Technology

The data breach, which occurred over a two-day period last December, is the largest disclosure by a mortgage lender this year.

Without a rule standardizing data sharing standards, the Consumer Financial Protection Bureau risks the creation of a patchwork system of privacy standards as consumers seek the benefits of an open banking ecosystem.

While compliance specialists will be in demand, loan producers will see their roles change to encompass responsibilities that include more marketing and client development.

In response to a raft of recent data breaches, mortgage lenders are implementing a number of measures to protect their clients and themselves.

The firm cut staff from junior to senior employees in nearly every department and is left with a 325-worker headcount, a spokesperson confirmed.

The all-stock deal follows a boom in demand for interim financing on purchases, which HomeLight had been looking to offer on a larger scale.

The incident at the mortgage fintech occurred late last year as a spate of attacks rocked other housing lenders.

Direct-to-consumer may not fare as well going forward if a purchase market prevails, and some cross-pollination between depositories and nonbanks could occur.

Banks and non-banks can identify home sales from both current borrowers and prospective buyers who have previously applied for loans, and can find home equity line of credit candidates.

The lender also announced its acquisition of Florida-based Hamilton Home Loans, which will operate as a new division within the company.