General World News

Redfin acquires Bay Equity, pink slips 121 staff

Redfin announced Tuesday layoffs of 121 employees as it shakes up its mortgage department, including purchasing a lending company.

The real estate company entered into an agreement to acquire mortgage lender Bay Equity Home Loans for $135 million, two-thirds in cash and one-third in stocks, Redfin said in a press release and public filing.

The acquisition is intended to enable Seattle-based Redfin to expand its loans products nationally, as it wants to be a one-stop-shop for brokerage and lending. The company will offer mortgages to a larger share of Redfin’s home-buying customers right away, “including jumbo loans details ⇒

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