Mortgage technology, title provider and cloud-based banking platform has eliminated more than 1,000 positions in 5 rounds of layoffs in the last 16 months
San Francisco-based cloud banking software provider has trimmed the company's payroll by nearly 800 employees and cut annual expenses by $72M
The mortgage tech and title provider posted a $132.7M net loss in the third quarter of 2022, with revenue falling 38% from a year ago to $55.3M, according to an earnings call Thursday
'Strategic partnership' is a win for mortgage tech and title insurance provider Blend, which has cut its workforce by about 25% this year and racked up an accumulated $995M deficit
As cumulative losses climb toward $1B, co-founder Nima Ghamsari still plans to lead a 'once-in-a-lifetime industry transformation' powered by the mortgage tech and title insurance provider
Blend's net loss for the quarter — up 167% from a year ago — came despite a 124% year-over-year increase in revenue, to $71.5M, according to an earnings call on Thursday
The mortgage tech provider's newly acquired title insurance business has been particularly hard hit by the end of the refinancing boom
Through LENx division, homebuilder has invested in a portfolio of two dozen companies including Opendoor, Blend Labs, Divvy Homes and Doma
The rise of Power Buying, regulatory battles, Fed tapering and big acquisitions rattled lending decisions and homebuyer game plans during a momentous year for the mortgage industry
The cloud banking software developer raises revenue guidance as it signs new clients, launches new products and integrates Title365 acquisition