Provident Funding Reviews

Updated July 7, 2015
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Craig Pica
11 Ratings

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

  • Good learning experience, good entry level job (in 10 reviews)

Cons
  • Extremely cheap company - No 401K match (in 13 reviews)

  • It would be nice to have a 401k match and more leniency with make up time (in 11 reviews)

More Pros and Cons

27 Employee Reviews

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  1. Helpful (4)

    Dead End Job

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous
    Former Employee - Anonymous
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    Pros

    You have Saturday and Sunday off.

    Cons

    Gave it one start because zero is not an option. There are very few loans being submitted, so the job has become nothing more than a call center worthy of India. The "Servicing Analyst" (AKA Customer Service) manager monitors your every move on the phone to make sure you take call after call after call all day. The expectation is that you take 80 calls a day. The majority of employees that were Underwriters or Funders have been demoted to Customer Service, unless of course you're a relative, a friend, or dating one. That's how you get promoted. In an office of 24, the office dwindled down to 9 employees. Everyone resigned, and the ones left are looking for a job. Now, if you read positive reviews, be wary of them as it is believed that "Provident Funding and Friends" are posting their own to increase their ratings and also to attract new naive graduates to do the mundane work. There is discrimination when it somes to religion, as an employee was denied time off for religious reasons to travel to Israel. The "Witnesses" can work part-time and work 3 days a week so they can attend/teach bible studies and knock on doors. Managers have been demoted for taking maternity/paternity leave.

    Advice to Management

    I won't waste my time giving management advice because they don't care or are afraid of the owner's wife. The owner's wife is a micromanager that is overbearing and has ultimate say.The underling managers dare not undermine her. If you question her she will try to intimidate you into submission. In a company meeting she refered to brokers as "riff-raff". If she refers to the people that bring her business this way, how do you expect her to refer to her employees.


  2. Helpful (3)

    # Unethical Company

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at Provident Funding full-time

    Pros

    Can't think of any Pros aside from the days off or when I quit just like many of my peers have done.

    Cons

    So many... - Company claims to be ethical yet when a mistake is made the managers tell you to put blame on the other party. An example is when I was funding, I informed management I had made a mistake and I was told to not admit to it and to find a way to put blame on the escrow officer. Other times we've been told by senior management to try and put blame on the other party(s) i.e broker or escrow . How ethical is that? - Lack of respect for their customers and employees. So much micro managing and Provident funding's way or the highway. -Demotions are prevalent even if you have many years of say underwriting experience or you take maternity or paternity leave. I've seen quite a few managers being demoted for this. The only way you won't get demoted is if you are a family member, dating one, or a friend. -Managers are constantly talking down to employees, per one of the managers it's coming from the top meaning the CEO and or COO. -Not a profession, simply a paycheck. Be careful college grads. Don't be deceived... I've seen so many positive reviews lately that it's quite shocking. I can't think of 1 person in the company who would post a positive review aside from the owners or their cronies and I know a lot including top management. Just look at one of the positive reviews here, not 1 con listed, WHAT A JOKE!!! -Sick days are part of your PTO. No 401k Limited holidays. -Place is toxic. - Just like the other reviewer said, the COO referred to brokers as "Riff-Raff", so we can only imagine what she refers to the employees.

    Advice to Management

    HAHAH is this a joke... They don't listen, their way or the highway.


  3. Helpful (1)

    A two star company at best.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Provident Funding full-time (More than 3 years)

    Pros

    Generally speaking, the majority of offices are young, so that makes for a good office environment.

    Cons

    Upper management seems to be far removed from the needs of its employees, which is why the turnover rate is so high. Beyond that, the company is pushing for servicing, meaning it's only hiring for individuals to take calls from angry customers (unfortunately, customers don't call to tell you what a great job PF is doing). There's not much support for these positions from middle or upper management, so the job is ten times harder than it should be. This would be fine if there is room to grow, but as others have mentioned there is absolutely zero room for growth (unless managers quit...which may not be an issue since the company is losing employees left and right). Most individuals only work here for a year or two before leaving to pursue higher education or another job...no one stays beyond that much except for the 'lifers.' As others indicated, no matching 401K or sick days. If you want to take time off, you need to do so 2 weeks in advance, which is difficult to do for a doctor's appointment, etc. Unless you're a family friend, seek employment elsewhere. The lack of benefits and opportunity for growth really make taking calls and being cursed at by customers for eight hours a day not worth it at all.

