Flagstar Bancorp

www.flagstar.com

Flagstar Bancorp Reviews

Updated January 15, 2015
Updated January 15, 2015
144 Reviews
2.4
144 Reviews
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Flagstar Bancorp President & CEO Alessandro P. DiNello
Alessandro P. DiNello
48 Ratings

Review Highlights

Pros
  • Some good people who mean well, but quality leadership is sorely lacking (in 7 reviews)

  • Competitive pay, normal hours, good benefits, good PTO, opportunity to move up (in 5 reviews)


Cons
  • And often changes in upper management in the last 3 or 4 years (in 7 reviews)

  • Flagstar has little room for advancement (in 4 reviews)

More Highlights

67 Employee Reviews Back to all reviews

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  1.  

    Senior Loan Officer

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Home Loan Advisor
    Current Employee - Senior Home Loan Advisor

    I have been working at Flagstar Bancorp full-time (more than a year)

    Pros

    clean work environment, no clock punch, managers are nice

    Cons

    very little coorporate support, no direction,

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2.  

    Rocky Ride

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Flagstar Bancorp

    Pros

    The company has benefits including healthcare, vision, dental, and life insurance.

    The company observes 11 holidays with pay, and now offers one paid community involvement day to participate in volunteer activities the company supports.

    The work environment is such that folks do work hard to solve problems and accomplish objectives at the individual level, department level, and organizational level.

    Cons

    The leadership turnover is crazy, which produces a whiplash affect on the employment base due to new directions, new processes, and new ideas of how they want things done.

    The out of pocket costs for premiums, co-pays, and co-insurnace are higher here compared to other employers I've worked for at the same level of coverage. This could be due to higher costs of healthcare overall, and/or due to the financial stability of the company.

    The payscales are published which show huge six-figure salaries, but good luck in ever really getting ahead via promotion or via substantive merit increases.

    The full time employee headcount is fixed which means new positions which could pay more cannot be created to allow promotions within, and the promotion opportunities that do exist are most often filled from the outside.

    The company lacks a 360 performance review of management to allow feedback on how they are performing, so your boss can get away with behavior that her/his boss doesn't even know about.

    Despite huge layoffs leaving only the best employees, the company has decided to make those who remain feel even worse about their individual performance by limiting the % of people who can get "outstanding" and "above average" performance ratings, and wants most everyone to be in the "meets" performance goals rating to pay little to nothing for our contributions.

    Advice to ManagementAdvice

    Communicate more often about the direction of the company, our progress and challenges to overcome.

    Improve compensation for non-commissioned staff. People work for money - just like you. The more you pay, the more we want to work hard to get ahead too.

    Increase the paid time off. The amount of PTO is low.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3.  

    Fun for the most part

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous
    Current Employee - Anonymous

    I have been working at Flagstar Bancorp full-time (less than a year)

    Pros

    I have definitely lucked out working here. My team is a good one. The managers I have had, have been great mentors and are always finding ways to help you grow and succeed. There is opportunity to grow. Sometimes close by an somtimes moving might be required. Upper Management can be alright but sometimes can be a bit unreasonable in their exexpectations. All in all, it is good place to work.

    Cons

    Lending is horrible. Process is drug out.
    Pay could be much better for the responsibility that some personal bankers carry.
    Goals for assistant managers should be changed to branch goals.

    Advice to ManagementAdvice

    If a banker has more than one responsibility, e.g. personal banker plus certified lender be sure they are making a base pay especially if they are performing well.
    Please change assistant manager goals to a branch focused goal.

    Recommends
    Positive Outlook
    Approves of CEO
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  5.  

    Company was once cutting edge - the changes in the market appear to have caught Flagstar wrong-footed

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Account Executive in Troy, MI
    Current Employee - Account Executive in Troy, MI

    I have been working at Flagstar Bancorp full-time (more than 10 years)

    Pros

    It was once a culture of growth and improvement

    Cons

    Very poor culture - discouraging place to work. Its suffocating

    Advice to ManagementAdvice

    The attitude at corporate is horrendous...and that negativity spreads to all corners of the company

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6.  

