The cloud banking software provider is ending the year on a high note, announcing a partnership with a major loan servicer and hiring PlanSource veteran Srini Venkatramani as the company’s new head of product.
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Cloud banking software provider Blend Labs Inc. is ending the year on a high note, announcing a partnership with PHH Mortgage and hiring IBM and PlanSource veteran Srini Venkatramani as the company’s new head of product.
Nima Ghamsari
“With her product and technology leadership experience and track record of driving value creation for SaaS businesses, Srini’s experience in product and technology leadership and her track record of driving value creation for SaaS businesses make us an asset to the company’s platform,” Blend co-founder and CEO Nima Ghamsari said in a statement. He will be an extremely valuable asset as we continue to evolve into a first-class company.” . “His expertise puts us in a good position to help our customers leverage Blend’s technology to unlock new opportunities and realize even greater ROI.”
Eric Lobel, who served as Blend’s head of product for five years, will leave the company at the end of this year.
Mr. Ghamsari thanked Mr. Wrobel for his “outstanding product leadership over the past five years. He has had a great career here at Blend and we wish him every success in his next chapter.” .”
As head of product, technology and customer operations, Venkatramani will be responsible for Blend’s product vision, technology strategy and operational excellence, the company said.
Srini Venkatramani
“Blend’s culture is deeply customer-centric, and that is clearly conveyed through the team’s passion for building impactful technology,” Venkatramani said in a statement. “I look forward to contributing my expertise and leading Blend to its next phase of growth as the most digitally robust, efficient and powerful origination platform in the industry.”
San Francisco-based Blend’s technology is used by 20 of the top 50 mortgage lenders. Blend laid off 50 people, about 9% of its workforce, in September as part of a layoff plan expected to be completed by the end of the year, as rising mortgage rates weighed on customers’ businesses. The company is nearing profitability, with losses narrowing from $19.2 million in the second quarter to $2.6 million in the third quarter.
In October, Blend announced a multi-year mortgage and home equity agreement with Pentagon Federal Credit Union (PenFed), the nation’s second-largest credit union with 2.8 million members. With this partnership, Blend said it serves seven of the top 10 credit unions.
This week, Blend announced it has signed PHH Mortgage, one of the nation’s largest mortgage servicers, as a customer for BlendClose, an integrated mortgage suite and digital closing solution.
colin friday
“Partnering with Blend will enable us to embrace advanced automation and digital capabilities that not only eliminate inefficiencies, but also allow us to focus on what really matters,” PHH Mortgage Executive Colin Friday said in a statement. , we can help our customers realize their dreams of homeownership.” .
Most of Blend’s revenue comes from the services it provides to mortgage lenders, but it also offers a suite of tools to help banks process applications for auto loans, personal loans, credit cards, and savings accounts. .
Blend your earnings by income source
Blend reported third-quarter revenue from its consumer banking business of $9.5 million, up 53% year-over-year, and also signed agreements with top 300 financial institutions to strengthen its credit card, auto and personal loan offerings. It was announced that.
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