PennyMac is a mortgage company, that uses a customer direct model. They offer low rates and fees to customers due to the lack of overhead from a brick-and-mortar location. All its transactions are conducted online or through a call center. This unusual model has put it in the top three lenders in the United States. They have serviced $401.9 billion
In loans, and have provided their services to 1.8 million homeowners.
PennyMac has positions in several aspects of mortgage lending. Sales, technology and engineering, marketing and communication, finance and legal, client servicing and support, and facilities and support. There are also opportunities for internships available to students interested in mortgage and finance as a career path.
PennyMac employees are eligible for competitive benefits that make it a desirable company to work for.
Medical and dental coverage
Paid time off
Company matched retirement savings
Discretionary bonuses
Quarterly events
Rewards programs
Stock options
What Is PennyMac’s Recruitment Process?
Application
The search for jobs with PennyMac begins on their website. You can search by location or job category. If the job you want has no current openings, you can sign up for the PennyMac talent network to be notified of new positions.
PennyMac’s Psychometric Tests
Pre-hire assessment tests are a common part of the hiring process and like many companies, PennyMac uses them to help find narrow their choices to the best applicants. The assessments consist of a test of your cognitive skills and a personality questionnaire. These will show PennyMac which job-seekers have the best problem-solving skills, and which applicants have personalities that are a good fit.
CCAT
The Criteria Cognitive Assessment Test, often shortened to CCAT, is made up of 50 multiple-choice questions. You will have only 15 minutes to complete the test. The CCAT measures your cognitive abilities, and your problem-solving skills. There are three types of questions on the CCAT, which are not arranged in any particular order.
Traits such as integrity and the ability to work with others are important traits, especially in a field that involves finance and sales. The personality assessment will measure these traits as well as identify what motivates you at work, your working style, and any traits that are strengths or weaknesses. Employees that have traits that are compatible with the corporate culture have a better chance of success and tend to be longer-term employees.
Interviews
The interview process starts with a telephone interview with a hiring manager. This interview is brief, and if it goes well will lead to an in-person or zoom interview. You may be asked to meet with more than one manager during the on-site interview. Those who have applied for engineering positions may need to demonstrate some coding and may have a technical interview.
How to Prepare for PennyMac’s Tests?
As with any test, you do not want to take pre-hire assessments without taking some time to study for them. You can use tools such as apps designed to help enhance your critical thinking skills, and crosswords or other word puzzles to help your vocabulary skills and problem-solving. Do some math practice questions, including word problems, so the skills are fresh in your mind.
Do not let the CCAT stump you. If you are stuck on any questions just keep going. It is to your benefit to complete as many of the questions as you can. An educated guess is better than leaving a blank.
The only way to prepare for the personality test is to be ready to be truthful. Respond to the questions as though you are on the clock, but be honest about the answers that are closest to your behaviors.
If you are interested in helping innovate the fields of mortgage and lending, then PennyMac is the right company for you. If you take the time you prepare for them, the aptitude tests are nothing but a bump in the road to your new career.
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