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Mortgage fintechs Sales Boomerang and Mortgage Coach reduced employee headcount by at least 20 this month as the industry struggles to stay afloat amid mortgage lenders rightsizing during one of the most challenging times.
Workforce reduction came on October 20, and eliminated positions include director of marketing, two enterprise account managers, one enterprise sales manager, content marketing manager, senior enterprise sales manager, head of talent acquisition, product designer, project manager and software engineers, according to a list of employees who were laid off, which was reviewed by HousingWire.
Sales Boomerang and Mortgage Coach declined to comment on the size and reason for the layoffs.
Sales Boomerang and Mortgage Coach merged in June in an undisclosed deal, six months after private equity firm LLR Partners invested $80 million in both firms. Following the merger, the company said it had a total of 144 employees and has no plans of conducting layoffs. Since the merger, the company has operated as distinct brands on opposite coasts.
“I learned that Sales Boomerang made the decision to #layoff over 20 of its esteemed #workforce and to specifically reduce the marketing team by 27%,” a former employee posted on its LinkedIn page.
Former employees interviewed by HousingWire stated that market conditions were the reason for the layoffs, and for some, the elimination of certain positions came as a surprise.
How mortgage lenders are qualifying the value of fintech solutions
HousingWire recently spoke with Sue Woodard, senior advisor to Total Expert, about the ways lenders can measure the effectiveness of their fintech solutions and what they can do to keep pace with the digital mortgage revolution.
Presented by: Total Expert
“I was told that after looking at their finances, the company decided to eliminate some positions,” a former employee, who spoke on condition of anonymity, said.
“We’ve been…
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