PennyMac

www.pennymacusa.com

PennyMac Reviews

Updated January 29, 2015
Updated January 29, 2015
53 Reviews
2.4
53 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Stanford L. Kurland
33 Ratings

Review Highlights

Pros
  • Great people, nice work environment, no micro-managing, Awesome cafeteria food (in 3 reviews)

  • It is a new company so there are things that can be improved but I enjoy my job and I like the culture (in 3 reviews)


Cons
  • Absolutely to work/life balance (in 3 reviews)

  • long hours, though job dependent (in 3 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1.  

    Great experience

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

    I have been working at PennyMac

    Pros

    Learned a lot, from HR issues to compensation

    Cons

    I didn't find any cons working there

    Advice to ManagementAdvice

    N/A

    Recommends
    Positive Outlook
    Approves of CEO
  2.  

    Account Executive

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Sacramento
    Current Employee - Sacramento

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

    Pros

    Portfolio business provides a unique opportunity to help existing clients while simplifying the process. Phones ringing off the hook right now. Extremely busy environment. Free coffee, plenty of parking, great loan partners to work with. Potential to earn a great income if you are willing to work.

    Cons

    We are experiencing some growing pains as we are doubling in size this year. There has not been enough training to keep everyone up to speed and help our fulfillment partners with the work load. This is creating delays and postponing loans from closing. Additionally, leadership has really started to micro manage its sales consults.

    Advice to ManagementAdvice

    I would like to see more positivity when reporting and comp changes are being made. The AE's have taken on a lot of extra responsibilities to help our partners and often times it is discouraging when management is telling us our talk time is low or our fee collection is below threshold.

    Recommends
    Positive Outlook
    No opinion of CEO
  3. 1 person found this helpful  

    Satisfied with PennyMac. The growth potential in both responsibility and compensation are slow, but there

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at PennyMac full-time (more than 3 years)

    Pros

    Potential to grow career if you plan to put in the time

    Cons

    Compensation growth does not quite follow the growth in responsibility

    Recommends
    Positive Outlook
  4. Is this helpful? The community relies on everyone sharing – Add Anonymous Review


  5.  

    Better than where I was.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Claims Processor in Fort Worth, TX
    Current Employee - Claims Processor in Fort Worth, TX

    I have been working at PennyMac

    Pros

    good pay
    nice office
    free stuff
    more tram building

    Cons

    only 2 weeks of vacation
    fewer holidays than other mortgage servicers

    Advice to ManagementAdvice

    better managerial skills on talking to others.

    Recommends
    Positive Outlook
    No opinion of CEO
  6. 1 person found this helpful  

    Worst Job Ever

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

    I worked at PennyMac

    Pros

    Some nice co-workers trying to brighten up the day.

    Cons

    No training, constant over-time, no work life balance. Nepotism is rampant. It's like working in a Third World sweatshop.

    Advice to ManagementAdvice

    Stop worrying about your bonus and treat fairly and train the staff that actually does the work. Tell the truth at the interview. Don't say "occasional overtime" be honest. Everyday is a 12 hour day and you get to work weekends as well. Don't ever try to ask for a vacation day.

    Doesn't Recommend
    Neutral Outlook
  7.  

    Customer sevice representative.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Customer Service Representative in Fort Worth, TX
    Current Employee - Customer Service Representative in Fort Worth, TX

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

    Pros

    Competetive pay. Great hold over job until something else comes available. Very stressful never ending changes. Other positions are long term. Avoid customer service and research and you will be fine within the company.

    Cons

    Customer service has a low ceiling for growth only a select few of managers will help you. Manager selection was based soley on past relationship and not managerial skills and mind set. Floor managers in customer svc are very unprofessional and takes offense if you ask them a question. They are very condescending in customer svc. I hope this review helps someone make the right job choice if you have options. Negative atmosphere.

    Advice to ManagementAdvice

    A true manager is one of experience and wisdom. They know that a team consist of people from all walks of life. Therefore they see will look at situations different. Be more understanding and become more well rounded.

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
  8. 3 people found this helpful  

    PennyMac

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

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

    Pros

    It's a stable job, the pay is okay, and if you do your job well management leaves you alone.

    Cons

    The company was started by former Countrywide executives and a lot of the employees are also former Countrywide employees, I never worked for Countrywide so I felt a little out of the loop. Favoritism and nepotism are rampant, some of the managers should not be managers and got their position because of who they kissed up to or are related to. Employees are not promoted base on individual ability or achievement, in fact, if you're good at your job management will make it difficult for you to transfer into a different role or into another department. Some of the managers are unethical, think nothing about throwing their employees or co-workers under the bus in order to get ahead, and pass blame on to others for their own mistake.

    Advice to ManagementAdvice

    I think it would boost employee moral if management didn't make us feel like we're easily replaceable.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  9. 1 person found this helpful  

    Network Operations Engineer

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at PennyMac

    Pros

    -Got to meet department heads & other employees
    -Smart people
    -Had a tour of department

    Cons

    -Interviewer was late for the meeting.

    Advice to ManagementAdvice

    More communication at the beginning and at the ending of the interview.

  10. 1 person found this helpful  

    Horrible. I was so excited to work here and it all went away the moment I started.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at PennyMac

    Pros

    None at all that I can say positive. Its horrible

    Cons

    There is no training at all. So much favoritism is ridiculous.. They will hire you, ignore you when u need help and quickly fire you. This company has poor morale and very high school atmosphere. Please rethink working here.

    Advice to ManagementAdvice

    Quit thinking of yourselves. You wouldn't be a CEO without employees

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. 4 people found this helpful  

    You're a passionate Engineer? Don't work here. Period.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at PennyMac (more than 3 years)

    Pros

    Great cafeteria options (although a little expensive)
    Great gym and facilities

    Cons

    If you're a passionate software or infrastructure engineer, just stay away from this place. Not only is there unnecessary process and office politics at every turn, but you have to deal with bully managers and a systemic toxic culture that leaves no room for work/life balance. And as others have mentioned, you will never get a raise at this place, ever. No bonus for you either, while most managers and executives roll into work in their $60k+ cars and have performance incentives in the form of QUARTERLY bonuses.

    Engineering is seen as nothing more than overhead and a bottom pyramid servicing department (like is the case with most financial services companies). This means they need you to follow orders, and not ask too many questions. Don't expect to have any freedom at all while writing code, or architecting systems either. They might lead you on to thinking you have control, but you have no authority over projects, yet are expected to be responsible for the outcome. Responsibility and authority are inseparable. This dynamic does inevitably lead to failures, that will hang over your head.

    Still feel like you wanna give this company a try and see for yourself? Well, you'll be looking at legacy code and poorly documented systems all day and working on a ton of dead end projects. Hard work will earn you no credibility whatsoever. You'll spend hours stuck in meetings and managers will then wonder why you're still debugging. You will then be asked to work weekends because "things just need to get done around here".

    If this is what you want day in and day out, then go for it. They're always hiring Engineers because people keep quitting, so you could very well end up getting an offer fairly quick.

    Advice to ManagementAdvice

    Work harder on fixing the compensation track issue. It's outright immoral to lie to employees about this every quarter just so they refrain from quitting what they eventually realize is a BAD job, at a BAD company. Everyone talks behind your back and that's conducive to toxic culture. If you care about morale, muster up the necessary courage and demand change from upstairs.

    At the end of the day, this is plain and simple not a company for bright eyed engineers to work at. In fact, you will feel jailed in this type of environment. Strongly recommend you consider other options, unless you're ready to start killing your soul away.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

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