This article discusses the implications of interest rate fluctuations on mortgage originators and suggests strategies for adapting, including diversifying loan pipelines and leveraging technology.
Estimated reading time: 0 minutes, 24 seconds
Tomo, a startup that aimed to become a “Paypal for the mortgage industry,” has laid off 44 people, representing almost one-third of its headcount. So reports The Real Deal.
Co-founded by former Zillow Group executives Greg Schwartz and Carey Armstrong, Tomo raised $40 million in Series A funding in March.
Venture capital firms have been urging their portfolio companies, such as Stamford, Conn.-based Tomo, to lower their expenses amid recent market turbulence.
