PennyMac Reviews | Glassdoor

PennyMac Reviews

Updated April 19, 2018
224 reviews

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3.5
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PennyMac CEO David Spector
David Spector
34 Ratings

224 Employee Reviews

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Pros
  • There are a lot of great people that are willing to show you the steps to grow your career in the Mortgage and Loan industry (in 10 reviews)

  • What I enjoy most about this organization is that it is a growing company with great potential (in 8 reviews)

Cons
  • It would benefit employees to have a bit more work-life balance and/or the ability to work remotely (in 13 reviews)

  • No Raises but they still do annual review just to tear down employees (in 11 reviews)

More Pros and Cons

  1. Featured Review

    Helpful (11)

    "A true work family environment"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Customer Service Representative
    Current Employee - Customer Service Representative
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at PennyMac full-time

    Pros

    First of all the pay is amazing. Also, when it comes to your work experience they give you a real chance to learn about the mortgage industry. You actually get at least 5 weeks of training so that when you go out on the floor and you start working you really feel like you know what you're doing. There is also opportunity for overtime all of the time. Which is nice if you are ever in need of extra money and you want to do that math you know what you need to do how many hours into work, in order to get the money that you need. I would say the best part about working here is that you really feel like you are working with friends and family. You get a supervisor who has a team, and you have meetings at least once or twice a month. Outside of that there is the opportunity to get sale bonuses each month, but it is not required in a sense of you have to push sales it is nearly an opportunity while having a conversation with a customer. Oh and not to mention, they have their own cafeteria that you get a free meal tickets for whenever you work 30 minute lunches.

    Cons

    If you are used to having your weekends to yourself, then working at PennyMac may not be a good idea for you. I only say this because every other Saturday we do have to work 4 hours. However these four hours are in the morning and you do get a break. I myself, actually enjoy working every other Saturday because I mean spend every other Saturday you know you are guaranteed overtime so it really depends on how you look at things. The only other con working there is that it is quite far for most people however they are working on expanding so soon there actually be two locations for customer service.

    Advice to Management

    Management is amazing at PennyMac. They are open and helpful, and they definitely believe in treating their customer service representative like customers. They truly believe in there values of being accountable, reliable, and ethical.


  2. Helpful (1)

    "SVP"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Westlake Village, Los Angeles, CA
    Current Employee - Anonymous Employee in Westlake Village, Los Angeles, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at PennyMac full-time (More than 8 years)

    Pros

    Fantastic place to work! If you want to work hard and do the right thing; you can certainly expect to grow into your own career at PennyMac!

    Cons

    None to speak of at this time.

  3. "PennyMac.... is it worth it?"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

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

    Pros

    Love the people I work with.

    The culture in Los Angeles offices is great, I hear.

    Cons

    *** If you expect a bonus make sure the language is included in your offer letter.

    DO NOT EXPECT to receive a bonus based upon merit, hard work, & stellar performance review (it won't happen!)

    *** Benefits are sub-par compared to other real estate finance companies.

    Medical offered, but VERY expensive if you add spouse and/or children.

    Vacation: (everyone receives the same, there is NO negotiating)
    • FVP and below receive 10 vacation days per year, accrued at 3.33 hours
    • SVP and above receive 15 days per year, accrued at 5 hours

    Sick Time: (everyone receives the same, there is NO negotiating)
    6 days per year, accrued at 2 hours per pay period of service.

    Recognized Holidays:
    • New Year’s Day (Jan 1)
    • Martin Luther King Jr. Day (3rd Monday in January)
    • Presidents’ Day (3rd Monday in February)
    • Memorial Day (last Monday in May)
    • Independence Day (July 4)
    • Labor Day (1st Monday in September)
    • Thanksgiving (4th Thursday in November)
    • Christmas (December 25)
    • One Alternative Holiday

    Advice to Management

    Actually listen to your employees (the people who are actually doing the work).
    Reward the employees that have been loyal and hardworking.


  4. "As with every company, satisfaction is based on your direct manager."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Training Manager in Fort Worth, TX
    Current Employee - Training Manager in Fort Worth, TX
    Recommends
    Neutral Outlook
    No opinion of CEO

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

    Pros

    They try to have a fun culture, but your role impacts how much of that you will experience. There is an on-site cafeteria.

    Cons

    The benefits and vacation allotments are not great. Only 2 weeks vacation and 6 days of sick time. Benefits seem to be a bit pricey.


  5. Helpful (1)

    "Loan Officer"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Mortgage Loan Officer
    Current Employee - Mortgage Loan Officer
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    We have some of the best mortgage minds working here

    Cons

    Not sure of anything yet


  6. Helpful (2)

    "Company does not believe in salary increase"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Disapproves of CEO

    I worked at PennyMac (More than 3 years)

    Pros

    Good simplified process; good colleagues

    Cons

    Promotions are not based on personal merits. Company does not believe in salary increase


  7. Helpful (1)

    "IT Infrastructure"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Agoura Hills, CA
    Current Employee - Anonymous Employee in Agoura Hills, CA
    Recommends
    Positive Outlook
    No opinion of CEO

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

    Pros

    The opportunity for growth is very high. There are some highly intelligent Engineers on staff that make it interesting and rewarding to come to work each day. Nick Akl is an absolutely amazing manager. It is a real pleasure to work so closely with such a passionate and technologically driven leader. He seriously treats us like family.

    Cons

    Compensation as a whole has it's challenges. We need to work on at least being in the ballpark of the rest of the industry. From there we can work on being competitive in this space.

    Advice to Management

    Let's work on retention of our key resources and building our talent from there. Sometimes slowing down a little bit will speed things up in the long-term.

  8. Helpful (2)

    "PennyMac celebrates its 10th anniversary"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Analyst in Agoura Hills, CA
    Current Employee - IT Analyst in Agoura Hills, CA
    Neutral Outlook
    No opinion of CEO

    I have been working at PennyMac full-time

    Pros

    Agoura has casual work attire and I hear they are building a gym.
    IT has a laid back culture the people are fun to work with, however do not be fooled by their culture, they work extremely hard.
    On site, restaurant Penny Pantry prices are reasonable and the food is excellent.

    Cons

    Management is very different depending on the department and location; I see many sub cultures.
    PennyMac seems to be going through some growing pains reorganization etc.


  9. Helpful (1)

    "Recruiter"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Fort Worth, TX
    Current Employee - Anonymous Employee in Fort Worth, TX
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    PennyMac offer a lot of opportunity for internal growth.

    Cons

    I would be nice if PennyMac offered Tuition reimbursement

    Advice to Management

    Offering tuition reimbursement would be a way for your employees to add more value to the company


  10. "Overall good company to work for"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Management
    Current Employee - Management
    Recommends
    Positive Outlook
    No opinion of CEO

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

    Pros

    Growing company with opportunity to advance your career. Offers good benefits and retirement plan. The Penny Pantry offers both breakfast and lunch with a great menu. Most of the locations are very festive and is a great place to work during the holidays.

    Cons

    Would prefer more vacation time and some senior leadership can be viewed as micro managers.

    Advice to Management

    This is a solid growing company many positive things happening that will create an even better future. Rethink the vacation policy and get a plan that will at least match your competitors.


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