Blend Lab‘s third-quarter loss of $133.98 million was driven by a decline in mortgage banking and its title insurance business revenue, which occurred despite its consumer banking revenue more than doubling from the same period last year.

The loss also reflects a $57.9 million impairment of intangible assets and goodwill related to the Title365 segment, resulting in a full write-off of these assets as of September 30, 2022. 

Despite the loss, Nima Ghamsari, Blend’s co-founder, highlighted its increasing mortgage banking market share and product diversification, which brought in revenue for the California tech firm. 

Blend platform’s revenue posted $36.1 million in the third details ⇒

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