PENNYMAC reviews

3.1

48% would recommend to a friend

(1,556 total reviews)
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David Spector

55% approve of CEO

49% positive business outlook

PENNYMAC has an employee rating of 3.1 out of 5 stars, based on 1,556 company reviews on Glassdoor which indicates that most employees have a good 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
Jun 23, 2015
Recommend
CEO approval
Business Outlook

Pros

The company is growing out of control, the amount of work that it's creating for itself means that there will always be insufficient staffing, and therefore you will always be tasked with learning a new skill because no one else will be put into the position that actually handles those tasks.

Cons

Where do I start? This company's projections are irrational. They are biting off more than they can chew, stressing out employees and every single department. They are lacking in infrastructure, aside for being understaffed and having the feel of a sweatshop. You get 10 vacation days per year, which you have to accumulate. Also the case with sick time, you accumulate 4 hours per month. Things here are grim on every perspective. starting with lack of parking spots, (translating into having to walk from a different company's parking lot on a different street for 10 minutes until you get to your building), continued with the crowded work environment (which is often so loud you can't actually focus on work) to the poor computing technology that hardly supports the tasks needed to be done on a regular basis. The absolute worst of this company is that management is severely lacking in leadership skills. often managers will not acknowledge their employees or even realize how knowledgeable and experienced they are. Career pathing is formally not on the agenda. nepotism rages out of control. You will most likely not get a raise, ever. I have seen people get promoted 2 or 3 times, without getting a raise, with the title change being delayed up to 3 months, and taking on additional responsibilities while minimizing their personal life outside of work for the sake of being able to function. HR is a joke, they take forever to handle claims, and in some cases they even drop the ball to a point where medical workers comp claims get denied because they don't provide forms in due time. Executives pretty much will not acknowledge your existence even if you interact with them on a daily basis. Unless a manager need something from you, he will not even say hello. Promotions are often based on veterancy and position availability. most of the time because of the high turnover rate - positions will just become available and it will be cheaper for the company to promote somebody from within without giving them a raise, rather than hiring somebody from the outside and to try and match market salaries.

1.0
Jun 8, 2016
Recommend
CEO approval
Business Outlook

Pros

I enjoyed working with smart, dynamic people and learning new skills. The cafeteria also served decent food at times. The gym is decent given the size of the room.

Cons

I would describe the company culture as being TOXIC at best due to WEAK MANAGEMENT. I had the misfortune of working with managers who were very unapproachable (even narcissistic) and only talked to you when they needed something ASAP (not even a “Good Morning”). In addition, there were many managers who were INCOMPETENT and LACKED FUNDAMENTAL SKILLS to do the job as managed with an “IRON FIST”. Many times, they will take credit for your ideas and work to cover up their own shortcomings. I also felt there was a LACK OF TRANSPARENCY working on projects since I was NOT INVITED TO CRITICAL MEETINGS and UNREALISTIC DEADLINES WERE PROMISED to the stakeholder. To make matters worse, I wasted more time having to re-clarify what deliverables are needed as well as being under intense pressure to get things done. In addition to WEAK MANAGEMENT, I would also describe the atmosphere as being a “SECRET SOCIETY” where privileged people (those that have tight connections as a result of nepotism) are allowed to prosper and surpass me (in terms of growth and future opportunities) after I’ve shared all of my valuable knowledge (which took years to develop) with them. Largely, I felt that whatever significant contributions that I have made to the department go unnoticed by upper management unless one of their “privileged” kids had done it (or stolen credit for it). If you decide to join PennyMac, just know that: 1. The commute is horrible and parking is problematic (no work from options allowed). 2. You will be low-balled on salary. 3. Their health benefits are expensive. 4. It will take a very, very long time to accrue any vacation time. 5. You must wait 1 year after start date before you can enroll in 401k program. 6. No work/life balance. 7. No raises or merit increases or promotions unless the CEO approved it (which can take an eternity – this is where it helps to have “tight connections”). 8. Be prepared to be exploited and/or marginalized. 9. Have headphones on to drown out obnoxious, fake laughs. Do not have headphones on when the CEO is in the vicinity (as this is one of his pet peeves). Although I am grateful for the skills that I’ve learned and for the relationships that I’ve developed there, but if I had a do-over, I would have only USED the PennyMac OFFER letter as LEVERAGE (without any intent of ever joining).

1.0
Feb 25, 2014
Recommend
CEO approval
Business Outlook

Pros

It's fairly easy to get a job at PennyMac. If you are at the end the rope and having trouble making ends meet, then *and only then* consider a job at PennyMac. This is a destination of last resort.

Cons

I don't know where to begin. I'll start by saying there is absolutely no job security. People get fired or laid-off all the time on the whim of management. Stan and the other executives will fire anyone and everyone who is not in the C-suite if it will save them a dollar. The company swings from one focus to another depending on what can earn the executives the most money. One day they're focused on servicing, the next on technology, then commercial. Whole groups are turned over or transferred without warning. PennyMac has horrible benefits. They don't care about there employees so why provide benefits? Again, the only thing that matters is how much money can the executives make. Employees are costs to them. The place is basically an arena for unemployable Countrywide Home Loans / BofA alumni to reunite. Bonuses are promised and never paid. The 401K plan doesn't let you in until 1 year of service. Vacation, sick, and holiday time are the worst in class. All the employees joke about how awful it is on a daily basis. Laughing about it is the only way to get by.

Viewing 4 - 6 of 1,556 Reviews

Glassdoor has 1,671 PENNYMAC reviews submitted anonymously by PENNYMAC employees. Read employee reviews and ratings on Glassdoor to decide if PENNYMAC is right for you.