Key facts
- Pennymac is closing its Franklin, Tennessee office.
- The company is reducing staff in its consumer direct lending operations.
- Macroeconomic conditions are cited as the reason for the closure and layoffs.
- Severance packages will be provided to affected employees.
- Some employees may be offered roles in other company locations.
Pennymac has confirmed it will close its office located in Franklin, Tennessee, and reduce staff within its consumer direct lending operations, citing challenging macroeconomic conditions. The company stated that affected employees will receive severance packages, and some may be offered opportunities to transition to other roles within the organization.
This decision follows previous workforce reductions. In March 2022, Pennymac filed notices to lay off 236 employees in California, primarily in home loans and refinancing. Subsequently, in April and May of the same year, the company planned to lay off an additional 207 employees across six offices in California. These layoffs impacted various roles, including loan officers, analysts, and managers.
Earlier in 2022, Pennymac had invested $3.9 million to open the mortgage origination center in Franklin, Tennessee, with the aim of enhancing its coast-to-coast operations and supporting growth initiatives. At that time, the company aimed to boost its consumer direct lending business and leverage its servicing portfolio, technology, and data analytics capabilities.