CU Direct’s Origence hit with layoffs
CU Direct’s Origence, which provides mortgage loan tech to lenders, has laid off nearly three dozen workers.
A company spokesperson said Origence laid off 34 employees on Aug. 17, in multiple departments, as it continues to “build efficiency in its technology operations.”
In a written statement, Bob Child, COO of Origence, said that letting go of talent is “never easy” but is required at times to “remain competitive in the marketspace.” He did not offer specifics on what motivated the layoffs. A spokesperson declined to say what percent of its total workforce the layoffs represent.
“Over the last three years, we have accelerated our investment in the development of account and loan origination software,” said Child. “The primary focus of these investments has been centered on building a future committed to advancing the user experience, creating efficiencies for lenders, and providing enhanced technological capabilities for financial institutions.”
In 2019, Origence launched its “end-to-end” mortgage lending platform. It was designed to handle a company’s digital mortgage needs, help lenders to streamline the mortgage process, improve efficiency, increase sales opportunities and deliver a better borrower experience, according to a company statement announcing its launch.
The Irvine, California-based fintech firm offers lending tech products to credit unions, banks and independent mortgage banks. Its mortgage offerings support home equity lending, allow consumers to apply for mortgages on mobile devices, support mortgage processing and underwriting, and provides marketing and data management tools for lenders, according to its website. It also has products geared toward auto shopping, indirect lending and consumer loans.
Other firms in the mortgage industry have had to make difficult decisions in recent months, as last year’s refi boom winds down and their margins narrow. In an operational reorganization, Home Point, one of the largest wholesale lenders in the country, eliminated potentially hundreds of positions.
Those hires were mostly temporary, a Homepoint spokesperson said, to help it meet demand during the refi boom.
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