There are newer employer reviews for PennyMac
There are newer employer reviews for PennyMac

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A place to be creative and work as a team

  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Current Employee - Director in Moorpark, CA
Current Employee - Director in Moorpark, CA

I have been working at PennyMac full-time (Less than a year)

Recommends
Positive Outlook
Approves of CEO
Recommends
Positive Outlook
Approves of CEO

Pros

Working at PennyMac is a chance to work with mortgage industry experts - people who've been doing this successfully for 20-30 years. Everyone has the chance to bring their ideas to the table - this is a place for innovation and creativity. The culture is much less bureaucratic than at most large banks - your day is spent actually doing things rather than making PowerPoints and sitting on conference calls.

Cons

PennyMac was just founded in 2008, so it still shows bits of start-up disorganization. It's still putting the right people in place in some positions.

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  1. Helpful (9)

    worst company ever, with unethical upper mgmt

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Pennymac in Moorpark, CA
    Former Employee - Pennymac in Moorpark, CA

    I worked at PennyMac full-time (More than a year)

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Pros

    paid parking, cafeteria on site

    Cons

    i repeat long long hours, uncomfortable working conditions, low pay, no appreciation for hard work, long hours, unethical business practices, boring atmosphere with no personality within employees

    Advice to Management

    Advice to upper management: work on practicing ethics first, which is part of your company's core values. then the rest will shine. know that employees know what goes on behind the scenes. don't give large bonuses to those who have crap work performance but are in Stan's (CEO) A-list because they chose to kiss up to him. Let's be real...


  2. Helpful (6)

    Country made their money on the way up, and as Penny Mac they are making 4x on every ones missery.

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Loan Originator
    Current Employee - Loan Originator

    I have been working at PennyMac

    Doesn't Recommend
    Doesn't Recommend

    Pros

    Penny Mac and the FDIC, Black Rock, and ex-Countrywide President Stan Kurkland keep by distress loans that Countrywide was responsible for 1/4 of them. This means there are a lot of leads to call.

    Cons

    The lending side is as incompetent as you can imagine. They were recently put on supervision by Freddie Mac. They did about 30 loans, 3 were by back, or had to sold somewhere else, and Freddie wouldn't by 4. This is a 23% delinquency. I don't think Countrywide hit 10% and they were pretty much shut down.

    Advice to Management

    Stan Kurkland should get a whole new experienced FHA and Conforming Team in there, and get rid everybody else. Their corespondent side did almost $1 billion. Have the people that run that side find a conforming originator and buy it.


There are newer employer reviews for PennyMac
There are newer employer reviews for PennyMac

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