Nonbank mortgage lender and servicer Pennymac Financial Services scrapped its plans to hire more than 300 staff in North Carolina due to prolonged periods of elevated interest rates.
In 2021, Pennymac vowed to create 322 jobs in Wake County, North Carolina and invest $4.3 million into Pennymac Loan Services, its mortgage lending subsidiary, to establish a mortgage fulfillment production center in Cary, North Carolina.
“Currently, however, mortgage rates have climbed to a 20-year-high, which impacts housing, hiring and further expansion efforts. Due to the cyclical nature of the mortgage industry, we were hopeful that details ⇒
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