And the hits, unfortunately, keep coming…
Title insurance provider Doma has announced it is laying off 250 employees—just months after cutting 310 team members back in May. In all, Doma has laid off 561 workers or 28 percent of it’s staff since this Spring.
CEO Max Simkoff says the staff cuts will generate annual cost savings of $70 million a year.
The news comes amid two tough quarters for the company. Per Inman, Doma took a $50 million first-quarter loss, followed by a $58.7 million second quarter net loss.
Doma joins a growing list of mortgage companies struggling to keep their workforces intact during tough financial times.