PENNYMAC reviews

3.0

46% would recommend to a friend

(1,564 total reviews)
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David Spector

52% approve of CEO

46% positive business outlook

PENNYMAC has an employee rating of 3.0 out of 5 stars, based on 1,564 company reviews on Glassdoor which indicates that most employees have an average working experience there. The PENNYMAC employee rating is in line with the average (within 1 standard deviation) for employers within the Financial Services industry (3.7 stars).

Reviews by job title

2K reviews
3.0
May 15, 2023
Recommend
CEO approval
Business Outlook

Pros

- I had THEE absolute BEST manager on the PLANET (RW) and I honestly couldn’t have handpicked a better group of coworkers. - Decent benefits - Decent pay - Received a promotion while working from home

Cons

*sigh* - As trainers, we were on a rolling 6 week class schedule with literally ZERO time off. When I first began, I went five months without so much as a half day to go to a doctor’s appointment. Every trainer was on this schedule, so there was no opportunity for backup or standby in case the primary trainer had any kind of emergency. I worked sick, with a broke down car in my garage that I couldn’t take to the shop…yeah. - No continuity with the line of business. Our procedures and manuals were embarrassingly outdated and I always felt horrible knowing that the information we were giving participants would be COMPLETELY different once they actually started doing the work. - We were forced to turn in report cards weekly to track individual improvement…not the easiest feat when there are 20 people in your class - and again, you don’t have any type of help. - I went on leave and had to email HR and ask them when I was returning. They took three days to answer me. I returned on the day they gave me, reached out to them and again…three days of nothing. Once they finally acknowledged me, I received a check with two instead of five days of pay because THEY chose to disregard the fact that I was there. - Everything had changed when I returned. We’d returned to the office and gone to a “modular” training style, where we could share one another’s load and not train every single day. Seemed cool, but I wondered why we had to come into the office if we 1) were still training virtually, and 2) not working on a particular day. No joke…out of a 6 week class, I was only scheduled to train 4 days - but was still expected to come in the office every day (in terrible traffic)? Made NO sense. I would go to work, literally sit and do nothing, and go home. I’d ask for extra work/projects to no avail. - What kind of company pushes their employees to go back into the office when gas prices were literally the highest in HISTORY?! A California based company at that, where gas prices are the highest! Completely insensitive and callous call. Also, I was told that going back into the office helped with revenue for the county/city…but I live in the same county/city as the building, so they could have kept that lie for somebody else. - Of the three departments in our division, one was totally remote and the other was Hybrid. It was hard not to take having to come in daily (again, most days for nothing) personally. We kept hearing “PennyMac is a WFO company”, but kept pulling up to a half empty building every day. Whatever the COMPANY is doing, that’s what the COMPANY as a WHOLE needs to do. - Three hours of vacation a paycheck is an absolute joke. You have to work a year just to get a week’s vacation. It’s insane!!!! And I’ve heard “HR is working on it” since I got there in 2019.

3.0
May 14, 2023
Recommend
CEO approval
Business Outlook

Pros

Great mid-level management that truly cares about you. They are pretty flexible with you within reason when you have urgent matters come up when life happens. They cater in lunch from time to time and do employee appreciation events. Cafeteria with awesome food options at an affordable cost to employees.

Cons

Very segmented workflows and processes comparatively to other companies which results in terrible pay. This also slows down your production drastically which makes it difficult to hit quotas that are necessary to bonus. The pay is way below industry standards and upper management is the problem, like above the VP, etc. They hire people with decades of experience at very entry level cost. New loan operating system for some of the departments has a lot of kinks, but they are actively working on this. Training and development of new hires needs some work, but they are also actively working on it. The bonus structure is abysmal too, way over complicated and is paid quarterly. They cannot keep educated overqualified candidates because they are underpaying so much, so it’s a revolving door when those employees find better paying jobs.

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PENNYMAC Response
3y
Thank you for taking the time to provide your feedback on our company. We appreciate your honesty and will use your comments to improve our operations and address areas of concern. We are thrilled to hear that you have had a positive experience with your immediate management. We take great pride in ensuring that our employees feel supported and cared for, and it is encouraging to know that this effort has not gone unnoticed. We understand the importance of flexibility when unexpected situations arise, and we are committed to accommodating our employees to the best of our abilities. However, we are sorry to learn that you have found our processes and pay unsatisfactory. We acknowledge that these issues can have a significant impact on productivity and employee satisfaction. Rest assured that we are actively working on streamlining our workflows and processes to create a more efficient and cohesive work environment. We understand your frustrations with some of your experiences here. We are committed to offering fair compensation to attract and retain talented individuals. Additionally, we are actively working on enhancing the training and development programs for new hires to ensure they have the necessary support to succeed in their roles. We appreciate your insightful advice to our management team. We understand the importance of empowering our managers and allowing them more autonomy in decision-making. We are actively working on creating a culture of trust and collaboration, and your feedback reinforces the need for us to continue in this direction. Lastly, we take your point about remaining competitive with other lenders in terms of compensation. We are committed to regularly reevaluating our offerings and making adjustments as necessary to attract and retain top talent. We appreciate your feedback in highlighting the impact this has on employee turnover, and we are dedicated to addressing this issue. Thank you again for your sincere review. Your willingness to provide constructive feedback is greatly appreciated as we work towards creating a better working environment for our employees. If you wish further discussion, please email us at employeerelations@pnmac.com.
1.0
May 11, 2023

Run Don’t Walk

Recommend
CEO approval
Business Outlook

Pros

Some of my co-workers and teammates

Cons

Where to begin…. 1. No raises at all 2. Laying off competent & caring managers while retaining management with limited mortgage knowledge along with zero care for employees 3. Selling to their employees that “we hire contractors in India so we don’t do layoffs here”. We all know that’s not true, due to Zoom meetings with mass layoffs…$10 they still have contractors in India.

Viewing 343 - 345 of 1,564 Reviews

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