KEY NOT FOUND: coverImgAlt
Logo
See All Photos

Pennymac

Engaged Employer

Pennymac

Add a Review

Pennymac Reviews

Updated May 19, 2022

To filter reviews, or .

Found 944 of over 1,024 reviews

3.4
56%
Recommend to a Friend
76%
Approve of CEO
Pennymac CEO  David Spector
David Spector
407 Ratings

The latest conversations about Finance

Join the conversation on
Join the conversation on

Top Review Highlights by Sentiment

Pros
  • "Great people and move quickly as compared to the larger institutions(in 72 reviews)
  • "Decent pay and quarterly bonus(in 48 reviews)
  • "good benefits if you're on full(in 32 reviews)
  • "I have been with the company for several years now and can say that PennyMac has a great culture.(in 26 reviews)
Cons
Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

Ratings by Demographics

This rating reflects the overall rating of Pennymac and is not affected by filters.

Want more demographic options?
  1. 5.0
    Current Employee, less than 1 year
    Featured Review

    Promoted in less than 6 months to 6 figure management position

    Feb 24, 2022 - Sales Manager in Nashville, TN
    Recommend
    CEO Approval
    Business Outlook

    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.

    Continue reading
    4 people found this review helpful
  2. 5.0
    Current Employee, more than 5 years

    Great company and benefits

    May 18, 2022 - Instructional Designer in Moorpark, CA
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Terrific corporate culture and concern for employees and customers.

    Cons

    Hard to have a con when it's perfect.

    Continue reading
    Be the first to find this review helpful
  3. 2.0
    Current Employee, more than 3 years

    Would try to avoid

    May 14, 2022 - Loan Processor in Houston, TX
    Recommend
    CEO Approval
    Business Outlook

    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.

    Continue reading
    1 person found this review helpful
  4. 5.0
    Current Employee, more than 1 year

    From LO in port 2 years later SM for NCA in Nashville

    Mar 9, 2022 - Sales Manager in Franklin, TN
    Recommend
    CEO Approval
    Business Outlook

    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

    Continue reading
    3 people found this review helpful
  5. 2.0
    Former Employee, more than 1 year

    Do not work here

    May 18, 2022 - Home Loan Specialist I in Saint Louis, MO
    Recommend
    CEO Approval
    Business Outlook

    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

    Continue reading
    1 person found this review helpful
  6. 4.0
    Current Employee, more than 1 year

    Best call center mortgage lender

    May 5, 2022 - Mortgage Loan Officer in Phoenix, AZ
    Recommend
    CEO Approval
    Business Outlook

    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.

    Continue reading
    Be the first to find this review helpful
  7. 3.0
    Current Employee, more than 3 years

    Okay until it's not

    May 16, 2022 - Purchase Loan Officer in Pasadena, CA
    Recommend
    CEO Approval
    Business Outlook

    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.

    Continue reading
    Be the first to find this review helpful
  8. 4.0
    Former Employee, less than 1 year

    typical high volume call support

    May 17, 2022 - Technical Support 
    Recommend
    CEO Approval
    Business Outlook

    Pros

    Easy position with good resources for a typical call center environment. High volume be ready to work hard and fast.

    Cons

    Volume maybe a bit much for unexperienced or someone not good at multi tasking.

    Be the first to find this review helpful
  9. 1.0
    Former Employee, less than 1 year

    Careless, Classless, Greedy Company

    Mar 8, 2022 - Anonymous Employee in Tampa, FL
    Recommend
    CEO Approval
    Business Outlook

    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.

    Continue reading
    5 people found this review helpful
  10. 3.0
    Former Employee, more than 5 years

    Pretty good or kinda lame depending on department

    Mar 10, 2022 - Senior Applications Developer in Agoura, CA
    Recommend
    CEO Approval
    Business Outlook

    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

    Continue reading
    5 people found this review helpful
Viewing 1 - 10 of 944 Reviews

Pennymac Reviews FAQs

Pennymac has an overall rating of 3.4 out of 5, based on over 1,024 reviews left anonymously by employees. 56% of employees would recommend working at Pennymac to a friend and 53% have a positive outlook for the business. This rating has decreased by -14% over the last 12 months.

According to anonymously submitted Glassdoor reviews, Pennymac employees rate their compensation and benefits as 3.3 out of 5. Find out more about salaries and benefits at Pennymac. This rating has decreased by -12% over the last 12 months.

56% of Pennymac employees would recommend working there to a friend based on Glassdoor reviews. Employees also rated Pennymac 3.1 out of 5 for work life balance, 3.4 for culture and values and 3.3 for career opportunities.

According to reviews on Glassdoor, employees commonly mention the pros of working at Pennymac to be workplace, career development, coworkers and the cons to be culture, management, benefits.

Popular Careers with Pennymac Job Seekers

JobsSalariesInterviews

Work at Pennymac? Share Your Experiences

or

Pennymac Careers

Cover image for Pennymac

Building a Foundation for Greatness At Pennymac, our people are the heart of everything we do. We're looking for dedicated, loyal and...More

  • Why Pennymac?
  • DEI
  • Veterans and Military
  • Recent Graduates
This is the employer's chance to tell you why you should work for them. The information provided is from their perspective.

Pennymac Photos

+ Add Photo
Pennymac photo of: Pennymac Headquarter Lobby
Pennymac photo of: PCH Conference Room
Pennymac photo of: Headquarter Lobby
Pennymac photo of: Agoura Hills Lounge
Pennymac photo of: Agoura Hills Office
Pennymac photo of: Agoura Hills Office
Pennymac photo of: Agoura Hills Office Lobby
See All Photos