Nonbank mortgage lender and servicer Pennymac Financial Services imposed a new round of layoffs to its employees this week, ahead of its third-quarter earnings report on Thursday.
The California-based company had several rounds of layoffs this year, including a workforce reduction of 236 employees in March, another 207 staff members in May and additional 32 jobs in July.
According to Worker Adjustment and Retraining Notifications (WARN) alert submitted to the California’s Employment Development Department (EDD), the company is trimming 80 job positions in Roseville, Westlake, Agoura, Moorpark and Pasadena.
Former staffers said hundreds were let go in the most recent layoff round.
HousingWire sent an email to the company seeking additional information but did not immediately receive a response.
The expected date of separation is December 30, 2022, according to the letter. But former employees have started to post about their layoffs on Tuesday morning on social media.
“Unfortunately, my time with Pennymac Loan Services came to an end today along with many others,” a former learning and development specialist wrote on social media.
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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 shows that the workforce reduction includes specialists, analysts and vice president job positions across the company. It includes areas such as home loans, fulfillment, underwriting, and credit analysis, among others.
Bumping rights do not exist for these positions and employees are not represented by a union, wrote Jenny Rhodes, chief Human Resources Officer, in a letter to the EDD filed Oct. 25 and reviewed by HousingWire.
PennyMac is the largest correspondent lender in America, through which it originates most of its purchase mortgages. Over three quarters of its origination volume in the second quarter came through the correspondent channel.
