Canyon Title has offices at 1127 Auraria Pkwy. on the edge of downtown Denver. (Maia Luem)
A 20-year-old Denver-based title company is scaling back and laying off employees.
President Robert Lindley told BusinessDen last week that Canyon Title is reducing costs in any way possible, including laying off employees, although he declined to say how many.
“I have not enjoyed the process of letting go of quality employees,” Lindley said. “But it’s some of us need to leave or all of us don’t have a job.”
Title companies research and insure the title of property for buyers and lenders, making the industry closely correlated to the rise and fall of the residential real estate market. Home sales have fallen sharply with the increase of interest rates through 2022. Mortgage lenders have also been impacted, such as Aurora-based American Financing Corp., which told the state in November it was cutting two-thirds of staff at its headquarters.
Lindley said everyone in the industry is struggling, with revenue down 70 to 90 percent.
“It’s a stark contrast from the best conditions we’ve ever seen in 2020 and 2021, we went from the top to the lowest volumes we’ve ever seen,” Lindley said.
Canyon Title is also trying to sublet some of its office space at 1127 Auraria Pkwy. According to the company’s landlord Tommy Brake, Canyon Title has three to four years left on its lease. The company has roughly 4,000 square feet of office space on the ground floor, and is trying to sublet roughly 3,000 square feet, he said.
Canyon Title has six Colorado offices and also serves the state of Arizona, according to its website. The company has occupied the space downtown since 2009.
Editor’s note: This story has been updated to note that Lindley was speaking of the industry in general when discussing revenue declines.
Canyon Title has offices at 1127 Auraria Pkwy. on the edge of downtown Denver. (Maia Luem)
A 20-year-old Denver-based title company is scaling back and laying off employees.
President Robert Lindley told BusinessDen last week that Canyon Title is reducing costs in any way possible, including laying off employees, although he declined to say how many.
“I have not enjoyed the process of letting go of quality employees,” Lindley said. “But it’s some of us need to leave or all of us don’t have a job.”
Title companies research and insure the title of property for buyers and lenders, making the industry closely correlated to the rise and fall of the residential real estate market. Home sales have fallen sharply with the increase of interest rates through 2022. Mortgage lenders have also been impacted, such as Aurora-based American Financing Corp., which told the state in November it was cutting two-thirds of staff at its headquarters.
Lindley said everyone in the industry is struggling, with revenue down 70 to 90 percent.
“It’s a stark contrast from the best conditions we’ve ever seen in 2020 and 2021, we went from the top to the lowest volumes we’ve ever seen,” Lindley said.
Canyon Title is also trying to sublet some of its office space at 1127 Auraria Pkwy. According to the company’s landlord Tommy Brake, Canyon Title has three to four years left on its lease. The company has roughly 4,000 square feet of office space on the ground floor, and is trying to sublet roughly 3,000 square feet, he said.
Canyon Title has six Colorado offices and also serves the state of Arizona, according to its website. The company has occupied the space downtown since 2009.
Editor’s note: This story has been updated to note that Lindley was speaking of the industry in general when discussing revenue declines.
