Provident Funding Reviews

Updated August 10, 2014
Updated August 10, 2014
78 Reviews

2.5
78 Reviews
Rating Trends

Recommend to a friend
Approve of CEO
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Craig Pica
21 Ratings

Review Highlights

Pros
  • Opportunity offered to recent college grads (in 9 reviews)

  • Pay is pretty good for an entry level job (in 9 reviews)


Cons
  • Extremely cheap company - No 401K match (in 12 reviews)

  • It would be nice to have a 401k match and more leniency with make up time (in 10 reviews)

More Highlights

20 Employee Reviews Back to all reviews

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  1.  

    THE WORST

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Accountant  in  San Bruno, CA
    Current Employee - Accountant in San Bruno, CA

    I have been working at Provident Funding full-time for more than a year

    Pros

    There are some nice people.

    Cons

    Stay away from this company at all costs. This is a family operating business. The only way to be at top management level, you gotta be the "pica".

    Doesn't Recommend
    Neutral Outlook
    Approves of CEO
  2. 4 people found this helpful  

    My Three Monitor Hell

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Mortgage Closer
    Former Employee - Mortgage Closer

    I worked at Provident Funding full-time for more than a year

    Pros

    -Commiserating with other smart recent college grads stuck in the same situation you are: working for a terrible company because the economy is in bad shape and you need a source of income to pay for your student loans.

    -Developing a real sense of empathy for people who work jobs they hate to support themselves and their families

    -Gaining a nuanced understanding of Kafka by way of a tragicomedy of bureaucracy.

    Cons

    Depression; the inexplicable feeling of having something important and essential to your personhood forcibly removed by an uncaring, white-collar butcher of your dreams; having to explain what you do to other people; realizing that you spent four years at college and got a high GPA in a math-intensive program so that you could look at people's signatures all day and wonder whether or not a document needs to be resigned because the swoop on one cursive L is bigger on Page 2 than it is on Page 3; walking down the street and seeing people smile and having to wonder when the last time was when you were able to smile; insecure, incompetent managers who communicate solely by way of cliches and buzzwords and attempt to pit you ruthlessly against your coworkers all while preaching about the importance of teamwork; getting transferred to random departments to "help out" on projects without being notified that you will lose pay simply because of how the byzantine accounting department and computer system is configured; requesting that your pay be restored to its normal levels and being rebuffed by a spineless manager who has no interest in ever sticking up for you; being brainwashed by management into thinking that the brokers/closing agents don't do things "OUR WAY" because of their incompetence rather than because of how insane some of our requirements are; being informed by your superior that you will never receive a promotion or more responsibility, but that if you stick around long enough you will get more money; being told that you have to stop thinking about career advancement in terms of "vertical promotions" and that you should think instead about the prospects of "diagonal promotions"; rampant nepotism; becoming so allergic to the phrase "moving forward" that you have violent convulsions when you hear it; looking forlorn as you pass by children thinking about where all the time went; wondering how things got so bad that all you wanted to do was get laid off; curling into the fetal position after work and asking what on earth you did to deserve this.

    Advice to ManagementAdvice

    Shut down this company for good.

    Negative Outlook
    No opinion of CEO
  3. 1 person found this helpful  

    A company too big that's too big for management's own good.

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

    I worked at Provident Funding full-time

    Pros

    Office culture was generally friendly, promoting (some) growth and achievement by having open dialogue with local managers.

    Cons

    Used equipment that required constant maintenance and would frequently malfunction constantly hindered our workflow. Due to this frugal mindset, benefits were equally lack luster with no matching 401k plan, training is litany of guidelines and protocols, and only 3 vacation/sick days with an allowance of earning up to 10 vacation/sick days is atrocious.

    Advice to ManagementAdvice

    Invest in your resources, equipment and employees alike. Spending a small percentage more to have better, updated equipment along with more comprehensive benefits goes a long way. If your company doesn't look so bare bones, your employees won't feel so undervalued.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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  5. 2 people found this helpful  

    Don't be fooled.

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

    I have been working at Provident Funding full-time for more than 3 years

    Pros

    Easy work and most people are friendly. Pay is OK for a degree, nothing to rave about.

