Digital title insurance, escrow and closing provider Doma is laying off another 250 workers as it races to adapt technology the company pioneered for mortgage refinancings and apply it to purchase loans taken out by homebuyers.
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.
But after raising less than anticipated when it went public last year in a merger with a special purpose acquisition company (SPAC), Doma has faced more headwinds this year, as rising mortgage rates have dramatically curtailed its clients’ mortgage refinancing business.
Doma announced in May that it was laying off 310 employees, or 15 percent of its workforce, after declining demand for its services drove a double-digit drop in revenue and a $50 million first-quarter loss.
