Real estate home-loan startup Tomo laid off 44 employees, representing almost a third of its roughly 150-person workforce, on Tuesday. The company, which had raised $110 million in venture capital over the past year, is halting expansion plans due to deteriorating market conditions. The layoffs are part of a broader wave in the mortgage industry, driven by soaring interest rates and a cooling housing market, which have slowed loan volumes and tightened venture capital funding.
