Blend Labs reported a $73.5 million loss in the first quarter, but pointed to the performance of its mortgage banking and title sectors as a positive sign for the rest of the year.

The company’s revenue rose to $71.5 million, up 124% year over year, driven by $38.7 million in revenue from Title 365, which Blend acquired in 2021. Mortgage banking revenue dropped 7% year over year to $24.5 million. However, the company contrasted this with the 44% decline in industry origination volume.

“The higher than expected result can be attributed primarily to better than expected Blend details ⇒

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