PennyMac
2.2 of 5 28 reviews
www.pennymacusa.com Moorpark, CA 1000 to 5000 Employees

PennyMac Reviews

Updated Mar 27, 2014
PennyMac – Moorpark – “Headquarters Building”

All Employees Current Employees Only

2.2 28 reviews

                             

37% Approve of the CEO

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Stanford L. Kurland

(19 ratings)

30% of employees recommend this company to a friend
28 Employee Reviews
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PennyMac is privately owned financial services corporation

Human Resources Intern (Former Employee)
Moorpark, CA

I worked at PennyMac as an intern for less than a year

ProsGreat benefits and pay, opportunities for advancement.

ConsAs a temporary employee, I felt under utilized.

Advice to Senior ManagementGive temporary employees more direction and communicate clearly about what the expectations are.

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Very poor management and no respect for employees

Anonymous Employee (Former Employee)

I worked at PennyMac full-time for less than a year

ProsThere are some really smart and nice people, very friendly and talented. Good cafeteria.

ConsVery poor management from HR to IT. No one cares unless its something that effects them. No respect to employees. Management don't take any responsibility of solving any issues/concerns raised and they play very bad politics. Also, there are some employees with real bad attitude... This is my experience, from the short time I have been there.. couldn't hurt my self further and no body deserves it... and the very reason I am writing this review.. just be cautions and don't believe looking at the appearance...

Advice to Senior ManagementRespect the employees and inspire them. Skills can be learned easily but not CHARACTER.

No, I would not recommend this company to a friend

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Worse environment I have ever worked in. Drama

Loan Processor (Current Employee)
Sacramento, CA

I have been working at PennyMac full-time for less than a year

ProsIt's a paycheck to get me through finding a replacement job. I honestly can't think of anything else good.

ConsEverything. Cut throat, high pressure, stressful. Management is bad. Blames everyone for their actions. Blames their boss instead of accepting their own accountability

Advice to Senior ManagementGet a reality check. Operations Mgr plays the victim and blames everyone for their weakness. Plays favorites to their employees and sales people. Not neutral. Pretty bad when you know your own boss will take anyone down to save themselves.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Worst career decision I've ever made

Vice President (Former Employee)
Moorpark, CA

I worked at PennyMac full-time for more than a year

ProsIt's fairly easy to get a job at PennyMac. If you are at the end the rope and having trouble making ends meet, then *and only then* consider a job at PennyMac. This is a destination of last resort.

ConsI don't know where to begin.

I'll start by saying there is absolutely no job security. People get fired or laid-off all the time on the whim of management. Stan and the other executives will fire anyone and everyone who is not in the C-suite if it will save them a dollar.

The company swings from one focus to another depending on what can earn the executives the most money. One day they're focused on servicing, the next on technology, then commercial. Whole groups are turned over or transferred without warning.

PennyMac has horrible benefits. They don't care about there employees so why provide benefits? Again, the only thing that matters is how much money can the executives make. Employees are costs to them.

The place is basically an arena for unemployable Countrywide Home Loans / BofA alumni to reunite.

Bonuses are promised and never paid. The 401K plan doesn't let you in until 1 year of service. Vacation, sick, and holiday time are the worst in class.

All the employees joke about how awful it is on a daily basis. Laughing about it is the only way to get by.

Advice to Senior ManagementStop even pretending to care about your employees. We A.R.E. PennyMac? What a joke. I hope you're at least hiring attorneys for the long-haul, you'll need them.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Poor treatment of employees

Anonymous Employee (Former Employee)
Pasadena, CA

I worked at PennyMac full-time for less than a year

ProsNew company, potential for growth

ConsIt's another Countrywide. Politics are huge - it's who you know. No employee support

Advice to Senior Managementgood luck

No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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Not my favorite

Anonymous Employee (Former Employee)

I worked at PennyMac full-time for less than a year

Prosthere were no pros for this company

ConsEverything, it was like a slave camp. Sit down shut up and work through your breaks!!

No, I would not recommend this company to a friend – I'm optimistic about the outlook for this company

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Wild wild west

Senior Security Engineer (Former Employee)
Moorpark, CA

I worked at PennyMac as a contractor for less than a year

ProsIf you like lack of structure and accountability then this is the place for work in IT

ConsInsane work environment with no concern for doing a good job

Advice to Senior ManagementRun your IT shop professionally

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Free Breakfast Today!

Anonymous Employee (Current Employee)
Moorpark, CA

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

ProsGreat medical benefits and we got free breakfast today for being here the day before XMas! Nice treat! Same with day before New Years!
It is a new company so there are things that can be improved but I enjoy my job and I like the culture. There are career opportunities everywhere if someone works hard and proves themselves. Those that complain about no career opportunities are either too impatient or are not working hard enough. Take a look at yourself before complaining so much.
I like my boss and find him supportive and a good listener.

ConsLong commute to the Moorpark location for some of us. Luckily it is against traffic and you can take the train right into Moorpark.

Advice to Senior ManagementI like that there is a Culture Committee that looks at ways to make the company more employee friendly and think of little ways to make our work days easier, like giving out cookies some days and giving free lunches certain days, etc.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Opportunity to grow and build things

Anonymous Employee (Current Employee)
Moorpark, CA

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

ProsPennyMac is a place where if you have an idea, you can run with it with few barriers. People are encouraged to try new things to make things better for customers and coworkers.

ConsBecause the company has grown so fast, a lot of infrastructure, policy, and procedure is still being built out. That can feel disorganized at times.

Advice to Senior ManagementLet responsibility and accountability grow as far down into the company as possible. Listen down, and let talk flow up.

Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company

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Disappointing.

Anonymous Employee (Former Employee)
Moorpark, CA

I worked at PennyMac full-time for more than a year

ProsParking is free and there is an on-site cafeteria.

ConsUnfriendly and unprofessional environment. The middle manager over our department delegated a lot of responsibility to seniors or "team-leads". The people in these positions were not only very young and inexperienced but also downright immature and catty. They clearly held their personal friends to more lenient standards than the rest of us and took good care of their friends when doling out various work assignments. There were times when people at adjacent desks would be supposedly working on important projects and I would hear nothing but whispering and giggling (not exaggerating here) or in some cases loud talking and flirting for 10, 15, and 20 minutes at a time as I was working my hardest during a very busy day. I eventually invested in some earbuds. Also, I witnessed cases of well-connected people getting picked for promotions over those who were clearly superior candidates in terms of tenure and performance. I noticed that (shocker) young entry-level people whose parents or family members worked at the company or BoA/CW managed to move out of the trenches and into much better positions with the most incredible speed.

The Moorpark location is a long drive from most parts of L.A. It is actually in a business park on the outskirts of town which is even worse because you have to drive 5-10 minutes into town if you want to eat somewhere other than the company cafeteria. It was announced to us that everyone in the company would lose one of their discretionary days but the exact explanation given was that both discretionary days were to be replaced with a single "religious freedom" day. Interesting. Around the same time, the company became much more aggressive about hiring many more new workers as temps and also keeping them at temp status for as long as possible. Many temps (I was not a temp) of over 6 months tenure who had proven themselves to be solid employees were still being denied conversion to full employee status (and therefore all benefits). Given what I know and what I've heard about the history of Countrywide and Kurland's involvement in it, I probably should have come in with lower expectations.

No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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Glassdoor is your free inside look at PennyMac reviews and ratings — including employee satisfaction and approval rating for PennyMac CEO Stanford L. Kurland. All 28 reviews posted anonymously by PennyMac employees.