Pros
Pay was decent and overtime was offered when 'they' needed us and WE pulled through for 'them'. I did take away more knowledge in a particular area of mortgage from this job.
Cons
I was laid off 5/9/22. The 'WE' I speak of are the numerous 'bodies/numbers' that handled the load when the market was exploding when covid hit and all the bodies before me that gave their best to PennyMac over the years, namely many veterans, including myself, who were there in the trenches when it counted. Upper management has no idea of key employee contributions and stellar records because they don't care to know. I was under a management team that came to the company connected to each other and used our knowledge and ideas making them their own promising help and support to advance in the company when, in the end, they cut us loose once they had what they needed. No efforts by management to communicate with other managers in the company to move key, talented employees into other areas of interest. They say they will do this but never follow through with the support of their statements that they will do all they can to help you succeed. I felt used in the end and taken advantage of, BUT knew in my heart all along the kind of 'clickish' people I was under anyway. I still showed up to my job each day and proved my worth so felt good having helped 'MY clients' in my role with PennyMac on a personal level. I felt sad when I was laid off, BUT also felt a weight of lies and deceipt lifted off my life of which I am the wiser for. You always hear of large companies in this manner. "It's corporate America, they (the big fishes) are all about revenue never thinking of the LOYAL LITTLE FISHES that are helping them swimming in the trenches, taking care of the customers each day going above and beyond." From the biggest fishes (upper management) down to lower management, unless you fit their idea of staying a subservient employee ALWAYS, never having a desire to advance your career, you will lose in the end with PennyMac. Save yourself the trouble and STEER CLEAR OF THIS COMPANY! OR, take advantage of learning 1 thing really well expecting once you do, you will be ready to move on to another company cause' this one does not have an interest in paying you your worth in the end. I believe one of the reasons PennyMac is set up the way it is, namely people working only 1 specific area of the loan process is to keep them hungry for more knowledge and leaving them trapped with expertise only in only one skill set as many they hire don't have broad experience in the mortgage industry. They can't have people learning and knowing too much because it's NOT this companies practice to advance people in their careers and PAY THEM MORE MONEY. This is truly a revolving door company where advancement is not based on merit. I saw MANY talented AND CLASSY people leave the company on their own, wise to this practice, before lay offs and even after the first round of layoffs. I happened to be laid off in the second round having top production numbers for 2 and 1/2 years while having the best record of helping loans to close on time, etc.
