Skip to content
Subscriber Only

SoFi Is Cutting 7% of Staff and Will Revamp Its Ailing Mortgage Unit

Anthony Noto
Anthony NotoPhotographer: Alex Flynn/Bloomberg
Updated on

Social Finance Inc., the lending and refinancing startup valued at more than $4 billion, is cutting about 7 percent of its staff, according to a person familiar with the matter. The company plans to announce the move on Friday.

The 100 job cuts are happening in the company’s mortgage department, said the person, who asked not to be identified because the matter is private. SoFi has said it plans to dramatically expand its mortgage business in 2019. As part of that effort, the company is now undertaking a wholesale restructuring of how that division operates -- including a shift away from underwriting loans directly.