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“This business was purchased during a much more robust economic and mortgage refinance environment,” she explained. “In light of current market challenges, we performed an assessment of goodwill and intangible assets within the Title365 reporting unit and have recognized an impairment charge. Title365 has strategic value to Blend and remains a leader in its business, having title on the Blend Platform enables us to deliver vertically integrated mortgage and home equity solutions. Title365 is filling that role in accelerating our path to this objective.”
Read more: Blend Labs raises IPO valuation target to $4 billion
As a result, ‘cautiously’ is now the preferred pace: “We’re operating the company prudently as if the mortgage industry origination volumes will remain at or near historic low levels through 2025,” the CEO said.
It’s also a time to reassess: “Overall, our second quarter revenue and metrics represent continued progress against transforming this industry…” Ghamsari said “That being said, we know there are many things we can do better as a business, starting with our cost structure. As we said last time, we have undertaken a comprehensive view of our P&L in light of the change in market conditions.”
The CEO outlined key initiatives the company is undertaking, labeling the efforts as levers:
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