Mortgage technology

But its mortgage business remains a money loser, and it wasn't a great period for the acquisition target either.

The deal is expected to help Stavvy further growth of digital self-service loss-mitigation options for borrowers and their lenders.

Originators said they appreciate the easy sign-up and are optimistic after the social media app's rapid growth.

The company also has been upgrading technology to manage its large servicing portfolio, which, with pending additions, is within reach of Chairman and CEO Jay Bray's $1 trillion goal.

The Mortgage Cadence's pipeline of potential customers has shifted from "niche players" to primarily nonbank lenders, Executive Vice President Joe Camerieri said.

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While the divestment alleviates one of the concerns the Federal Trade Commission had regarding the combination with Intercontinental Exchange, question marks abound.

Over 111,000 distressed mortgage holders opted into a loan modification program during the COVID-19 pandemic by using a designated digital platform or app, according to Black Knight.