DECEMBER 7, 2022 —40% REDUCTION IN THE DOMA WORKFORCE
The third round of layoffs will see a 40% reduction in force. According to CEO Max Simkoff…
“This reduction in workforce, along with corresponding long-term facility-related cost savings, are aligned with Doma’s accelerated profitability objective.”
“We’ll be leaning into our core data science-led differentiator of instant title and seeking ways we can expand its use through new channels and partnerships. Additionally, we’ll be investing more in our underwriting offerings and continuing to deliver value to independent title agents.”
AUGUST 31, 2022 — Original post…
San Francisco, California-based Doma Title, a technology company automating digital title insurance, escrow, and closing operations with predictive analytics and a future-based risk insurance model, has announced an initiative to re-focus the company's operations to meet the ongoing challenges of a difficult mortgage marketplace. The company plans to put more emphasis on purchase mortgages as rising interest rates are severely impacting the refinancing of mortgages.
According to a company spokesman, the company is laying off another 13 percent of its workforce, or 250 employees. Doma’s stated goal is to completely reimagine the residential real estate closing process using its machine learning platform, Doma Intelligence, and other technology it has developed to automate the title and escrow processes."
This brings the total 2022 layoffs to 561 employees, which is expected to generate annual cost savings of $70 million a year.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?