Sales Boomerang, a mortgage fintech company, laid off at least 20 employees on October 20, affecting roles across marketing, sales, talent acquisition, and engineering. This reduction followed its merger with Mortgage Coach in June, after which the combined entity had 144 employees and initially stated no layoffs were planned. The cuts, representing about 14% of the workforce, were attributed to challenging market conditions as the mortgage industry rightsizes amid rising rates. The company, operating under distinct brands post-merger, declined to comment on the specifics, though former employees expressed surprise given earlier assurances. This move reflects broader cost-cutting trends in the mortgage tech sector during a difficult period for lenders.