    Advice to Management

    Individuals leave managers, not companies. The turnover rate today is too high for you to continue to treat your employees the way you have been. Offer better benefits and opportunities for growth. Offer training to middle management (because, trust me, they need it)


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  5. Helpful (2)

    Branch Lead

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I worked at Provident Funding full-time

    Pros

    You have a source of income albeit low with a very slow increase. If you don't really care about career path, which I didn't when I was younger, it's an 8-5 (well 8 to midnight when it's busy) and you earn enough to support your lifestyle.

    Cons

    There is no defined career path unless one wants to stay in the same level and move horizontally, which is dependent on what the needs of the company are at that time. You could be asked to be an underwriter one day, customer relations specialist the next, and then a paper filer for the next week. I was lucky that something opened up, but if that didn't happen, there would be nothing.

    Advice to Management

    Focus on operations and long term change rather than putting out fires that are a result of an inefficient process.


  6. Helpful (8)

    I would rather have my legs broken than to work here again.

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Provident Funding full-time

    Pros

    You will get to experience and see what it is like to suffer and do meaningless, boring work that a middle schooler could do. You will learn how NOT to run a company. When people ask you what your happiest day of your life was, you will have a clear answer for them, and that answer will be: the day you left Provident Funding.

    Cons

    Let’s start with a fun game. Try to find another company on this site with more reviews than Provident Funding, but with the same rating score or lower. I guarantee it will take you a long time to find another company on this site that meets this criteria. The point I’m trying to make is, Provident has so many negative reviews, which should tell you something about the company. Everyone knows that the positive reviews are probably given by upper management. All of the bad reviews are true. Recently, I read through the review written on March 2, 2015, and couldn’t help but laugh because I saw so many similarities between that person’s experience and mine. If you are thinking about applying to this company, read every single review first. You are making a life-changing decision and you need to be as informed as possible. In other words, don't bother applying here. Trust us. Let’s talk about the company. First, the pay is low and the benefits are slim. There’s no 401k company match at all, and you only get like 5 holiday days off a year. You must be in your seat by 8am and work until 5pm or later. Even on days where everyone is done with their work, no one can leave before 5. This strict policy really turns off a lot of employees, and we think we’re being treated like children. Managers talk condescendingly towards you, and no one in my office was happy with their job. Unless you are a manager, everyone wanted to find another job as soon as possible, and no one saw Provident as a long term option. But I wouldn’t even apply here at all. They literally hire everyone. They rarely lay off employees because they know that it will be hard to hire people in the future, since this company has such as bad reputation on this site. Think about it. No one in college says "When I graduate, I want to work for Provident Funding!" The people that end up here are the people that went to a bad school or got bad grades in college. Don't make the same mistake that we did. Apply to other places. Don't settle for Provident. You will have better experiences elsewhere. It's not worth it to suffer here, even if it's just for a year or two. Life is too short. They also don’t pay that well so they are just looking for desperate people to apply. When you interview, you literally only meet one person. Some people get to meet two managers. But usually when you interview for a company, you at least get to meet more than 1 person on the team. I think the reason they do this is because if the candidate met other employees, the other employees will talk bad about the company. This is how Provident brainwashes everyone who applies to the company. Only top level managers who are favored by upper management, who are groomed by them, get to interview prospective candidates. Unless you are at the top already, this company is not for you. And usually, the manager isn't even working in the same location as you. What kind of company won't let a prospective candidate talk to even one person who will at least work in the same office location? So usually the company will have the manager fly in from another city to interview all the candidates. I wish I had seen this red flag when I applied. They like to hire recent college grads so they can brainwash them easier. Don't fall into their trap. The actual work you do, a fifth grader could do. The company doesn’t even use Excel, so there literally are zero transferable skills that you learn. Unless you count stacking hundreds of papers in a day in the proper order a “skill”, you won’t learn anything here. Also, you will learn how to tell whether someone’s signature looks the same from page to page, as you check whether they dot their i’s and cross their