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PennyMac

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PennyMac

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PennyMac Employee Reviews about "countrywide"

Updated Mar 9, 2020

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Found 18 of over 788 reviews

3.7
66%
Recommend to a Friend
80%
Approve of CEO
PennyMac CEO  David Spector
David Spector
330 Ratings
Pros
  • "Very considerate company with lots of great people(in 18 reviews)

  • "So glad to have such good people to work with(in 15 reviews)

  • Cons
  • "work life balance can be hard to manage(in 22 reviews)

  • "There are a lot of politics based off of the Countrywide model, an old school guard and "who knows who"(in 19 reviews)

  • More Pros and Cons
    Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

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    Ratings by Demographics

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    Reviews about "countrywide"

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    1. 2.0
      Current Employee, more than 3 years

      Dead-End

      Mar 9, 2020 - Credit Analyst 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Stability, that is about it.

      Cons

      Below market pay. No raises. Advancement isn’t worth it with salary caps. Benefits are expensive and mediocre. Have to complete wellness to get a discount. CountryWide 2.0; they love to plaster their values all over the walls but it’s rarely followed. They’re stable and they know it. Management makes it very clear everyone is replaceable for cheaper, desperate labor.

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      5 people found this review helpful
    2. 2.0
      Current Employee, more than 1 year

      Tough place to work

      Dec 4, 2019 - Senior Leadership 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Growing company, probably a lot of opportunity careerwise if you can deal with the culture.

      Cons

      Old school, whip cracking, mortgage company culture. There are a lot of politics based off of the Countrywide model, an old school guard and "who knows who". Also a select group of people find a way to slide by with limited competence in their area based off of the politics rather than knowing what they are doing.

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      7 people found this review helpful
    3. 2.0
      Former Employee, less than 1 year

      Countrywide 2.0?

      Apr 8, 2016 - Governance in Fort Worth, TX
      Recommend
      CEO Approval
      Business Outlook

      Pros

      My direct manager was fantastic, and the onsite facilities were pretty good. Which is handy, considering they practically wanted you to live there.

      Cons

      I predict that PennyMac will have severe issues within the next 2 years similar to Countrywide. Upper management has an extremely adversarial stance against all internal governance efforts; to the point that they browbeat you into removing findings from reports. They are compensated for not having findings, so rather than work on fixing anything, they just fight and whine until they are removed off reports. Everyone loses when that happens. On a personal note they expected 60 hrs a week to be normal starting point, so a normal work-life balance was impossible; and I had recently been laid off my prior job so they brought me in at 2 levels lower and a severely cut paycheck because they knew they could take advantage of my situation. It wasn't until I resigned, and they realized just how much I brought to the table, that they attempted to bring me back to a level near what I had previous. Is it any surprise that talent doesn't stick around? Oh and good luck getting the 3-4 weeks of vacation everyone else is providing, they only offer 2 here.

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      17 people found this review helpful
    4. 1.0
      Former Employee, more than 1 year

      Worst career decision I've ever made

      Feb 25, 2014 - Vice President in Moorpark, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      It's fairly easy to get a job at PennyMac. If you are at the end the rope and having trouble making ends meet, then *and only then* consider a job at PennyMac. This is a destination of last resort.

      Cons

      I don't know where to begin. I'll start by saying there is absolutely no job security. People get fired or laid-off all the time on the whim of management. Stan and the other executives will fire anyone and everyone who is not in the C-suite if it will save them a dollar. The company swings from one focus to another depending on what can earn the executives the most money. One day they're focused on servicing, the next on technology, then commercial. Whole groups are turned over or transferred without warning. PennyMac has horrible benefits. They don't care about there employees so why provide benefits? Again, the only thing that matters is how much money can the executives make. Employees are costs to them. The place is basically an arena for unemployable Countrywide Home Loans / BofA alumni to reunite. Bonuses are promised and never paid. The 401K plan doesn't let you in until 1 year of service. Vacation, sick, and holiday time are the worst in class. All the employees joke about how awful it is on a daily basis. Laughing about it is the only way to get by.

