California-based PennyMac Financial Services Inc., a mortgage originator and manager, will cut 207 jobs in the Golden State.
According to Worker Adjustment and Retraining Notices (WARNs) submitted to the California Department of Employment Development, 59 loan officers will be cut. The notices, primarily written on April 28 and reviewed by National Mortgage Professional, show the loan officers losing their jobs work in offices in Westlake Village, Roseville and Pasadena.
Other positions cut include the titles of analyst, designer and manager, as well as vice president for maintenance. Those who lose their jobs work in offices in Moorpark, Roseville, Pasadena and Agora Hills.
PennyMac submitted the forms for the job cuts at its Agora Hills office on May 9. All reviews were signed by Stacy Diaz, the company’s executive vice president of human resources.
Most of the layoffs are at the Thousand Oaks office, where 77 people will lose their jobs. Relevant people in Thousand Oaks hold the titles of analyst, assistant vice president, vice president, and senior vice president.
Calls and emails to a company spokesperson for comment were not immediately returned.
PennyMac’s first-quarter earnings, released earlier this month, showed net profit down 54% year-over-year to $173.6 million from $376.9 million in the first quarter of last year.
While PennyMac President and CEO David Spector called earnings “solid,” he added that “unprecedented increases in mortgage rates have resulted in lower overall industry mount volumes. and left originators and aggregators who still hold excess operational capacity competing for a much smaller loan population. .”