PennyMac Reviews | Glassdoor

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PennyMac Reviews

Updated January 2, 2018
216 reviews

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3.4
StarStarStarStarStar
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Approve of CEO
PennyMac CEO David Spector
David Spector
29 Ratings

216 Employee Reviews

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Pros
  • Great people and move quickly as compared to the larger institutions (in 9 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. "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.

  3. Helpful (1)

    "Correspondent Customer Service Rep"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Sales in Moorpark, CA
    Former Employee - Sales in Moorpark, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at PennyMac full-time (More than 3 years)

    Pros

    Smartest Management Team in the business.
    Perfect at executing executing a customer experience.
    Compensation was fair when there in a smaller market size.
    Solid training in varying departments.

    Cons

    Smartest Management Team in the business.
    No opportunity to grow.
    Compensation is limited when the market up, margins are wide and shareholder returns are yielding favorably.

    Advice to Management

    Thank You for training me to be a Jedi warrior and never letting me feel comfortable regardless of success. Anyone leaving a negative review does not get it.


  4. Helpful (1)

    "Sales Manager"

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

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

    Pros

    Plano is a new site with lots of opportunity for growth and career advancement. PennyMac believes on promoting from with in! Compensation plan is very aggressive. Great culture and benefits.

    Cons

    Some of the systems we use can use updating. PennyMac is currently in the process of advancing our technology to make our daily activities easier and add more automation to the process benefiting both internal and external customers.


  5. Helpful (1)

    "Opportunity Advancement"

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

    I have been working at PennyMac full-time (More than 5 years)

    Pros

    I have been with PennyMac for 5 years in Consumer Direct Lending. I have worked extremely hard in my time here but I have been rewarded by being promoted twice. PennyMac is a true meritocracy...if you work hard it will not go unnoticed!

    Cons

    I don't have a lot to say here but I think we need to make sure good employees do not leave for other companies.

    Advice to Management

    Keep growing the company!


  6. Helpful (3)

    "Decent place"

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

    I have been working at PennyMac full-time

    Pros

    Pay checks are on time.

    Cons

    No growth
    Pay period is the 7th and 22nd of each month
    No raises
    Micro managed
    No bonus


  7. Helpful (9)

    "Beware of fake positive reviews"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst in Westlake Village, Los Angeles, CA
    Current Employee - Analyst in Westlake Village, Los Angeles, CA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    As a current employee I am appalled but not surprised by the influx of positive reviews posted on here. It should raise a red flag to anyone considering joining this company that the majority of reviews posted before November 2017 are negative and somehow everyone started talking about how much they love this place in November. Huh either this is a HR tactic to purposefully raise the overall score or this is one hell of a coincidence.

    Cons

    Too many old folks should retire already yet they’re taking up spots and making it impossible for younger and more talented people to advance and make real contributions.

    Advice to Management

    Treat your employees nice and people will willingly write glowing reviews.

  8. Helpful (1)

    "Great Environment"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Associate in Moorpark, CA
    Former Employee - Associate in Moorpark, CA
    Recommends
    Positive Outlook
    No opinion of CEO

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

    Pros

    Managers are friendly and receptive.

    Cons

    Slow growth with promotions but can get there if persistent.

    Advice to Management

    Work alongside employees more often.


  9. Helpful (6)

    "Difficult/Toxic Environment in several Departments"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at PennyMac full-time (More than 3 years)

    Pros

    -Depending where you land, there is interesting problems of scale to address
    -There are people who care about doing a good job and treating customers fairly

    Cons

    -Depending where you land, there is interesting problems of scale to address caused by mismanagement
    -There are people who care about doing a good job and treating customers fairly who are drowned out by the dozens who don't care
    -Nepotism & in-fighting is rampant
    -Affectionately called Countrywide 2.0 by people experienced in the mortgage industry
    -Poor company culture in most departments
    -HR is not your friend
    -Pay is below local competitors and churn is often high

    Advice to Management

    Pay people more. People are happier and more productive when they don't have to worry about their bills. The company makes more than enough to do so.


  10. Helpful (5)

    "Good people and great place to work, but..."

    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
    No opinion of CEO

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

    Pros

    The people that you deal with on a daily

    Cons

    Middle Management and Leadership is not great at communication nor do they foster culture of wanting to hear the "truth" if it could affect goals.
    The pay is way incredibly below market value (< 30%) for Southern California. Nor is the opportunity for career advancement.

    Advice to Management

    Great leaders value honest truth and views that may conflict with your own and, with that information, plan accordingly. Break up the 'boys' club and get some new POVs that could really drive the business and industry forward.


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