    Cons

    Don't be fooled by the good reviews posted for this company judge for yourself. All of the negative reviews are true. Any good reviews are either posted by the owners or some managers that believe the lies or who are asked to. As a matter of fact, some managers,operation support, and senior people are constantly complaining about the policies, the way the company operates, etc. It's not true that you are rewarded for hard work and that you will succeeded in this company. This company has lost many great employees and the ones still here are because they haven't found another job. We don't even have an HR DEPARTMENT.Most managers thrive on micromanaging and pressure. When I started here I was told that this is not a career but simply a stepping stone. Company loves new college grads Because they can pay them less. If you have been a senior and great employee, for the most part don't expect to be rewarded, instead they will give you a demotion but call it a promotion, simply a way to get you out the door.Only promotions are for the company owners, relatives, or friends. Company is vindictive, I'll leave it at that.

    Advice to ManagementAdvice

    Like they would listen.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  6. 2 people found this helpful  

    A joke of a company. Wait for another job offer

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

    I have been working at Provident Funding full-time

    Pros

    Solid entry level pay for recent graduates.

    Cons

    Everything but the base pay, really. Deceptive and sub-par management (intelligence and critical thinking are detrimental to moving up to a departmental leadership role here), absolute lack of transparency in terms of decisions made at a corporate level, benefits start at a low level and remain there, and not only are lower level employees not allowed to enter into discussions about their future movement within the company, but they also are disparaged for trying to contribute meaningfully to the company's operations and told instead to get back to mindless production work.

    The same manager who offered you a 'promotion' from one role to another will, with a straight face, ask you to view a move back to the first position as something other than a demotion, despite it also reducing your salary. The only chance of making substantial upward movement within the company is to be located in one of the large hubs (San Bruno, Santa Rosa, and Pittsburgh) and gain the favor of one of the departmental managers - bonus points if they are a Pica, are related to a Pica, or are trying to become related to a Pica, which they usually are.

    On top of all of this, the mortgage industry is in a severe decline that is erasing the few decent opportunities that remain. The only positions available at this company are for the 'Servicing Analyst' role, which is actually a glorified collections position that does not require analysis skills, just regurgitating company policies to angry borrowers. Any and all positive reviews for Provident that appear on this site are written by the Picas and the company's spineless middle managers.

    Advice to ManagementAdvice

    Be less incompetent and/or condescending. Try occasionally having a straight forward conversation with your employees. People understand the mortgage industry is in decline but when you are dealing with employees who have spent four years and loads of money on college and you try to present a move to a servicing job better suited for someone with just a GED as an improvement, it destroys your credibility.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. 1 person found this helpful  

    Learned a lot, suffered a lot.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Production Support Specialist  in  Santa Rosa, CA
    Current Employee - Production Support Specialist in Santa Rosa, CA

    I have been working at Provident Funding full-time for more than a year

    Pros

    Good job security...honestly that's all I can think of.

    Cons

    Not the most exciting group of employees, SLOW upward mobility, management seriously hates you. Absolutely no respect for subordinates

    Advice to ManagementAdvice

    Haha...like you would ever change

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  8.  

    A perspective from a previous employee.

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

    I have been working at Provident Funding full-time for more than 3 years

    Pros

    Good opportunity for overtime, good opportunity to earn small monthly bonuses and maybe a christmas bonus. Good opportunity to learn some corporate culture. Sometimes you have great co-workers and awesome branch leads. I was fortunate to have both. Good out of college job.

    Cons

    Here is where the cons really stack up. Provident Funding being my first job, in which they only target college graduates, I guess you could say I was naive. Having been at my employer for a few months, I can honestly say Provident Funding was one of the worst companies I have worked for.

    1) No freedom over your time. Be in at 8am, take one hour lunch during a specified time because you will be answering phone calls all day and you need someone to pick up the phone. Leave at 5pm. I guess this is just an hourly thing, however, you were definitely not in charge of your time.
    2) Benefits are very lean. Little PTO, no sick which is fine but then you need to provide more PTO. Health plan is very lean and you pay a lot for it.
    3) Work is not creative at all. You look at the exact same thing day in day out. Sure you get opportunities to look at other things but the company is run like a factory.
    4) CEO states it's great to switch roles and be put into different roles. Most professionals would laugh and walk if they were told this, but being naive, I ate it up. You were basically made to be a jack of all trades, but the work again is very monotonous, it wasn't like being able to do some creative work.

