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.

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