Pennymac Financial Services, a nonbank mortgage lender and servicer, issued lay-off notices to more than 80 employees across five Californian offices in November 2023. This decision was reached due to the challenging market conditions of the year. The lay-offs impacted staff positions ranging from loan officers to senior app developers. No union represents these positions and there are no bumping rights. The company offered severance packages, and displaced employees who are eligible for rehire can utilize a special recruiting channel.

Pennymac has experienced fluctuating net income over the years, with Q3 of 2023 delivering a net income of $92.87 million. This is a significant increase from the $58.2 million of Q2, but a decrease from $135 million in Q3 of 2022.

The company aims to bolster its financial standing by raising $750 million in unsecured debt, intending to use the funds to repay a portion of its due secured debt in 2025. Pennymac has remained a formidable player in the mortgage industry, ranking as the second-largest lender in the first nine months of 2023.

For those affected by the layoffs needing unemployment benefits or to speak with a representative, knowing how to contact EDD could be crucial. Laid-off employees may also find information on how to get a hold of Paid Family Leave useful.