PENNYMAC reviews

3.0

45% would recommend to a friend

(1,560 total reviews)
avatar

David Spector

51% approve of CEO

46% positive business outlook

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 29, 2014

PennyMac

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

It's a stable job, the pay is okay, and if you do your job well management leaves you alone.

Cons

The company was started by former Countrywide executives and a lot of the employees are also former Countrywide employees, I never worked for Countrywide so I felt a little out of the loop. Favoritism and nepotism are rampant, some of the managers should not be managers and got their position because of who they kissed up to or are related to. Employees are not promoted base on individual ability or achievement, in fact, if you're good at your job management will make it difficult for you to transfer into a different role or into another department. Some of the managers are unethical, think nothing about throwing their employees or co-workers under the bus in order to get ahead, and pass blame on to others for their own mistake.

1.0
Nov 13, 2014
Recommend
CEO approval
Business Outlook

Pros

None at all that I can say positive. Its horrible

Cons

There is no training at all. So much favoritism is ridiculous.. They will hire you, ignore you when u need help and quickly fire you. This company has poor morale and very high school atmosphere. Please rethink working here.

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 1522 - 1524 of 1,560 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.