PennyMac Reviews | Glassdoor

PennyMac Reviews

Updated September 17, 2017
179 reviews

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2.9
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PennyMac CEO David Spector
David Spector
1 Rating

179 Employee Reviews

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Pros
  • PennyMac is a fast growing company with lots of great opportunities (in 8 reviews)

  • Great people and move quickly as compared to the larger institutions (in 7 reviews)

Cons
  • The worst is no sense of work life balance (in 12 reviews)

  • No raises or merit increases or promotions unless the CEO approved it (which can take an eternity (in 10 reviews)

More Pros and Cons

  1. Featured Review

    Helpful (4)

    "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)

    "No Salary Raises! Can't Save More Than 6 Sick Days, Ever"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Correspondent Lending
    Current Employee - Correspondent Lending
    Disapproves of CEO

    I have been working at PennyMac full-time

    Pros

    its a nice building. thanks.

    Cons

    Stop sending announcements saying how PennyMac is beating records, etc. If PennyMac is doing so great, start giving raises. How do you expect people to stay working here and tell them you only get a raise if you get promoted! Promotions are rare. Why can't we save more than 6 sick days? After that, you never accumulate any more. You are encouraging people to call in sick. You don't pay us for the sick days if we leave the company, so let us accumulate hours if we are not using them, what's the harm? I watch coworkers call in sick 6 times a year, every year. I never use sick time, yet I only have 6 days on the books after many years of working here.

    Advice to Management

    Stop pretending you care about the little employees. make bonuses available to everyone! you need all of us to be successful, not just managers and production staff. Let us take vacation before accruing it, you will get it back in last paycheck if we leave.

  3. "Company with great potential"

    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

    Pros

    Great vision and growth in the mortgage industry.

    Cons

    The culture and core values adopted are not consistently followed and promoted.


  4. Helpful (1)

    "Great Company"

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

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

    Pros

    PennyMac has been a great company for me. I have been with the company for several years now and can say that PennyMac has a great culture. I have always felt like I am appreciated and part of the team. One of the things that I like the most about PennyMac is that they oftentimes promote from within. I have seen several people start at the associate level and move into different management roles. From a compensation standpoint, I have always been treated more than fairly as well.

    Cons

    Not too many downsides but I would say that more team building activities would be a nice addition.

    Advice to Management

    None.


  5. Helpful (3)

    "Call Center"

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

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

    Pros

    Many opportunities for growth if you truly work hard and actually try to apply to other departments or different roles within your department and not just wait around for an opportunity to be handed to you.

    Cons

    Insurance is expensive, but as long as you sign up for Vitality you can bring that cost down. Must wait 1 year before the company matches your 401K. Vacation is a struggle for the first 5 years since you only accumulate 10 days in 1 year, only 48 hours of sick time can be accumulated so if you don't use them you lose them.

    Advice to Management

    Create a PTO policy.


  6. Helpful (2)

    "Pre Foreclosure Ops"

    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 (Less than a year)

    Pros

    Great atmosphere, fun activities, room for growth

    Cons

    No annual raises depending on department, accumulation on vacation/sick time.


  7. Helpful (2)

    "Decent job"

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

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

    Pros

    Employees are great to work with

    Cons

    Micromanagement, lack of pay increase, if you have a manager that doesn't reward you won't advance in your career

    Advice to Management

    Reward your hard workers

  8. Helpful (3)

    "Internship was fun"

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

    I worked at PennyMac (Less than a year)

    Pros

    Fun work environment that remains fun if you can meet deadlines and expectations

    Cons

    overflow of information.
    Too many permissions.
    Not too much career growth


  9. "Enjoyed my time and wished I stayed longer"

    StarStarStarStarStar
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Approves of CEO

    I worked at PennyMac full-time

    Pros

    Great people, benefits, and solid leadership committed to doing the right thing and growing the Company responsibly.

    Cons

    More HR partnering in the respective LOB's. Accessibility to senior leadership...not really a Con just made my role more challenging.


  10. "Return on investment"

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

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

    Pros

    Leaders of the industry work here. You are exposed to many opportunities to learn all facets of the mortgage world allowing you to add to your foundational skills. Recognition is given but only when warranted. If you put in the effort you get fair compensation and opportunity. Interaction with senior management is plentiful and motivates you to want to succeed.

    Cons

    People feeling disenfranchised and bitter regarding the company seems rampant. This in my opinion is a direct result of individual contribution. No-you will not get a scheduled raise and bonuses are not guaranteed. You will however be given these if you prove yourself an asset. Mid level performance can keep you at the company but excelling in your role, innovation, adaptability, attitude, performance drive your rewards. People need to have some introspective analysis before blaming their career arc on the company. Incentives are not a given and should not be expected when your measurable merit is simply that "I worked here for a year and haven't once gotten _______"

    Advice to Management

    Keep on trucking.


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