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PennyMac Files Intent To Lay Off 236 Employees

Mar 28, 2022
Pennymac Financial Services
Senior Editor

Bulk of layoffs in California come from home loans, followed by refinancing

California-based Pennymac Financial Services has filed notices to lay off 236 employees at five locations. The bulk of the employees work in home loans, with refinance the next highest category.

In notices filed with the California Employment Development Department, Pennymac said it expected the job loss to be permanent. Ninety-one employees related to home loans are being discharged, along with 48 in refinancing.

Pennymac did not immediately reply to a request for comment. In California, a company with a covered establishment that has 75 employees or more is required to file a WARN notice if the company lays off 50 or more employees during any 30-day period. The federal threshold is companies must have 100 or more employees with a similar layoff headcount.

Sixteen of the layoffs come from Pennymac’s headquarters in Westlake Village, Calif., and include two assistant vice presidents (one in corporate compliance; the other in project management); a mortgage finance first vice president; a first vice president in talent management; a vice president for project management, and one for portfolio risk management, and a senior vice president, capital market controller.

According to its website, Pennymac is the No. 4 VA lender in the United States and the sixth-largest home loan servicer nationwide, and has 16 locations across the country.

In February, the lender announced net income of $1 billion for 2021, down from a record $1.6 billion in 2020. It also reported pretax income of $1.4 billion, down from a record $2.2 billion in 2020 and total net revenue of $3.2 billion, down from a record $3.7 billion in 2020.

At that time, the company said it employed approximately 6,800 people across the country. In addition to California, it has sales offices in Arizona, Florida, Hawaii, Nevada, Tennessee, and Texas.

About the author
Senior Editor
Keith Griffin is a senior editor at NMP.
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