Pennymac Financial Services Imposes A New Round Of Layoffs Includes Specialists And Vice President Job Positions
Pennymac Financial Services imposed a new round of layoffs to its employees this week. This is ahead of its third-quarter earnings report on Thursday.
The California based company had several rounds of layoffs this year. This includes 236 employees in March. PennyMac also laid off another 207 staff members in May. In addition, the company also laid off an additional 32 jobs in July.
PennyMac filed a WARN alert with the California Employment Development Department. The notice stated the company is cutting 80 job positions in California.
Former employees say the company is downplaying the number of lay offs. They say the recent layoffs included hundreds of employees.
PennyMac says the layoffs are expected to be completed by December 30, 2022. However, former employees have started to post about their layoffs on Tuesday morning on social media.
A former development specialist wrote on social media:
“Unfortunately, my time with Pennymac Loan Services came to an end today along with many others,”
Another employee said:
“Unfortunately, today was my last day as a Loan Processor at PennyMac LLC. I was part of a huge company layoff. I am currently looking for a new role and would appreciate your support.”
The WARN Notice also shows that the workforce reduction includes specialists and analysts. Surprisingly, it also included several vice president job positions across the company. It includes areas such as home loans, fulfillment, underwriting, and credit analysis, among others.
PennyMac is the largest correspondent lender in America. It also originates most of its purchase mortgages. Over three quarters of its origination volume in the second quarter came through the correspondent channel.
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