7 things to know about layoff filings a.k.a. WARN notices

Companies shedding payroll to address declining revenues have made abrupt announcements, upsetting employees by giving them little time to react . Other firms that planned to make the cuts in the coming weeks or months filed Worker Adjustment and Retraining Notifications with state labor offices. The disclosures comply with state and federal WARN Acts, laws meant to provide advance notice of layoffs for workers. While most states follow the federal guidelines, others such as California, New Jersey and New York also have tougher requirements such as extended notice periods or varying worker thresholds that trigger a filing. The U.S. The Department of Labor provides handbooks for employers and workers detailing the nuances of the Act, including exemptions and exceptions. National Mortgage News broke down some of the basics of the federal law that mortgage professionals and companies need to know.

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Blend chairman sells off 1.8 million shares of company stock

Blend Labs co-founder and Chairman Nima Ghamsari has sold 1.8 million of his shares in the company in order to reduce the amount outstanding of a personal loan secured by those stock holdings. "In light of the declines in Blend's stock price, I have sold some of my holdings in Blend shares and used the proceeds to reduce the outstanding amount under the loan, as required under the loan documentation," a blog post by Ghamsari on the company website said. "I will make additional sales of shares from time to time to further pay down the loan." The structure of Blend's initial public offering created a class B common stock that only Ghamsari holds, with supervoting powers of 40 votes per share.

CoreLogic rolls out climate risk analytics for real estate

CoreLogic has announced the full rollout of analytics aimed at helping government agencies and enterprises model physical risks to real estate from climate change . In addition to incorporating climate risk scores for hurricanes , storms, floods, fires and earthquakes, the cloud-based technology includes overlays for delinquencies, average median household income and other data. Its projections to date extend out through at least 2050 , approximating a 30-year mortgage term. The analytics, which were built on CoreLogic's spatial data /analytics platform and include property-level financials, are in line with a growing trend toward quantifying climate risk as policymakers in the housing finance industry , and more broadly , have become focused on it.

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CFPB plans to create registry of nonbank 'lawbreakers'

The Consumer Financial Protection Bureau proposed a rule on Monday that would require nonbanks to report any state and local court orders or judgments involving consumer financial products to the bureau, which it would pool into a database of violators that would be available to the public. The CFPB said it plans to create a registry of so-called "lawbreakers" that would potentially mitigate risks to consumers and help "unify the efforts of consumer financial protection enforcers." In a 212-page proposed rule , the agency said it plans to create a registry of nonbank offenders to address a lack of comprehensive information about the identity of orders issued against nonbanks.

Home building supply costs edge down in November

Costs for home building materials edged downward in November, decreasing for the fifth time in six months, as reduced fuel and lumber prices helped counter rising concrete and services charges, according to analysis from the National Association of Home Builders. The U.S. Bureau of Labor Statistics' Producer Price Index showed a mixed bag of readings, leading to the small decrease, NAHB found. Building material prices fell a nonseasonally adjusted 0.3% from October based on data from November's PPI. The move followed drops of 0.1% and 0.5% in the preceding two months.?

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