Clear Capital, a Nevada-based real estate valuation and technology firm, is cutting 27% of its workforce companywide.
A company spokesman confirmed the layoffs in an email on Tuesday.
The reduction in force, first reported by techcrunch.com, includes 108 employees in Roseville, Calif., who will be laid off on or after Dec. 16. The layoffs at the Roseville facility were cited in a Worker Adjustment and Retraining Notification (WARN) Act notice filed Oct. 11 with the state of California. The California WARN Act requires companies to provide employees with 60 days’ advance notice before a mass layoff or facility closing.
According to its website, Clear Capital is based in Reno, Nev., with offices in Roseville and Truckee, Calif., and one in Bloomington, Minn. While the company spokesman said the layoffs “impacted 27% of Clear Capital’s global workforce,” he did not elaborate beyond the WARN notice to explain where all of the layoffs will occur.
A variety of former employees have posted on LinkedIn that they have already been laid off.
Clear Capital did not respond to a question about its staffing level before the layoffs began, but it announced last November that it had 1,400 employees companywide, so a 27% cut would mean a reduction of 378 employees. With 108 employees being cut at its Roseville, Calif., facility, that means another 270 employees have already been or will be laid off from its other locations.
According to Clear Capital’s WARN notice, the layoffs are “necessary due to the unprecedented and ongoing conditions of the residential real estate market.” The notice is signed by Helge Hukari, Clear Capital’s general counsel and chief administrative officer.
The notice includes a list of job titles to be affected by the layoffs in Roseville. They include 25 real estate valuation analysts; 24 partner support specialists; 16 customer support specialists; five team leads in appraisal operations; five team leads in appraisal quality assurance; four specialist/appraiser experience; four senior staff appraisers; three staff appraisers; and a host of others.
In response to NMP’s request for comment, the company provided the following statement from Clear Capital CEO Duane Andrews via email:
“Clear Capital is restructuring all company divisions to reduce expenses and support our future business strategy amidst today’s housing market reality. This will allow us to refocus the business on key areas and ensure we are on track for sustainable growth.”
Andrews’ statement continued, “The impact of a rising interest rate environment in the mortgage industry has resulted in a significant decrease in volume from our customers, which has forced us to make some difficult decisions. We are working closely with each employee during this transition.”
The company did not say whether affected employees will receive a severance package.
Founded in 2001, ClearCapital.com Inc. describes itself on its website as providing “technology platforms that speed up loan decisioning, analytics that give real-time insight into the real estate market, and valuation management solutions that provide professional expertise on the condition, quality, and value of residential and commercial properties.”