    I'm very happy to be where I am. For those that need a couple years to make some money and pay off student loans, this isn't a bad job, but this shouldn't be your "career".

    Advice to ManagementAdvice

    None, I had no problems with management.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  9.  

    Worst Job I've Ever Had

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Audit Department  in  Burlingame, CA
    Former Employee - Audit Department in Burlingame, CA

    I worked at Provident Funding full-time for more than 5 years

    Pros

    Probably the only thing that this company has going for it, in terms of employment, is that it's a job. The CEO does know what he's doing but that's about it.

    Cons

    Provident is run by one family, husband and wife, brother, father, and a family friend. They have absolutely NO idea about hanging onto good employees and the place is run exactly like a factory. Come into work at 8 am, work work work until 5 pm, go home and repeat the next day. Sometimes they expect you to come in on weekends. I worked in the Audit department and when I was there they told me to do one thing before the audits went out and then another thing when the audits were disputed. Almost all major audits were disputed and removed so what's the point of even having an audit department? They expected you to literally do the work of two people and to be happy doing it. They'd have company-wide conference calls every once in a while and talk the talk about how much they value their employees and unless things have radically changed since I left in 2010, don't believe a word of it. If you quit, don't even bother asking for any recommendations, they do the bare minimum in terms of verifying your job with your new employer - it's like they're vindictive but in a childish way. The mid-levels have a huge chip on their shoulder because they're given a little responsibility. Five holidays per year, you work the day after thanksgiving. The day before thanksgiving and Christmas Eve, expect to stay until 5 pm, they won't let you out early. I ended up quitting and going back to school to do something different - completely soured my outlook on working in Finance.

    Advice to ManagementAdvice

    Restructure, get rid of the mid-levels and hire good people. Do what you can to make them feel valued and appreciated.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
  10. 1 person found this helpful  

    Mindless, Soul Sucking Job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Mortgage Underwriter  in  Pittsburgh, PA
    Former Employee - Mortgage Underwriter in Pittsburgh, PA

    I worked at Provident Funding full-time for more than a year

    Pros

    My Co-Workers were all great people.

    Cons

    Understaffed - As an underwriter, we also had to answer every single phone call from mortgage brokers. This was extremely frustrating while trying to get work done to be bombarded every 5 minutes by an angry broker. The worst part is that we had to take calls on every loan that our branch was doing. This means that brokers would call and you would have to answer questions and figure out problems on loans that you weren't even working on.

    Not much room for advancement

    Extremely cheap company - No 401K match. Minimum paid holidays and and no sick days.

    Zero job satisfaction - You stare at a computer for 8 hours a day doing the same boring tasks and you talk to angry mortgage brokers.

    Advice to ManagementAdvice

    Hire account managers
    Stop being so cheap. More people would stay

    Doesn't Recommend
    Neutral Outlook
  11.  

    Poor career advancement, boring work.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Credit Analyst  in  San Bruno, CA
    Current Employee - Credit Analyst in San Bruno, CA

    I have been working at Provident Funding full-time for more than 3 years

    Pros

    1. consistent 8% raises every year
    2. easy work

    Cons

    1. No 401K
    2. Incompetent managers - managers do not go through proper training in how to be a good manager. Most managers come from for-profit colleges too.
    3. Lack of advancement opportunities, once you're trained to underwrite or fund, get ready to do it for the rest of your career. I know underwriters/funders that have been in their position for 8 years.
    4. No flexibility of work hours
    5. Only 5 holidays a year
    6. No sick days, don't get sick or you are going to use your PTOs for it.
    7. Cheap owners, for example: getting a sharpie ordered takes more than 3 months. Also, getting a hand sanitizer requires COO approval.
    8. Unprofessional work environment.

    Doesn't Recommend
    Neutral Outlook

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