Flagstar Bancorp

  www.flagstar.com
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Flagstar Bancorp Reviews

Updated Jul 21, 2014

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All Employees Current Employees Only

2.4 120 reviews

58% Approve of the CEO

Flagstar Bancorp President & CEO Alessandro P. DiNello

Alessandro P. DiNello

(33 ratings)

32% of employees recommend this company to a friend

Review Highlights

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

  • Some good people who mean well, but quality leadership is sorely lacking (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
30 Employee Reviews Back to all reviews
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    Don't trust em!

    Loss Mitigation Speciaist (Former Employee) Troy, MI

    ProsNice office setting, and working with people that are pretty cool. The pay is competitive and hard to come by. Breaks and lunches can be taken when the worker wants in most departments.

    ConsLayoffs, and outsourcing- provides no stability- No telling if you are on the chopping block!

    Advice to Senior ManagementChange the slogan if jobs are being outsourced to Texas! It's no longer "In Michigan and for Michigan"- and stop lying to customers- Flagstar is not taking the calls or servicing the loans.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    1 person found this helpful  

    Many futile attempts to get back on course...

    Information Technology (Current Employee) Troy, MI

    ProsThe job pays well, benefits are decent (they were better), a good place to get some "on the job" experience. You get all the bank holidays, and every Friday is a $2 jean day, with donations going to some local charity. Employees will vary rarely be let go for incompetence: good for the employee, but just another sign of poor management. The current CEO actually seems to care. He may not tell the whole story, but he's been mostly truthful in his town hall meetings and has attempted to provide monthly voice recordings on the state of the company through the employee's internal web site.

    ConsMany issues with company performance has led to multiple changes in upper management over the last several years. Even though the current CEO is trying to get the company back on course, there is a lot of leftover "garbage" in place. Middle management seems to have their own agenda, not wanting to participate in change or provide assistance, which in the end should help everyone. Some employees have been pulled aside for not meeting quota, and others for going over quota when there is not enough work to go around: just excellent example of "be average or you don't belong." And then mandatory overtime is implemented when there is again too much work; great if you're paid hourly, but bad for salary. It's gotten to the point where some salary employees have been told not to clock in anymore. Interaction between business groups is minimal, causing tasks to be done over and over due to lack of information, which would have helped to get something done right the first time. Some teams apparently feel superior and provide no assistance, and face no consequences in doing so. While some of this has slowly began to change, it is still a huge problem when attempting to complete a project that requires multiple internal resources. Middle management seems to have found a work around by hiring in contractors and "off shore" personnel when these tasks could just as easily have been done internally if some backbone were in place to better manage the employees. Thus, we now have wasteful spending when the company is looking to save money. In order to offset that cost, raises are minimal, promotions few (unless you're a manager), money is hidden / stolen from other projects, and there is usually a yearly employee layoff between Thanksgiving and Christmas to make the stock look good. Happy Holidays for those who are let go during this time...

    Advice to Senior ManagementMiddle management needs to be better supervised and/or cleaned out. Some of these managers came from a time of about 10 years ago when the company had its own internal management training program, the proverbial "blind leading the blind." New ideas from new middle management would help instead of relying on previous methods that has brought the company to its current situation.

    No, I would not recommend this company to a friend

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    interesting

    Analyst (Former Employee) Troy, MI

    Prosbalance and time off was good

    Constoo many changes in cfo, ceo

    Advice to Senior ManagementStop changing executive management

    No, I would not recommend this company to a friend

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    • Culture & Values
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    1 person found this helpful  

    Big Company, Small Mentality

    Assistant Branch Manager (Former Employee) West Bloomfield, MI

    ProsI worked with great employees. The systems for account opening were pretty straight forward.

    ConsFlagstar had no clue how to gain new customers. Their marketing department was defunct as we would always receive new overly complicated promotions to have to market to our existing customer base. Alot of the promotional efforts were just trail and error as corporate would submit and pull promotions literally every other week. Way too confusing and frustrating when you are required to make sales goals. They were just a large company who knew nothing of how to attract new customers. Ultimately, we suffered with the added pressure of having to deliver our numbers. Was way too stressful for that reason alone and decided to leave after I was left without a Branch Manager for 3 months with no signs of help.

