Maybe the election distracted everyone, and perhaps thats why the announcement came just hours before the craziness started. Without getting nasty (we all know how people can be on this site), would anyone care to discuss the recent news of PHH exiting the PLS business?
15 replies (most recent on top)
I can't speak for all of the company but for me, a processor for UBS, things are changing fast. Many have left on their own and many, including myself, are looking. Things are uglier than ever on the floor yet upper management is clueless. Since the termination of a certain superviser, people here are on edge. Yet the pressure just continues to mount.
If anyone wants to know more of what is going on with UBS or other PLS processing teams, other than the obvious fact that the fire are sounding daily, ask!
Good luck PHH'ers who are still hanging in there!
Some are even through 2018. "Golden Handcuffs" is what someone called them. You get nothing if you leave early, but who wants to stay with a giant axe above your head just waiting for it to slam down? Not good for those left behind either. At least those with PLS have an end date. Those left behind don't have a clue. Company is splitting and selling off like old junk car. Sad.
Whoever is concerned that some people are getting "paid" retention bonuses prior to annual reviews can calm down. The package offered simply save the company money. They won't actually be paying very many retention bonuses OR severance packages. The way they structured it is that they told everyone who will be losing their job that their time is short. The ONLY way any of those people see a dime of that $$ (including severance which used to be paid at time of layoff) is IF those people stay until the day PHH tells them to go. Logically, people are going to start looking for jibs prior to and some have already given their notice. Each person who jumps ship because of the layoff notification now gets nothing. And even though the letters included a date of last work day, that isn't guaranteed. They can lay off with 60 days notice and pay what they offered. Or, they can start finding ways to let people go with little to no cause and pay NOTHING.
The mortgage industry has changed so much that even the directors don't have a clue and the ceo doesn't have any background or experience in the industry. When you're relying on people who haven't seen a loan in over 15 years its not a good situation.
I've been on STD and just hearing about all of the shake up! Can someone tell me when the contracts are running out for Morgan Stanley and UBS? Will they be working through 2017? Will consultants be producing new business?
This is so very sad. This company has gone down hill since Terry Edwards left and the GE management took over. Shame on you Glenn and company!!
The problem is PHH needs new management. Upper management has been running it in the dirt!
Is this layoff affecting Mount Laurel too?
Yelp. Some are getting stay bonuses plus serverance. Then some are getting just severance.
Who (departments/roles) is being offered stay packages and retension bonuses?
So these guys give poor severance packages (1 week per year of service!) to those leaving and then pay others retention bonuses all before annual performance reviews!
Stay packages are being handed out now to Jacksonvilee employees, most are through at least the end on this year. Some are through the end of 2017.
I don't see what they go on with no PLS origination, sold off govt servicing.
I hear they are laying off a third of the company over 1300 people ugh how much longer can they go on
Pretty sure management knew about this for awhile. Its unfortunate how they treated their employees. Almost abusive.