Basis100 relocates HQ, cuts staff in restructuring

Basis100 relocates HQ, cuts staff in restructuring

Mortgage technology vendor Basis100 is moving it headquarters from Pittsburg to Jacksonville, Florida as part of a corporate restructuring, leading to the loss of 12 jobs.

Basis100 says its has ditched plans to expand into the settlement services business and will instead focus on driving sales of its collateral assessment products.

Michael Johnston, president and CEO, says the company will develop its AVM technology in order to enter new markets, particularly the insurance and consumer markets.

The vendor moved its HQ from Toronto to Pittsburg in June last year, but claims Jacksonville is the "recognised hub" of the US mortage banking industry. The 12 positions eliminated will be absorbed by staff currently employed in Florida and at the vendor's New Jersey office.

Certain other legal, finance and human resources functions currently handled in Pittsburg will be moved to Jacksonville and New Jersey.

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