It's a job - Loan Officer PENNYMAC Employee Review

2.0
Aug 25, 2022
Recommend
CEO approval
Business Outlook

Pros

My co-workers/managers are some of the most down to earth and friendly people I've had the pleasure of working with. Dress code is pretty relaxed which is a nice benefit too

Cons

Upper management is completely out of touch. They wont change goals in a changing market which means you will get paid a lot less when things get tough. Specifically if you don't fund more than 4 loans they will take 50% of your pay check as punishment. One month the average for 120 employees was 5 fundings which means they only give you 90% of your earnings. Additionally, if you're a new hire and you don't meet their unrealistic goals the "bonus" they give you will have to be paid back too. It would be a lot easier to stomach if everyone else in the process wasn't salaried so they don't care if your loans fund. Other than that, you're not allowed to work from home but they encourage working OT at home. Being a call center, you can't make phone calls using personal Bluetooth headsets as it's a "security issue" but I can connect to 10 different TVs on my phone. Only 2 weeks of PTO which is discouraged, and all benefits have been taken away. We used to get food on fridays and have GrubHub plus but now we get nothing and we've recently been told no more coffee cups will be provided and we need to bring our own.

Explore other reviews about PENNYMAC

5.0
Apr 28, 2026
Recommend
CEO approval
Business Outlook

Pros

Room to grow and take responsibilities

Cons

Direction from management and work culture.

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PENNYMAC Response
2mo
Thank you for taking the time to provide your honest feedback about your experience with our company. We are delighted to hear that you enjoyed working with us in your capacity and appreciated the friendly work surroundings. Indeed, we believe that a positive work/life culture is a crucial aspect of any successful business, and we are glad that you recognized our efforts in this regard. We are always willing to learn from our employees' experiences and suggestions. Therefore, we will continue to monitor the working environment, listen carefully to feedback, and make any improvements necessary. Thank you for being a part of our team, and we look forward to continuing our positive working relationship with you.
2.0
Jun 17, 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
3w
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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