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Real estate valuation technology company Clear Capital is cutting its workforce by 27 percent in its U.S. offices due to a slowing housing market, the firm said.
Founded in 2001, the Nevada-based company offers solutions to streamline the appraisal process, which can take days to weeks, or even longer in emerging markets.
According to the website, the company has offices in Bloomington, Minnesota; Truckee and Roseville; Reno, Nevada; and California.
A Clear Capital spokesperson did not specify how many employees would be affected or where the layoffs would take place.
The company said it had 1,400 employees as of the end of 2021. The layoffs took effect last week, according to social media posts from former employees.
According to an employee adjustment and retraining notice sent to the California Department of Employment Development, 108 employees in the Roseville, California office will be laid off on December 16 (or within 14 days of that date). (The company did not send a notification from the other countries.)
TechCrunch was the First to Report This Layoff on Friday.
Real estate evaluation analysts have the highest impact on Roseville, of which 25 work. Then came the evaluators (22 total) and customer support specialists (16 total) following the WARN issue.
According to Duane Andrews, CEO of Clear Capital, the company is restructuring all of its business units to reduce costs and support future strategies, which will allow the company to refocus its operations in key areas and be on a sustainable growth path.
“In the mortgage sector, the impact of higher interest rates has significantly reduced our customer base, which has forced us to make some difficult decisions.
We are working closely with each of our employees during this transition period,” said Andrews in a statement. Capital can end up to 50% faster than the traditional evaluation of desktop evaluation.
In July, the company was finally closed by promoting two API (API) interface (API) interfaces (API) to accept and distribute the latest evaluation solutions.
The API connects directly to existing systems through a single integration for lenders, investors, and system providers.
In January, Open Capital launched a government system supported by new automotive systems, cleaning policies, domestic credit policies, and governments supported by the government.
This tool automatically displays the company’s data using computer viewing technology, and the company can make an effective and information-based decision.
Reference Source: Housing Wire