    Decent company, little to no advancement

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee in Troy, MI
    Current Employee - Anonymous Employee in Troy, MI

    I have been working at Flagstar Bancorp full-time (more than 3 years)

    Pros

    Training is very well run, the expertise of the staff provides exceptional insight to new hires. Bank Holidays are a very nice perk. Compensation is average with industry.

    Cons

    This company has legacy issues that have stunted its growth. This causes the working environment to have a lot of conflict due to lack of advancement. Additionally, a struggling housing market is causing multiple staff reductions.

    Advice to ManagementAdvice

    Management should encourage innovation within the company without fear of retaliation. This company is hurting itself by not letting its employees share ideas and encourage their creativity. A key concept of change is innovation and it is not rewarded, instead successes go unrecognized and feedback is discouraged.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  7.  

    Great commisions

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Senior Financial Service Representative in Troy, MI
    Current Employee - Senior Financial Service Representative in Troy, MI

    I have been working at Flagstar Bancorp full-time

    Pros

    the leadership is hands on and constanlty expressing concerns as well as expectations

    Cons

    the leadership is counter productively involved.

    Advice to ManagementAdvice

    appreciate your employees

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    Flagstar Busy

    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Flagstar Bancorp

    Pros

    Never had to work hard

    Cons

    Nothing to do. Not paid well.

  9. 2 people found this helpful  

    Things are improving

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Business Analyst in Troy, MI
    Current Employee - Business Analyst in Troy, MI

    I have been working at Flagstar Bancorp full-time (more than 10 years)

    Pros

    Senior level management is trying to make improvements. Things have been quite unstable for last several years, but it feels like things are looking up.

    Cons

    Mid level management has been around too long. No matter how much senior management tries to make improvements, mid level managers are stubborn and unwilling to change. Most managers at that level are only in their position because of seniority. They lack the skills needed to mentor their employees. We basically just do what we are told, so there is really no opportunity to shine and that is sad as there are a lot of brilliant minds at Flagstar. If only their voices were being heard.

    Advice to ManagementAdvice

    Senior management is doing good job communicating to their direct staff but it stops there. Spend some time to really evaluate your middle management team. Take the time to really listen to what people are saying and do something about it.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  10.  

    Fantastic internship program!

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Data Governance in Troy, MI
    Current Employee - Data Governance in Troy, MI

    I have been working at Flagstar Bancorp full-time (less than a year)

    Pros

    As an intern, you are treated as an equal and they make sure to train you for the banking environment just as they would for any other role.

    At other companies, a peer was my mentor. At Flagstar, my supervisor was my mentor and she made sure that I was recieving the best experience possible by introducing me to technologies that would help to advance my career. More importantly, she was never too busy for me and was willing to spend as much time to help me gain an understanding as to what is expected. She wanted me to know what my role was and to be able to confidently talk about my tasks. This is not the type of internship filled with fetching coffee for the superiors and filing. They definitely expose you to important tasks that are meaningful to the company.

    Aside from learning my role, I was also encouraged to explore other roles by setting up short meetings so that I can watch their day-to-say activities. This is helpful for those who are undecided in what they want to pursue an advanced degree in because you have the opportunity to watch each role in a work environment opposed to classroom curriculum.

    I can't say enough good things about this internship experience. Not only do they want you to succeed while working for them, but also in your future career.

    Cons

    Very short internship (3 months) with no opportunity for job placement afterwards. No benefits.

    Recommends
    Positive Outlook
    Approves of CEO
  11.  

    Challenging

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Supervisor Servicing in Troy, MI
    Current Employee - Supervisor Servicing in Troy, MI

    I have been working at Flagstar Bancorp full-time (more than 10 years)

    Pros

    Safe environment, good cafeteria and relaxed dress code

    Cons

    Business units don't support bank mission

    Advice to ManagementAdvice

    Support your employees, they are human beings not work horses

    Neutral Outlook
    No opinion of CEO

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