Mortgage data firm Interthinx is laying off about 70 redundant employees, a move that comes a year after the company was acquired by the second largest title insurer in the United States, First American Financial (FAF).
A spokesperson for Interthinx confirmed the layoffs, saying they were largely expected, but said at the time of publication the company did not have a formal statement regarding the layoffs.
This story will be updated to reflect the company’s statement when it is received by HousingWire.
The 70 employees set to be laid off represent approximately 14% of Interthinx’s more than 500 employees nationwide.
Interthinx was acquired to help First American offer real estate customers "further assurances in areas that present risk, including fraud, identity and income validation, collateral adequacy and compliance," according to Dennis Gilmore, chief executive officer of the insurer, speaking at the time of the acquisition.
Verisk decided to sell Interthinx in order to focus on the health care and credit card industries, the company said in a separate statement.