Pennymac Reviews

Pros

Pennymac provides a Rewarding, Challenging, Energetic, Caring, Honest place to grow as a loan office and monetize your skills and work ethic.

Cons

I don't say this lightly, but there isn't a downside to working at Pennymac. The chance to achieve is there. The opportunity to rapidly grow your career is there.

Pros

Terrific corporate culture and concern for employees and customers.

Cons

Hard to have a con when it's perfect.

Pros

Good co workers Decent starting pay Cater food sometimes

Cons

Been in the same role for almost 3 years, still not promoted or have an increase in pay when working several Loan programs. When needing to take a half day off for a DR appt management tries to guilt you for not being at work. Cares more about being in office and planning to take WFH equipment away. Didn't tell staff that someone had COVID in office so we can quarantine and stop the spread. Management acts like they can do as they please (IE leaves for minuscule reasons but lord forbid we need to leave for a DR appt that has been told for 3 months). This is not a "job secure" job no matter how much they preach it. Three lay-offs in less than 2 months. OH, and lastly. This job is a call center. If you do not want to work at a call center, don't apply.

Pros

I've been in the industry for 10 years this april (2022) working in purchase, builder and now call center refinances. Pnmac is a compliance company that also happens to originate loans. The LO comes first and it funnels down to mgmt. As a Sales manager of a team of 9 LO's I can tell you we take very good care of our staff. Even in the changing market PNMAC is big enough to have great rates to offer and small enough to be mobile and navigate the market. Pay is excellent as are the benefits

Cons

It may shock some folks out there but you actually have to work for your income here. Don't get me wrong everyone employed here makes a great wage but the ones that make the big dollars all have the same thing in common; They work harder and smarter than those that don't

Pros

Depending on the department you might get a good manager.

Cons

Rare to get a promotion Rare to get a raise, minimal amount when you do Lay offs often but still employing offshore No training and lack of assistance Sink or swim attitude towards new employees

Pros

Company is very focused on transparency, following regulations, and doing the right thing. Sometimes (perhaps even often) to a fault. But I'd much rather work for a company too focused on being honest than work for one that doesn't care about it at all. Pay is great and the company is very proactive about shifting pay tiers to current market conditions. Coworkers are great. Most everyone enjoys coming into work and enjoys their job, even in this rising rate environmeout, UNBEATABLE pricing and when we do rarely get beat out, it's very easy to verbally negotiate to win the business. Lots of autonomy and respect for how you run your business. As long as you stay on top of everything and have solid production. You pull credit, price out the file, run AUS, and lock the loan without any required interference from anyone else. Overtime has been cut back on, but it isn't much of an issue. You're required to work one scheduled Saturday a month, and can put in occasional overtime outside of that as long as it's for follow up work. I didn't start my time in the mortgage industry here, but I wouldn't work for any other call center mortgage lender other than PennyMac. I was fortunate enough to not be one of the many who were inevitably laid off these past few months. But that wasn't PM specific. The whole industry is in shambles right now.

Cons

No sales training. If you're new to sales you'll either need to learn that stuff through: trial and error, advice from coworkers and managers, sales videos, and books. You are only taught the technical aspects of the mortgage origination software here. No training on how to pitch a loan either. This is a good place to end up at after being with one or two other companies. As I said, overly concerned with compliance to a fault. Lots of unnecessary and trivial tasks to submit a loan. It feels like there's a large disconnect from compliance and the sales department. There's a very very lengthy "wrap-up script" you have to read to lock any loan. They are somewhat aware of this annoyance and so they give you a $500 bonus every month as long as you don't get any compliance fails. It often feels like the company would love us to be robots, only capable of reciting the very limited scripts they give us. But obviously thats not enforced because otherwise no one would want to do business with us.

Pros

Pay is okay until the market shifts. Some months were $20k pay check, others were $3k. For the work and mental toll of this job and to match market standard, I feel the salary and compensation per funded loan needs to be much higher.

Cons

Overtime is a must. You work 1 weekend shift per month. Working 10 hours of OT per week is very normal and is really expected. They are very consumed by numbers. 5 reports sent out daily monitoring 100 stats. Very micromanaged. Operations is a big annoyance. Many loans each month falling out due to poor operations handling.

Pros

Potential Work From Home, 50k starting salary in most positions

Cons

No valuable work experience, you’re just a number to them, they do not care about you or view you as a human, they’re never satisfied with your work, unappreciative, constantly pressure you into transitioning into a role that will make them more money even if it’s not in your best interest, will lay you off without severance, “mandatory overtime?” will make you keep working outside of your agreed upon hours even though your contract says that you’re not obligated to, will change your schedule without you having a say. Overall, not much positivity to take from company, and I feel a huge sense of relief no longer being affiliated with a company like this.

Pros

If you are not working on the production side of things, you will enjoy good work life balance. I actually really enjoyed the first three years at PennyMac in the office before they closed down two other offices and crammed everyone in. WLB was great, and I didn't mind the lower salary because of that. Once I switched to production, WLB was not always great, and we were often asked to work weekends and work past 5. Mind-numbing multi-hour meetings were also the norm. Final Assessment: If you're early on in your programming career, this is a good place to build some experience and then bounce. If you're later in your career, it's a good place to coast until you retire.

Cons

- Will not allow fully remote workers - Less than market rate salary. As a senior, you can expect to make 40k less than the current average - Kind of a boring industry to be in, and it's often difficult to bridge the gap of understanding between the "business people" and the programmers unless you already have knowledge of this industry - Working on production = working on the weekends, a million slack channels with people fighting fires, 1+ hour long zoom calls. - Periodic layoffs - Every month you have to do these boring compliance training courses that take at least an hour and have jack squat to do with your job