PENNYMAC reviews

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).