Never work at a company you wouldn't do business with - Loan Officer PENNYMAC Employee Review

1.0
Nov 20, 2024
Recommend
CEO approval
Business Outlook

Pros

Lunch purchased for office at least once a week. Nice office space. Good location where office is located.

Cons

Other Loan Officers steal loans from one another. Four months after starting they lowered everyone's pay company wide. Terrible processing department, People with VP titles who do not have work experience or life experience and it shows. Training is terrible. My class had a guy who has never trained a day in his life and only in the mortgage business for a year. Had 60 loans in pipeline and only ten closed, caught underwriting and processing turning down loans incorrectly, Purposely delaying loan closings by a few days to prevent people from making high bonus, several questionable practices and in the State of TN commission is supposed to be paid within 30 days, you're lucky if you see that money in three months. Way too many emails, financial software that is so outdated and not conducive to doing the job.

avatar
PENNYMAC Response
1y
Thanks for sharing your feedback. We appreciate your honesty and are sorry to hear about your negative experience. We understand the importance of management support during challenging times. We are committed to reviewing our systems to ensure our management team can effectively guide and assist employees. Thank you again for sharing your thoughts. We value your feedback and will use it to improve our management practices and overall employee experience.

Explore other reviews about PENNYMAC

5.0
Feb 6, 2026
Recommend
CEO approval
Business Outlook

Pros

Great people work here, good energy

Cons

Very intense and high pressure

avatar
PENNYMAC Response
4mo
We would like to extend my sincere thanks for taking the time to share your thoughts and feedback about your experience with our company. We value all of our employees' feedback, and we appreciate your insights on the pros and cons of the company. Our direct managers are a critical asset to our company, and we're glad to hear that you find them to be caring and supportive. We also understand that supportive coworkers and casual attire create a relaxed and pleasant working environment for our employees. We'll take your feedback into careful consideration, and we'll make needed changes to ensure we're providing a realistic work environment for our loan officers. We understand that some processes here can be frustrating to you, but rest assured that we're working hard to improve in that area. At our company, we encourage our employees to be top producers by performing to the best of their abilities. Therefore, we'll examine the possibility of reducing micromanagement to boost productivity for all. Lastly, thank you for your willingness to learn and grow. We believe that a strong team is a team that is constantly developing, and we hope you find value in the resources we offer to help you succeed in your role.
2.0
Jun 17, 2026
Recommend
CEO approval
Business Outlook

Pros

Training was always provided and you were never rushed to learn. Snacks were given on a daily basis. You had a Penny Pantry in the building that offered free coffee/Soda and a variety of food selections at a resonable price.

Cons

Low paying position at $22.00 an hour to start with no increases. The department couldnt find other Loan Specialist for the longest time and then increased the position to $27.oo an hour in an effort to attract more people. Four of the employees that were already there for a few years in the department were allowed to work remotely on Thursdays and Fridays, every new Employee had to work on site. Bonus was paid a month and a week after the quarter, so March's bonus was given to you on May 7! Human Resources lied and was extremely unprofessional, when challenged they offered no response or made up false information. My recommendation after being rehired and resigned, is to run in the opposite direction, and dont look back.

avatar
PENNYMAC Response
1w
Thank you for taking the time to share your review of your experience with us. We appreciate your candid perspective, and we're glad to hear you found value in our training programs and appreciated our daily office surroundings and pantry resources. We completely understand that compensation, benefit costs, and clear policy transparency are top priorities. We hear your frustrations regarding how starting pay adjustments, localized remote schedules, and incentive timelines can impact the day-to-day experience. We constantly review our compensation structures and internal procedures to ensure fairness, remaining competitive in the market while balancing our overall team dynamics. Regarding your feedback on our communication, we take your comments very seriously. Our company deeply values open communication, and it is never our intention to create an environment where an employee feels unheard or unsupported. We are continuously evaluating ourselves to learn from our employees' experiences and improve our management practices. Even if we cannot change the past, we are genuinely driven to influence the future. Because you have the unique perspective of having spent time with us across multiple tenures, we invite you to reach out directly to our corporate human resources team at employeerelations@pennymac.com. We want to listen carefully to your feedback and ensure your specific insights are thoroughly noted as part of our continuous improvement strategy. We value your time with the team, and we wish you the very best in your future endeavors.
See reviews by: Helpful|Rating|Date|All