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Blend lays off 200 workers as mortgage industry sputters

Publicly traded mortgage tech company Blend Labs laid off 10% of its workforce amid major headwinds in the mortgage industry.

In a filing with the Securities and Exchange Commission on Tuesday morning, the Nima Ghamsari-led fintech said its “workforce reduction plan” would eliminate approximately 200 positions across the company.

The company, whose white-label technology powers mortgage applications on the websites of major lenders such as Wells Fargo and U.S. Bank, expects to incur about $6.7 million in costs associated with the layoff. Blend says the move will lead to approximately $35.4 million in annualized savings. The details ⇒

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