PENNYMAC reviews

3.0

45% would recommend to a friend

(1,560 total reviews)
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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
2.0
Nov 3, 2013

Parts are greater than the sum....

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

Been here for over 2 years and have met and worked with some truly great people that are kind, smart, fun and great at their jobs. I fee I'm paid so-so for what I do but I know many that have been here longer that are crazy unemployed (more on that later). Health insurance for my family is decently priced and we have a few options and that is good. 401k match of 4% with no vesting is also nice.

Cons

Where to start...again, many good people but parts of the company are very top heavy (I'm looking at you Servicing) with a SERIOUS crony culture. Constant references to "The Bank" and CW in casual conversation and meetings. News flash, it's 2013, move on, you're not still there for several reasons...There are clear favorites and some of these "old" breed might do some work but are quite frankly useless in many regards and set in old, ineffective ways with no consequences (some literally work MAYBE 25 hours a week and are paid a full salary). Don't even get me started on the location too, I live in my car traveling to and from this frontier outpost... Those unfortunate to be hired in the 2008-2011 era can be extremely under-pad, I mean they make maybe 50% of what they should or would make other places. There is this insane attitude that raisers can only be 10% unless you have serious backing from the chosen ones. I've never had a raise in my 2+ years and keep being told "it's coming". Stan apparently approves EVERY SINGLE RAISE for any level, micro-manage much? Oh, and bonuses? Well they get paid out in halfs, once in March, once in October thanks guys, makes it feel so special (my bonus was literally less than paycheck each time). We've lost some great folks so far as people realize they have opportunities elsewhere and that is only the beginning. Most people when pushed, if not volunteering it upfront will tell you they are ready to leave the second they can. So many little things add up that the culture is just becoming poisonous on so many levels. The recent layoffs were handled with so little grace and tact it was downright embarrassing.

2.0
Oct 28, 2013
Recommend
CEO approval
Business Outlook

Pros

I was able to apply my programming skills in a very diverse business environment. flexible lunch hours.

Cons

Project requirements kept changing and no clear problem statement and as a result must be available to work more than 2 hours on a daily basis, On the top of it, my manager did not take responsibility of poor data gathering and blamed me on not meeting deadlines. When I got headaches,I tried to sneak out after finishing 8 hours. After few occurrences of leaving early, I had a very unstructured meeting of my career with management. I wanted to quit in the meeting but I am not rich yet so I stayed until I found a better job.

3.0
Sep 30, 2013

Conservative environment with weak benefits

Anonymous employee
Recommend
CEO approval
Business Outlook

Pros

Many excellent people working here - committed, intelligent, experienced. Onsite cafeteria is a huge perk.

Cons

Insufficient benefit incentives. Conservative culture. Obvious divide between the high visibility, more privileged departments and the rest of the company.

Viewing 1549 - 1551 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.