AM I NEXT? NO LOVE AT PENNYMAC (11/01/22)

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?

AM I NEXT? NO LOVE AT INTERACTIVE MORTGAGE

Costa Mesa, California-based WinnPointe Corporation, a residential mortgage lender doing business as Interactive Mortgage has announced another major reduction in force.

The reduction in force will impact 51 employees, including three underwriters, fifteen loan officers, eleven processors, three funders, and nineteen administrative support personnel. The separation date is scheduled for April 7, 2022.

Over the past twelve months, the company has laid off 128 employees, including six underwriters, twenty loan officers, twenty-five funders, and fifty-one administrative support personnel.

128 employees have been laid off over the last year, including six underwriters, 20 LOs, 26 processors, 51 admins, and 25 funders.

It is unclear how many employees, if any, are left.

According to a company statement, the decision was driven by the economic collapse triggered by the Covid-19 pandemic as well as the dramatic recent increase in interest rates, noting the company has suffered more than a million dollars in losses. The decision on who to layoff will not be based exclusively on seniority, but we may use seniority as a basis.

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?

AM I NEXT? NO LOVE AT STEARNS LENDING

Lewisville, Texas-based Stearns Lending, a specialty wholesale lender has announced the closure of its wholesale business, Stearns Wholesale Lending, after its acquisition by Chicago, Illinois- based Guaranteed Rate, a retail residential mortgage company in January 2021.

The closure of the wholesale channel will impact 348 workers and separations are scheduled by the end of March 13, 2022.

According to a company statement, “The entire group will be shut down, and all employees in the operational unit will be impacted. All affected employees have been notified of their separation dates, and that their separation from employment will be permanent.”

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?