want everyone. and Dan, you, four I welcome, cover topics Thank to today.
of including headwinds face, an environment; of we have bring seen remain current in on the and First, fundamentals line in cost reasons structure third, to second, our rapidly with that the conditions. our we update strong; results dynamics this our the current XXXX priorities, our last, long-term business and adjustments spite changing the operating year; market why
in by market XXXX, our took XXXX major banking We percentage grew Blend new estimated flagship products company year Blend in We like grew acquisition. X space the many was Close consumer And mortgage customers. made the We Blend. first, and ways, with XX approximately share foundational points. banking for delivered footprint a public a and So broader Income. and our expanded we over
we our a to XX% on in XXXX lower basis, XX% despite approximately than down volumes volumes But growing segment volume turned Platform the XX% year-over-year, through downturns. these overall. a full-year a Blend grew what over up year was our quarter Platform segment XXXX result, through As that being specifically, in be boom are the quarter, was for mortgage XXXX. by our revenues out prior in year, fourth that growing And showing still
mortgage For many more lenders much of could XXXX, handle. than volumes were
provided opportunities, revenue us also sword. double-edged became While with a this it
refinance boomed, them us and As delay that volume especially help many first. on and us, those so. was customers lenders inundation mortgage industry to volume, origination a This managing products asked volumes, headwind are focused on always our of rollouts but we new focused were doing volumes for navigate while
to particularly XXXX, down projected XX% volume approximately which normal. refinance XXXX, particular, as with loan into XX% compared to in XXXX. to XXXX volume continued and will originators market this this to different a we fourth With be change has and year, and and projected started like rising arguably to decade, businesses, in legacy inflation mortgage heavy rapid refi to XXXX in new year later. affects Tim last trying rapidly, on reductions XX% touch Title. and XXXX now The are significantly forecasts to a be in biggest in in In quarter adapt that commenced of industry dealing loan margins the razor-thin already and this very shifting the of industry and is is in challenges mortgage and Blend outlook TitleXXX and rates, changed has over down seeing new QX XXXX Now interest changes U.S. dynamics. presents the associated
acute, value facing our challenges way While volumes. Technology are underscore to in their position a they customers' platform cost. experiences profitability broadly. them the and they the significantly downturn a at of lower provide the and that advance industry great will is And the to improve this in scalable are allow technology Blend more competitive their Platform throughout
our is why reversal headwinds. market despite that much in Blend guidance rapid Now industry these revenue has shifting XXXX to consensus loan growth. this than in the expectations XXXX We revenue lower that is set estimates. recognized forth is impacted clear today positioned outlook It for volume that well we
estimated the our with new into XXXX loan We the negative the have of lower knock-on the effects volume-related of product adoption guidance. along impacts reflected in origination environment slowdowns
a current guidance be That to that in this. about consistent grow are Blend represents expectation long-term thesis we talk this through achievable baseline intact, been to our to Blend why we believe And underscores main want able despite and remains and these able headwinds. there why As for This forecast four range an will growth in revenue growth result, Platform, strong I XXXX. the to continue reasons. have
continues industry The digitize consumers in to to order secular meet trend continues. towards banking expectations. banking the digital First,
of has In fact, the and it trend accelerated changing. we pandemic see this signs only no
Cooper mortgage bank, a some XX believe we a foundation for the of share. the and and not long-term names Blend top This in XXXX in on includes Second, brought marquee winners on build become mortgage PennyMac. and top look customers gaining successfully for We to we will including are that to number the bank, a years largest of just come. originators to a Platform and winning that new XX Mr. market and market, in
include rolling XX% customers estimated end grow that we in year, the we that a many to and market continue the grew process to share to share XX%, by our During even doesn't of in amount mortgage out from the are By that still our Blend. expect market year, XXXX. similar of
progress our in in grew what the product revenues year. XXXX, underscores given of about long-term platform across lose to meaningful that continue materially We environment, I of forward. a XXXX. and bit will This and a banking today's product want industry, customers and the part consumer Blend consumer know made sight diversification explains banking platform's banking in last expect but of the our need. XX we I mortgage is all to and future aim digitization we've a quite signed be we also of don't going to of We why talked the which customers lines, grow we key our suite direction
grow keep after Third, we customers, and them with win that we can them. prove we
customer-first high new from a heard retention of anecdotally, we our because market of Our I've their net our mindset. adjusted and And financial remains gross retention including preferred largest some for projects. number that customers, are partner providers very of the
are in have and For good lines. in is moving rising best half products already Income, customers innovative sign the a top Close rollout consumers he the any additions our believe signed we which bank they signed have innovating be at and to all in we that, over including technology Banking large And my important project Blend forward. to first was number Head to as are the would done, customers, which live up us are environment that the to new for positioned Customers customers equity grew equity XXX build say, aim last, for many constantly to example, home received we at increasingly by natural on reputation or for the been many able who rollout and who as regional come. On with me well, called home continuing XXX Consumer equity to industry XXXX, vertical that lending more roughly product and are This platform. and that the a and rate one tap XXX scale fourth to are products. well one from for homes. in software modern, more we their of to discussion give he us key mortgage process Blend of their base, using priorities untapped ever having well Blend recently thought lending each look with is a a Based
expect of And including creating than this solutions revenue early Blend the We of stage TitleXXX software-enabled legacy banking consumer products XXX% will grow have of that, in value transition new high on million year, marketplace top platform. in Title $XX revenue and the our the other well. approximately to revenue by as more we pipeline
how costs environment. Now shifting and new this we are to dealing with
We just For to all see XXXX be about the we banking in increased year future. the the a transformation as of reasons I industry. excited discussed, continue
our to single help deliver all of the customers products, and parts We all channels platform across a transaction. all continue
a well for and areas taking or market meaningfully investment expenses we aware are our TitleXXX in us operational important Blend path our Therefore, like such either As time, actions to with consumer Blend costs of our This Builder near-term Platform such on our to a same realities. our market parts challenging especially segment business. and Income as for the bring result, are a are of the expect environment. to are despite our need Nonetheless, prioritizing foundational believe actively XXXX, we business, will we as grow we of profitability. that value is our At Blend Close. for Blend more and creation banking customers in business, we opportunities ultimately the our to legacy line focus
the to taking or challenging such to opportunities and take means that a we've us to appropriately outcomes, arise. are initiatives and longer by plan product for challenges come, is are sunset very modified We that that saying one market so Blend going a doing prudently building have and end capital for using time to to to Overall, few a This our serve seriously business as customers we almost and we available decades both meaningful but are decade for. that reacting prepared Realty. to we I want generate also been
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