Pros
Arch Bay provides an entrepreneurial environment where new problems need to be tackled everyday, so you end up learning a lot out of necessity. The smaller environment provides you with the opportunity for some solid, career building resume bullet points. Also, because of it's size, you work with many, many exceptional and easy-to-work-with coworkers in a myriad of groups. Prior distressed investment experience isn't required nor is experience with mortgages, so it's a fantastic opportunity to get your foot in the door.
Cons
Work life balance is not uniformly expected from different employees. Some are expected to work 8-5 and others are asked to work 60 hours a week or come in on a Sunday. Promotions and compensation do not go hand in hand and are not uniformly awarded. Feedback is difficult to receive. The only way you know you're doing a good job is if you aren't in trouble.