Technology

In response to a raft of recent data breaches, mortgage lenders are implementing a number of measures to protect their clients and themselves.

The firm cut staff from junior to senior employees in nearly every department and is left with a 325-worker headcount, a spokesperson confirmed.

The all-stock deal follows a boom in demand for interim financing on purchases, which HomeLight had been looking to offer on a larger scale.

The incident at the mortgage fintech occurred late last year as a spate of attacks rocked other housing lenders.

Direct-to-consumer may not fare as well going forward if a purchase market prevails, and some cross-pollination between depositories and nonbanks could occur.

Banks and non-banks can identify home sales from both current borrowers and prospective buyers who have previously applied for loans, and can find home equity line of credit candidates.

The lender also announced its acquisition of Florida-based Hamilton Home Loans, which will operate as a new division within the company.

The company, which has ties to three major credit bureaus, is working with a former Fannie Mae executive in its efforts to reduce consumer costs.

The lender and its founder are accused of retaliating against the second-in-command for raising alarm over deceptive financial statements and other concerning behavior.

Delays in closing the deal after it was announced in August resulted in the parties' decision to remain separate, although they will still work together.