Parts are greater than the sum.... - Anonymous employee PENNYMAC Employee Review

Where to start...again, many good people but parts of the company are very top heavy (I'm looking at you Servicing) with a SERIOUS crony culture. Constant references to "The Bank" and CW in casual conversation and meetings. News flash, it's 2013, move on, you're not still there for several reasons...There are clear favorites and some of these "old" breed might do some work but are quite frankly useless in many regards and set in old, ineffective ways with no consequences (some literally work MAYBE 25 hours a week and are paid a full salary). Don't even get me started on the location too, I live in my car traveling to and from this frontier outpost... Those unfortunate to be hired in the 2008-2011 era can be extremely under-pad, I mean they make maybe 50% of what they should or would make other places. There is this insane attitude that raisers can only be 10% unless you have serious backing from the chosen ones. I've never had a raise in my 2+ years and keep being told "it's coming". Stan apparently approves EVERY SINGLE RAISE for any level, micro-manage much? Oh, and bonuses? Well they get paid out in halfs, once in March, once in October thanks guys, makes it feel so special (my bonus was literally less than paycheck each time). We've lost some great folks so far as people realize they have opportunities elsewhere and that is only the beginning. Most people when pushed, if not volunteering it upfront will tell you they are ready to leave the second they can. So many little things add up that the culture is just becoming poisonous on so many levels. The recent layoffs were handled with so little grace and tact it was downright embarrassing.