PennyMac Reviews | Glassdoor

PennyMac Reviews

Updated January 30, 2019
261 reviews

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3.3
StarStarStarStarStar
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PennyMac CEO David Spector
David Spector
51 Ratings

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 13 reviews)

  • "Growing company with opportunity to advance your career" (in 9 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 12 reviews)

More Pros and Cons

  1. Helpful (4)

    "Great Place to Work"

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

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

    Pros

    PennyMac offers very competitive salaries with 401K match and excellent benefits. The facilities are all extremely nice, most with on-site cafeterias providing gourmet food options. There are amazing Facilities staff and Information Technology staff. Senior Leadership is very ethical and approachable. I am very proud to say I work here.

    Cons

    Dress code is still Business Casual in most locations, even though many competitors and regulating entities are casual.

    Advice to Management

    Explore options with allowing casual dress where employees donate $1 per day to the charity of their choice to allow them to dress casual. This is done at other large corporations and works well.


  2. Helpful (1)

    "Great Place to Build a Career in the Mortgage Industry"

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

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

    Pros

    - Surrounded by experienced, intelligent industry experts
    - Opportunities for career growth
    - Inclusive, respectful culture

    Cons

    - Loan Officers do too many loan processing tasks; Processors should be able to handle collecting documents and manage all borrower contact after initial application.

    Advice to Management

    Have Loan Processors complete all traditional "processing" tasks instead of Loan Officers, like collecting borrower documents.

  3. Helpful (1)

    "Good company. Zero flexibility"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Refinance Loan Officer in Plano, TX
    Current Employee - Refinance Loan Officer in Plano, TX
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

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

    Pros

    They provide lots of leads. Many of them not good, but some decent ones too.

    Cons

    It's ran like the Army.


  4. "A job with a check"

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

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

    Pros

    Payroll on time bi monthly

    Cons

    Management is horrible. Buddy system in full effect for promotions. No raises! Paid bi- monthly.

    Advice to Management

    Stop looking at your employees as friends and drinking partners and more like co -workers and humans!


  5. "Move Along"

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

    I worked at PennyMac full-time

    Pros

    Not demanding, PennyPantry food is good

    Cons

    Slow moving, bureaucratic, terrible culture


  6. "Comm. Specialist"

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

    I have been working at PennyMac full-time

    Pros

    Very nice people to work with. Great cafeteria and work environment.

    Cons

    Nothing to say yet.


  7. Helpful (2)

    "Reviewer"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Reviewer in Thousand Oaks, CA
    Current Employee - Reviewer in Thousand Oaks, CA
    Positive Outlook
    No opinion of CEO

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

    Pros

    Great people to work with. Occasional perks pertaining to food. Good business culture/involvement. Lots of work, more business than other companies. No real layoffs or closures.

    Cons

    No raises. No ability to move around to other positions within the company. Constant reduction/restructuring of bonus plans. No real breaks/lunches. No consistency with perks across all offices; meaning if one office gets one thing the others do not - like holiday events. You cannot express how you really feel about things - only positive things can be said - or else you're viewed as a problem. One has to be "fake", a Stepford employee.

    Advice to Management

    You get what you pay for; cutting bonuses only means work less hard. Meetings that tell employees that they are lucky to have jobs during this month is a bit threatening and somewhat a type of verbal abuse. Please stop getting rid of positions and having current employees take those responsibilities. People feel overworked.

  8. Helpful (1)

    "Great company!"

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

    I have been working at PennyMac full-time

    Pros

    The culture is amazing and they really care about my personal success and growth. There are weekly site meetings that keep me informed of everything that is going on company and office wide. Overall the communication is better than everywhere I have worked in the past and everyone is very accessible.

    Cons

    At this time, there is nothing I could put in this section.


  9. "Very nice people"

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

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

    Pros

    On site cafeteria, gym, benefits

    Cons

    Finding out what you will actually do versus what you think you are being hired for can be eye-opening. It takes awhile to learn the business.

    Advice to Management

    Be forthcoming about strategy, get rid of people you have to micromanage. Don't punish people for doing the right thing in an emergency because all the rules may not have been followed.


  10. Helpful (3)

    "Good Company, Lots of Growth Potential"

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

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

    Pros

    The culture is relaxed enough to be comfortable, though not necessarily laid back across the board (this typically depends on your department, role and/or manager).
    Layoffs are non-existent, firings are rare, and most of us trust the direction of the company. And since most people usually get hired as a referral (this isn't the kind of place you simply walk into) there's a unique closeness and sense of camaraderie across the organization, despite the cliques.
    Work environments are also pleasant, with plenty of perks and resources to help you reach your potential.

    Cons

    There's a ton of variance within the company and its culture across locations. This often makes things more difficult and tedious than they have to be.
    Expectations are not always clear and management wastes time having meetings about meetings trying to figure out what is (or should be) going on. Favoritism is rampant, but downplayed or completely disregarded.
    System issues are truly a DAILY headache.
    (And unlike other PennyMac locations, there's no onsite gym or cafeteria.)

    Advice to Management

    Strive for consistency.
    Simplify your communication processes.
    And make all your employees feel valued.