    Advice to Senior ManagementHire outside professionals to help market your products. Set realistic sales goals as online banking has kept many people from even coming into the branches anymore.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    1 person found this helpful  

    Not the best one.

    Loan Counselor (Former Employee) Troy, MI

    ProsRelative ease to get in.

    ConsLow salaries,lack of promotional opportunities, broken promises.

    Advice to Senior ManagementStart paying people right ! Take care of your employees !

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    • No Opinion of CEO

     

    Review of the company

    Mortgage Loan Officer (Current Employee) Troy, MI

    ProsThe compensation as a loan officer is great.
    The company is very flexible with the hours for the loan officer.
    Management is very laid back

    ConsThe company was unorgainized
    They did not set goals for loan officers
    They did not have many values posted around the company
    The managers seemed very lost in there roles, they didn't offer much guidance to the employees.
    It was very difficult for management to get anything done in order to keep customer service.
    The company does not offer any growth opportunities.

    Advice to Senior ManagementBe more informative with the employees and have more meeting that execute on the discussion in the meeting.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
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    • Approves of CEO

     

    Lack of Communication

    Anonymous Employee (Current Employee)

    ProsFlexibility, ability to learn through experience

    ConsLittle direction and communication from management unless a negative event has occurred. Employee reviews are not reviewed with employee and compensation for jobs is unclear and unspoken among different departments.
    Instead of finding a solution to the problem negative nit picking occurs and a blame game starts instead of looking at the overall objective.

    Advice to Senior ManagementCommunicate goals and events when things are positive not only negative. If a expectation is expected make the goal and journey clear.
    Universally communicate among departments so that statistical financial findings can be analyzed to enhance process instead of trying to avoid blame
    Bullying is not a way to enhance employee performance.

    No, I would not recommend this company to a friend

    • Culture & Values
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    • Disapproves of CEO

    1 person found this helpful  

    Has been moving backwards for the last 6 years. No progress in IT or product

    Account Executive (Former Employee)

    ProsNever had a paycheck bounce, payroll taxes were always paid, and benefits were OK, though getting worse.

    ConsWas laid off from a 100% commission position, in a declining market. That's pretty much unheard of and indicative of how this management team is really just in over their heads. I think there have been 4 CEO's since 2008, which again is unheard of. The banks profits come from the mortgage business and unfortunately this bank is the wrong size. Too big to be customer friendly and too small to play with the big boys. The wholesale sales team is now being run by three people, all of which were over promoted to just be regional managers, now they get a chance to mismanage the whole division. I'm glad to be gone.

    Advice to Senior ManagementListen to the rank and file, your managers are perfect examples of the Peter Principle, and will drag the whole thing down. The best advice is SELL while you can

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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    Generally a positive experience, with usual highs and lows.

    Senior Accountant (Former Employee) Troy, MI

    ProsPleasant working conditions and facilities. Friendly culture. Variety of types of work assigned. The on-site cafeteria has good food and pleasant staff.

    ConsFrequent cuts in staffing. Consistent lack of communication to employees. Constant turnover at the highest levels over the past 3 years. 20% staffing reduction by department, across the company. Career advancement difficult. Company spent thousands abd thousands of dollars to expand into leased space, then walked away from the space in less that 2 years, and eliminated more than 800 positions.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

    • Culture & Values
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • Disapproves of CEO

     

    Good learning opportuity in a frustrating work atmosphere

    Loss Mitigation Speciaist (Former Employee) Troy, MI

    ProsThere were many great people working here. Training staff was very good in the end. Time off was very flexible.

    ConsLack of advancement opportunity, Processes changed constantly, Software package purchased for doing our job in loss mitigation destroyed our customer service. Poorly managed.

    Advice to Senior ManagementA company that advertises itself as Michigan owned, Michigan focused shouldn't be outsourcing jobs out of state. There have been numerous layoffs in the mortgage and loss mitigation departments of well over 400 employees.

    No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company

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