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      PENNYMAC

      Engaged Employer

      PENNYMAC reviews

      Remove Unnecessary Parts and Pay Better - Mortgage Loan Closer PENNYMAC Employee Review

      3.0
      May 14, 2023
      Mortgage loan closer
      Recommend
      CEO approval
      Business Outlook

      Pros

      Great mid-level management that truly cares about you. They are pretty flexible with you within reason when you have urgent matters come up when life happens. They cater in lunch from time to time and do employee appreciation events. Cafeteria with awesome food options at an affordable cost to employees.

      Cons

      Very segmented workflows and processes comparatively to other companies which results in terrible pay. This also slows down your production drastically which makes it difficult to hit quotas that are necessary to bonus. The pay is way below industry standards and upper management is the problem, like above the VP, etc. They hire people with decades of experience at very entry level cost. New loan operating system for some of the departments has a lot of kinks, but they are actively working on this. Training and development of new hires needs some work, but they are also actively working on it. The bonus structure is abysmal too, way over complicated and is paid quarterly. They cannot keep educated overqualified candidates because they are underpaying so much, so it’s a revolving door when those employees find better paying jobs.

      avatar
      PENNYMAC Response
      3y
      Thank you for taking the time to provide your feedback on our company. We appreciate your honesty and will use your comments to improve our operations and address areas of concern. We are thrilled to hear that you have had a positive experience with your immediate management. We take great pride in ensuring that our employees feel supported and cared for, and it is encouraging to know that this effort has not gone unnoticed. We understand the importance of flexibility when unexpected situations arise, and we are committed to accommodating our employees to the best of our abilities. However, we are sorry to learn that you have found our processes and pay unsatisfactory. We acknowledge that these issues can have a significant impact on productivity and employee satisfaction. Rest assured that we are actively working on streamlining our workflows and processes to create a more efficient and cohesive work environment. We understand your frustrations with some of your experiences here. We are committed to offering fair compensation to attract and retain talented individuals. Additionally, we are actively working on enhancing the training and development programs for new hires to ensure they have the necessary support to succeed in their roles. We appreciate your insightful advice to our management team. We understand the importance of empowering our managers and allowing them more autonomy in decision-making. We are actively working on creating a culture of trust and collaboration, and your feedback reinforces the need for us to continue in this direction. Lastly, we take your point about remaining competitive with other lenders in terms of compensation. We are committed to regularly reevaluating our offerings and making adjustments as necessary to attract and retain top talent. We appreciate your feedback in highlighting the impact this has on employee turnover, and we are dedicated to addressing this issue. Thank you again for your sincere review. Your willingness to provide constructive feedback is greatly appreciated as we work towards creating a better working environment for our employees. If you wish further discussion, please email us at employeerelations@pnmac.com.

      Explore other reviews about PENNYMAC

      5.0
      Apr 28, 2026
      Sox analyst
      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
      Home loan specialist ii
      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.

      avatar
      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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