Worst career decision I've ever made - Vice President PENNYMAC Employee Review

1.0
25 Feb 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.

Explore other reviews about PENNYMAC

5.0
18 Nov 2025
Recommend
CEO approval
Business outlook

Pros

Amazing people and great culture

Cons

My drive to work is long but its is a great place to work so it is worth the drive.

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PENNYMAC Response
6mo
Thank you for taking the time to share your thoughts on our company. We appreciate your honest feedback along with the pros and cons you mentioned. Our company values open communication, and we take your advice seriously. We will continue to listen to our employees' feedback and work towards improving our communication channels. Once again, thank you for your honest feedback, and we look forward to continuing to learn and grow with you.
2.0
17 June 2026
Recommend
CEO approval
Business outlook

Pros

Training was always provided and you were never rushed to learn. Snacks were given on a daily basis. You had a Penny Pantry in the building that offered free coffee/Soda and a variety of food selections at a resonable price.

Cons

Low paying position at $22.00 an hour to start with no increases. The department couldnt find other Loan Specialist for the longest time and then increased the position to $27.oo an hour in an effort to attract more people. Four of the employees that were already there for a few years in the department were allowed to work remotely on Thursdays and Fridays, every new Employee had to work on site. Bonus was paid a month and a week after the quarter, so March's bonus was given to you on May 7! Human Resources lied and was extremely unprofessional, when challenged they offered no response or made up false information. My recommendation after being rehired and resigned, is to run in the opposite direction, and dont look back.

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PENNYMAC Response
1d
Thank you for taking the time to share your review of your experience with us. We appreciate your candid perspective, and we're glad to hear you found value in our training programs and appreciated our daily office surroundings and pantry resources. We completely understand that compensation, benefit costs, and clear policy transparency are top priorities. We hear your frustrations regarding how starting pay adjustments, localized remote schedules, and incentive timelines can impact the day-to-day experience. We constantly review our compensation structures and internal procedures to ensure fairness, remaining competitive in the market while balancing our overall team dynamics. Regarding your feedback on our communication, we take your comments very seriously. Our company deeply values open communication, and it is never our intention to create an environment where an employee feels unheard or unsupported. We are continuously evaluating ourselves to learn from our employees' experiences and improve our management practices. Even if we cannot change the past, we are genuinely driven to influence the future. Because you have the unique perspective of having spent time with us across multiple tenures, we invite you to reach out directly to our corporate human resources team at employeerelations@pennymac.com. We want to listen carefully to your feedback and ensure your specific insights are thoroughly noted as part of our continuous improvement strategy. We value your time with the team, and we wish you the very best in your future endeavors.
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