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LandAmerica Plans to Cut 13% of Its Workforce: 'These reductions are intended to thoughtfully address productivity while preserving our commitment to superior service.'.
Richmond, VA -- It's not just lenders that are scaling back operations, the providers of title and related servicers are downsizing their operations as well.
Last week, LandAmerica Financial Group, one of the nation's largest providers of title insurance and related services, said it would terminate about 1,100 positions in the second half of this year, representing 13% of the company's residential and lender services workforce.
Already, LandAmerica said it has let go some 300 workers since July 1. Those layoffs are in addition to about 700 layoffs that occurred earlier in the year.
As a result, the company said it will take additional severance-related charges in the third and fourth quarters of this year.
LandAmerica said the layoffs are being made in response to lower mortgage origination volume and an attempt to improve efficiency.
Chairman and CEO Theodore Chandler said that the company continues to focus on pursuing its business plans despite "difficult times" in the business.
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Source: HighBeam Research, LandAmerica Plans to Cut 13% of Its Workforce: 'These reductions are...