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      PENNYMAC

      Engaged Employer

      PENNYMAC reviews

      3.0

      44% would recommend to a friend

      (1,560 total reviews)
      avatar

      David Spector

      51% approve of CEO

      46% positive business outlook

      Ratings by demographic groups

      PENNYMAC has an employee rating of 3.0 out of 5 stars, based on 1,560 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
      1.0
      Nov 20, 2024

      Never work at a company you wouldn't do business with

      Loan officer
      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 Way too many emails, financial software that is so outdated and not conducive to doing the job.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.
      1.0
      May 26, 2022

      Used to be a great company

      Sales manager
      Recommend
      CEO approval
      Business Outlook

      Pros

      Used to be a great company to work for.

      Cons

      Even before mass layoffs in March and May the company was going downhill. Executives have no idea how to think ahead, didn't plan for market turn. They went on an executive retreat in fall 2021 and by mid January all the priorities had changed. Terrible corporate culture. They will force you to overwork, turn teams against each other, then hand out corporate crap like a branded backpack to make you feel better. Office only culture. Extremely low morale. Overworked employees. Entire groups quit from under the same manager or in the same department and they still keep ineffective and toxic managers.

      3.0
      Mar 10, 2022

      Pretty good or kinda lame depending on department

      Senior applications developer
      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

      Viewing 49 - 51 of 1,560 Reviews
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      ReviewsPENNYMAC reviews

      Glassdoor has 1,675 PENNYMAC reviews submitted anonymously by PENNYMAC employees. Read employee reviews and ratings on Glassdoor to decide if PENNYMAC is right for you.