rising fast, reaching  5.10% last week , compared to 2.98% a year ago, according to the latest Freddie Mac PMMS. Higher rates are depressing  refi volumes  by 71% year-over-year, a Mortgage Bankers Association (MBA) report showed. Interfirst is a mortgage business founded in 2001 by Dmitry Godin that has been harmed before by market downturns. In 2012, the historically low interest rates led to  a boom  in refinances, and the lender grew to $14.5 billion in origination volume, cementing its place as the 15th largest originator in the country. But Interfirst struggled to maintain volumes in the following years as the market turned to purchase. The company reduced its origination to $2 billion in 2016 before shutting down altogether in 2017. Godin relaunched the business in late 2019 as a lender focused on both wholesale and retail channels. It was just before refinance volumes started to grow again due to rates at historically low levels to deal with Covid-19’s impact pandemic on the economy. Interfirst boasted of its ability to train people with no background in mortgage through a rigorous training course. In October 2021, a $175 million investment from principals at the private holding company StoicLane was used to  grow operations  and refine and develop new technologies. StoicLane and the executives did not respond to a request for comment about the additional layoffs. In November, Interfirst laid off 77 employees in Charlotte, North Carolina (including  50 LOs ), and 274 in Rosemont. According to former employees, the layoffs indicate that Interfirst, having shed much of its retail operation, may turn to mortgage brokers and hope that they feed the company deals. Leave a Reply

Interfirst to lay off 140 employees

Partnership will provide capital for technological growth and expand BPA’s presence as a premier high-end appraisal management company
January 11, 2022 08:00 AM Eastern Standard Time
CHICAGO--( BUSINESS WIRE )-- StoicLane , a long-term growth platform making strategic acquisitions to support digitizing Finance, Insurance & Real Estate (“FIRE”), today announced an affiliate has completed the acquisition of Brentwood Property Appraisal (“BPA”), a leading appraisal management company focused on the high-end residential market in California, New York, New Jersey, DC, and Florida. Through this partnership, StoicLane will provide capital, operational expertise, and technological infrastructure to accelerate BPA’s growth in new markets and offer innovation to the appraisal industry. “As we look to expand our business into new markets, we are thrilled to partner with the exceptional team at StoicLane,” said Mike Friedman, President and Founder of Brentwood Property Appraisal. “StoicLane is aligned with our vision in providing quality, integrity and excellence in all aspects of the appraisal business, and we look forward to this next chapter of growth.”
The announcement marks the second investment by StoicLane’s mortgage services affiliate. StoicLane seeks to serve mortgage originators with efficient and valuable tech-enabled, customer-centric mortgage closing solutions. “In the past two-plus decades, BPA has carved out a successful niche in the high-end residential appraisal management sector, which is a key market for StoicLane,” said Al Goldstein, Co-Founder, CEO, and Chairman of StoicLane. “We are pleased to be collaborating with BPA’s talented leaders to continue driving client satisfaction with cutting-edge technology and seeking new opportunities within the appraisal industry.”
The Christensen Law Firm and Raines Feldman LLP served as advisors for Brentwood Property Appraisal. Jones & Spross PLLC, Kirkland & Ellis LLP and Alston & Bird LLP served as advisors for StoicLane. About StoicLane:
StoicLane is a Chicago-based long-term growth platform making strategic acquisitions to support digitizing Finance, Insurance & Real Estate (“FIRE”). The firm works closely with its portfolio companies by harnessing the power of data and technology to bring better service and quality to consumers. To learn more about StoicLane, visit stoiclane.com . About Brentwood Property Appraisal:
Brentwood Property Appraisal is the premier high-end appraisal management company covering the high-end coastal markets. BPA is a registered appraisal management company and offers all the appraisal compliance required by federal and state laws, as well as requirements of the GSEs. Founded in 1994, BPA is headquartered in Los Angeles, California catering to some of the world’s largest financial institutions, private banks, wealth managers and mortgage companies. For more information, please visit brentwoodappraisal.com
Contacts

StoicLane Acquires Brentwood Property Appraisal

The Hartford

Applied Systems

EvoSure

Zurich Insurance Group

Marsh

Deutsche Bank

Nationwide Mutual Insurance Company

Avant

BMO Capital

Hudson Advisors

Crestline Investors

Blackstreet Capital

Stephens

MFA Financial

Oaktree Capital Management

Undisclosed Investors

Series A

StoicLane is a long-term growth and acquisition platform. The company provides owners and management operational expertise and strategic capital to transform and grow. The company was founded in 2021 and is based in Chicago, Illinois.

StoicLane

Name	Work History	Title	Status
Matt Foran	The Hartford, Applied Systems, EvoSure, Zurich Insurance Group, and Marsh	Founder, President, Chief Operating Officer	Current
Albert Goldstein	Deutsche Bank	Founder, Chief Executive Officer	Current
Jake Nice	Nationwide Mutual Insurance Company, Avant, and BMO Capital	Founder, Executive Vice President	Current
Matt Walters	Hudson Advisors, Crestline Investors, Blackstreet Capital, and Stephens	Executive Vice President	Current

Name	Matt Foran	Albert Goldstein	Jake Nice	Matt Walters
Work History	The Hartford, Applied Systems, EvoSure, Zurich Insurance Group, and Marsh	Deutsche Bank	Nationwide Mutual Insurance Company, Avant, and BMO Capital	Hudson Advisors, Crestline Investors, Blackstreet Capital, and Stephens
Title	Founder, President, Chief Operating Officer	Founder, Chief Executive Officer	Founder, Executive Vice President	Executive Vice President
Status	Current	Current	Current	Current

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