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      18 people found this review helpful
    5. 1.0
      Former Employee

      Dead end job

      Aug 4, 2016 - Felt Like A Grunt in Tampa, FL
      Recommend
      CEO Approval
      Business Outlook

      Pros

      They make you pay $20 a month to wear jeans to work. I guess the only pro is that they donate that money to a charity.

      Cons

      No career advancement. And when the do offer any type of new position it's always a lateral move. There is no bonus or annual raise payout. Worked with a guy who has been there over 3 years and has never gotten a raise. He's a top performer too. This company is where careers go to die. They will tell you everything you want to hear to get you in, but then you're trapped. I never realized how much I hated this place until I wasn't there anymore. Ran by all the old Countrywide execs. All they care about is how much you can help them line their pockets, all the while pushing you for more and more production. Just a glorified sweatshop. Good riddance!!!!

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      13 people found this review helpful
    6. 1.0
      Former Employee, more than 1 year

      Worst Company to work for, don't accept the offer unless this is your only option

      Sep 22, 2014 - Anonymous Employee in Moorpark, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      There are no pros on working at this place accept maybe "having a job"

      Cons

      Company is called PennyMac, but it is really old Countrywide. The relationships and practices are very similar to that culture. Employment practices are the worst, these are a bunch of greedy executives, trying to pay the least amount possible to their employees while they get full bonuses, stocks and very high salaries. They would change your title not your salary, they would cut your bonus even though your reviews had been terrific, you would not get a salary raise ever because they do not belive in salary raises. All this is done while the executives fly a corporate jet. Owner Stan has to sign every single raise however big or small it is, and he does not like signing.

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      11 people found this review helpful
    7. 2.0
      Former Employee, more than 1 year

      Antiquated Ideals

      Sep 28, 2017 - Analyst II in Moorpark, CA
      Recommend
      CEO Approval
      Business Outlook

      Pros

      Cafeteria is subsidized. That's nice.

      Cons

      This is Countrywide 2.0. The Sr management is all old CHL execs and they brought over that culture and style. There is almost no room for advancement. The company was built by recruiting old CHL and BofA employees. This means that as those companies cut the fat, PNMAC gobbled up that fat. Their longest tenured people are the worst of the worst that BofA had to offer. The employees worth keeping through all the tough times at BofA who were only cut as business moved out of CA are the last ones to get to PNMAC and get stuck in bottom rung positions. The company is more intent on getting people to buy into the culture and making it feel like CHL again to create some nostalgia than actually succeeding and reinventing. It will fail.

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      8 people found this review helpful
    8. 2.0
      Former Employee, more than 3 years

      Difficult/Toxic Environment in several Departments

      Dec 7, 2017 - Anonymous Employee 
      Recommend
      CEO Approval
      Business Outlook

      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

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      9 people found this review helpful
    9. 1.0
      Former Employee, more than 1 year

      PennyMac

      Nov 29, 2014 - Anonymous Employee 
      Recommend
      CEO Approval
      Business Outlook

      Pros

      It's a stable job, the pay is okay, and if you do your job well management leaves you alone.

      Cons

      The company was started by former Countrywide executives and a lot of the employees are also former Countrywide employees, I never worked for Countrywide so I felt a little out of the loop. Favoritism and nepotism are rampant, some of the managers should not be managers and got their position because of who they kissed up to or are related to. Employees are not promoted base on individual ability or achievement, in fact, if you're good at your job management will make it difficult for you to transfer into a different role or into another department. Some of the managers are unethical, think nothing about throwing their employees or co-workers under the bus in order to get ahead, and pass blame on to others for their own mistake.

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      9 people found this review helpful
    10. 1.0
      Current Employee

      Stay away from here, dont believe anything they say at interview

      Aug 12, 2016 -  
      Recommend
      CEO Approval
      Business Outlook

      Pros

      there are none, paychecks do clear,

      Cons

      They treat professional employees as if they are delinquent children. Management can not forecast workload so their answer is the employee being on call at a moments notice for overtime and weekend work. Management is all Countrywide retreads who run the company like a sweat shop. There is no consideration for employees quality of life and no raises are given to the worker at this company. A person was hired to change the culture and she was fired within 1 month. They do not want to change. They do not allow work from home when all we do all day is work in front of sit in front of computer screens.

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      9 people found this review helpful
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