Businesses in the mortgage industry experienced a challenging environment in 2021, when a surge of rising interest rates caused difficulties for a number of companies. One such business, Divvy, an online mortgage company startup, was not able to meet this challenge. As a result, nearly 100 Divvy employees have been laid off in 20 different states.
This upheaval in the industry, especially for a young startup such as Divvy, has been a difficult ordeal to manage. Divvy is a popular option among potential buyers due to its financing tools such as their “Boolean” search technology, which uses algorithms to curate live listings and displays options for buyers on a map. Despite their innovative tactics, Divvy could not withstand rising interest rates.
The most important points from this text that a mortgage industry expert might include in their summary are:
• Divvy, an online mortgage company startup, had to let go of nearly 100 employees in 20 states due to challenges brought on by rising interest rates.
• Divvy was popular with potential buyers due to their “Boolean” search technology and other innovative tactics, but they could not withstand rising interest rates.
You can read this full article at: https://www.housingwire.com/articles/divvy-homes-conducts-third-round-of-layoffs/(subscription required)
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