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
Aug 4, 2016
Recommend
CEO approval
Business Outlook

Pros

They make you pay $20 a month to wear jeans to work. I guess the only pro is that they donate that money to a charity.

Cons

No career advancement. And when the do offer any type of new position it's always a lateral move. There is no bonus or annual raise payout. Worked with a guy who has been there over 3 years and has never gotten a raise. He's a top performer too. This company is where careers go to die. They will tell you everything you want to hear to get you in, but then you're trapped. I never realized how much I hated this place until I wasn't there anymore. Ran by all the old Countrywide execs. All they care about is how much you can help them line their pockets, all the while pushing you for more and more production. Just a glorified sweatshop. Good riddance!!!!

1.0
Feb 6, 2016

Beware!

Recommend
CEO approval
Business Outlook

Pros

I have nothing that I could put in here with the exception of the office gym and almost being able to pay the bills.

Cons

I have never worked at a place where there are no chance of raises. Step increase over a year! Who are they kidding? People are getting promoted for 2-3% and oh they promise bonuses... But for stock that matures in several years. This is the cheapest company that I have every worked for and would not work here unless you are desperate! They have the mind set that if you are desperate for a job you will deal with the 2 week vacation (you have to accrue) 5 day sick, low pay and outrageous medical costs. There is also no concept of accountability for management. They try their hardest to sweep things under the carpet and hide from regulators. Some really shady things go on! CFPB or OCC would have a field day if they spoke to the right people.

1.0
Nov 2, 2014

You're a passionate Engineer? Don't work here. Period.

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

Great cafeteria options (although a little expensive) Great gym and facilities

Cons

If you're a passionate software or infrastructure engineer, just stay away from this place. Not only is there unnecessary process and office politics at every turn, but you have to deal with bully managers and a systemic toxic culture that leaves no room for work/life balance. And as others have mentioned, you will never get a raise at this place, ever. No bonus for you either, while most managers and executives roll into work in their $60k+ cars and have performance incentives in the form of QUARTERLY bonuses. Engineering is seen as nothing more than overhead and a bottom pyramid servicing department (like is the case with most financial services companies). This means they need you to follow orders, and not ask too many questions. Don't expect to have any freedom at all while writing code, or architecting systems either. They might lead you on to thinking you have control, but you have no authority over projects, yet are expected to be responsible for the outcome. Responsibility and authority are inseparable. This dynamic does inevitably lead to failures, that will hang over your head. Still feel like you wanna give this company a try and see for yourself? Well, you'll be looking at legacy code and poorly documented systems all day and working on a ton of dead end projects. Hard work will earn you no credibility whatsoever. You'll spend hours stuck in meetings and managers will then wonder why you're still debugging. You will then be asked to work weekends because "things just need to get done around here". If this is what you want day in and day out, then go for it. They're always hiring Engineers because people keep quitting, so you could very well end up getting an offer fairly quick.

Viewing 10 - 12 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.