NOVEMBER 1, 2022 — MORE LAYOFFS
The company is laying off another 80 employees in California, including employees located in the Roseville, Westlake, Agoura, Moorpark, and Pasadena offices. Separations are scheduled on December 30, 2022.
PennyMac is the largest correspondent lender in America, through which it originates most of its purchase mortgages. It was founded by disgruntled employees of Countrywide Funding.
MAY 23, 2022 — ANOTHER ROUND OF LAYOFFS IN CALIFORNIA
Pennymac Financial Services will lay off 207 additional employees, including loan officers, in two rounds on June 27, 2022, and July 8, 2022.
Employees located in Thousand Oaks, Pasadena, Roseville, Westlake Village, Agoura Hills, and Moorpark will be impacted. This follows the previous workforce reduction previously announced.
Rising interest rates and lower mortgage originations and refinancings are forcing lenders and servicers to adjust their workforce to cut costs and respond to market demand.
APRIL 1, 2022 — Original post…
Westlake Village, California-based PennyMac Financial Services, a specialty non-bank financial services firm focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market, has announced a major cost-cutting initiative as a response to changes in mortgage lending including a reduction in refinance volumes, elevated prepayment activity, and interest rate sensitivities.
The reduction in force will impact 236 employees located in six offices in five cities, including 96 employees in the company's Westlake Village location, 81 employees in Roseville, 24 employees in Pasadena, 19 employees in Agoura Hills, and 16 employees in Moorpark. Job functions range from senior management to loan specialists, processors, and support staff. Separations are scheduled for May 6, 2022.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?