Wow, Nova Loans Going Under ??

Question

Markets are stressed and impacting lenders too. Funny how a very honest review gets blocked.

James Baker Jr · Answer

Hi Don,

Your post highlights the obvious not-normal scenarios. Most employees do give a notice, and most employers do use a process that will communicate to it's workforce that 1) layoffs are coming, and 2) employee termination notices are given and usually the employee has an opportunity to talk to HR during the exiting process.

Nova did a 16% in RIF No.1, people were just told to pack up and leave the minute they arrived to the office, and for some LO's who don't have an office they were called. The people fired were all over the company nationally, like LO's, processors, marketing, security, system admins, capital markets, The CEO addressed it days later and stated no more layoffs were coming. A few weeks later RIF No.2 came the same way. Most of the leadership at Nova came from First Magnus, but that was a Ray Desmond and Jon Volpe decision.

And 100% true companies can fire any way they like, but potential worker applicants should know what type of leadership is there before committing.

And as that 1st post pic review says, readers should do their own homework, ask that HR person what happened, why 20% were just suddenly cut and how they were cut. Others dealing with Nova should also be asking questions, call up that CEO and ask.

Don Konipol · Answer

It always amazes me that employees have no problem quitting their jobs anytime, anyplace, for any reason, but believe when an employer exercises the same right they’ve mistreated the employee. I NEVER fired or layoff anyone who was great at their job; however I have terminated many marginal or low performers who held grossly inflated opinions of their performance and responsibilities.

Chris Seveney · Answer

What was the reason for the rejection?

Wow, Nova Loans Going Under ??

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