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.)