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Parent company of Veritex Community Bank, which paid $54.9 million to acquire a 49 percent interest in Thrive in 2021, expects a $25 million to $30 million loss if the deal closes.
Lower's "mortgage as a service" platform lets brands offer digital-first mortgages through application programming interface and no-code solutions.
The layoff, set for Nov. 23, will affect 36 employees working in the Summit Funding headquarters in Sacramento and 36 remote staff in nine states.
As rising interest rates curb mortgage refinancings, Lower will target homebuyers through a partnership with iBuyer powerhouse Opendoor.