Technology

But its mortgage business remains a money loser, and it wasn't a great period for the acquisition target either.

The deal is expected to help Stavvy further growth of digital self-service loss-mitigation options for borrowers and their lenders.

Its One Ally strategy is meant to help the bank with personalization and cross-selling.

Originators said they appreciate the easy sign-up and are optimistic after the social media app's rapid growth.

Figure Technologies laid off 90 employees this week, or about 20% of its staff, while it's also interviewing bankers in advance of a planned initial public offering for its lending business next year, according to documents reviewed by Bloomberg.

The company also has been upgrading technology to manage its large servicing portfolio, which, with pending additions, is within reach of Chairman and CEO Jay Bray's $1 trillion goal.

The Mortgage Cadence's pipeline of potential customers has shifted from "niche players" to primarily nonbank lenders, Executive Vice President Joe Camerieri said.

The incident occurred in November 2020 when an unauthorized party gained access to company systems and deployed ransomware, resulting in compromise of employees' personal information.

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If the Supreme Court strikes down CFPB regulations by ruling against the constitutionality of the agency's structure, technological innovation will be harder for banks to achieve as regulatory clarity moves further out of reach.