Not a loan processing position - beware - Loan Processor PENNYMAC Employee Review

1.0
Sep 7, 2022
Recommend
CEO approval
Business Outlook

Pros

Some people that work here are nice. That’s it.

Cons

Management is terrible and out of touch. Pay is below average. No opportunities to move up. No raises. Loan Processors are more like glorified customers service, nothing like other mortgage companies that have files assigned to you. In this place they assign you files but expect you to also get involved in other files that you have nothing to do with. There are so many people involved in the file yet the surveys they send only reflect on you (bonus is affected by bad surveys) . So if you did a great job, if someone answered my call and did a bad job my survey is affected. I have never been so confused as to what managements intentions are with this ridiculous process that they can fix by just letting us work like normal loan processors. I have done loan processing before and PennyMac has another idea of what it is. Most of out customers are upset because they are confused on who to speak to. If PennyMacs focus was on customer service, well they failed miserably. If you are looking for a loan processing job, save yourself the grief and dissatisfaction you will feel once you realize its just a customer service job.

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.

avatar
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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