For the past decade, Brian Faux has been fighting on the front lines of housing finance. In between pursuing a career in mortgage lending and holding stints at Freddie Mac and Wells Fargo, Faux spent more than two years in the detritus of the 2008 financial crisis advising the Department of Housing and Urban Development on how to recover the housing markets through the creation of the Distressed Asset Stabilization Program.
Now Faux, along with co-founders Nora Apsel and Adam Rothblatt, is working to take those hard-learned lessons and build a streamlined and simple mortgage broker online, particularly for first-time homebuyers. Through New York City-based Morty, the trio and their team have launched a tool that allows homebuyers to understand exactly what their buying power is and which homes they can afford.
That product has captured the attention of investors. The company announced today an $8.5 million Series A fundraise led by Prudence Holdings, with participation from Lerer Hippeau and Thrive Capital, the firm which had led Morty’s seed round in 2017. Prudence, a family office managed by Gavin Myers, previously backed real estate brokering startup Compass, and the Morty team first met the firm through participation in Techstars New York.