t’s. Like I said, me and my fellow coworkers felt like useless robots, doing the same work every day. The work that is done here, a robot could do. You will be doing the same thing every day, and wondering why you even applied to this company. You will wonder what you are doing with your life, by working in a modern day sweat shop. Like some other reviewers, I also became depressed while working here, as I thought I wasted my degree to work at such a bad company doing boring, easy, useless, mindless work. Also, you will work with some difficult people, such as outside mortgage brokers and outside closing agents. Some of those people are really difficult to work with, and won’t follow your directions, so you have to explain to them over and over how to do things. Sometimes brokers and closing agents will yell at you even though it’s their fault a file didn’t go through etc. Just save yourself the headache. You will be treated like trash here, by upper management and the aforementioned people. Most people who are in middle-management positions and higher are people who have been in the company for many years already. There just aren’t enough higher positions to go around for newer people. There’s people who have been working here for over 8 years, who still have the same position as when they first started. That is another huge red flag about this company. This company is so selfish that they don’t even promote people to “senior credit analysts”, or “senior closers”, or “senior underwriters”, or senior whatever. That’s why there’s so many people in the company have the same positions for so many years. If you are looking to apply to this company now, there’s no way you are getting promoted to a manager, so you will most likely stay a credit analyst, or closer, or underwriter, or servicing analyst forever. It is also extremely hard to take personal time off. Even if you want to take a few hours off, you need to submit it 2 weeks in advance. This is extremely selfish of upper management to have this policy. Sometimes, people need to go to appointments or whatnot, and it’s unreasonable to expect everyone to submit a PTO request two weeks in advance. Thus, everyone gets the sense that regional managers treat everyone like children. It brings down morale, and no one likes getting treated like a child. Thus everyone wants to find a new job. Even after you submit it two weeks in advance, managers will ask you a hundred questions as to why you need to take a few hours off. Who likes to be treated like that? The CEO should seriously consider changing the PTO policy and stop giving regional managers so much power. Everyone is human. We all have needs, and sometimes we have emergencies in our lives that require us to take a few hours off. The company isn't so busy that even if someone took a few days off, it would barely be noticeable. The company just has this policy because they feel like it, and to remind us all who's boss. There’s also blatant favoritism in this company. If you have the same last name as the owner of the company, you will be promoted. This goes back to what I said earlier about people who have been here for over 8 years and still have the same position. Hard work isn’t recognized in this company, so most people just leave after a few years. Regional managers don’t care about you as a human being. Most regional managers don't work in the same office location or same city as you, so they don't get to know you personally. They only care about your production. They don’t treat you like a human being, hence they ask you a hundred questions every time you want to take time off. They talk to you like you're a machine. It's really hard to get to know someone if you don't even work in the same location as them. Most branches have a branch lead, but these people don't have any real power. They can't interview candidates, and they are only closers or underwriters who are paid slightly more than a regular closer or underwriter. And even branch leads don't like their jobs because they are doing the same boring, useless work. They have zero decision making ability within the company. Again, if you are a new employee, it's highly unlikely that you will become the branch lead, so save yourself the headache and apply to another company. Also, you have to dress business casual even though you literally never see clients. Everything is done over the phone and email. We get casual Fridays though. So why can we dress casually on Fridays but not any other day? This is just another useless rule that management has. If we got to wear casual wear, like jeans and a t-shirt for example, we would at least be more comfortable in our chairs doing the boring work for 8 hours a day. I understand if we do client-facing work, but we literally don't see the brokers, borrowers, clients, and closing agents we work with. It's just another useless policy that management has because they like controlling us, and enacting the policy to remind us who's in charge. This company seriously underestimates employees. They forget that employees are a company's most important asset. Everyone is leaving and turnover is high. All the good people leave. The company is doing well, yet they underpay everyone. When the company starts to fail, and they see that all the good people left, they will see that they should have treated everyone better. Also, they transferred a bunch of people to different departments, such as servicing. The reason they did this is because they can't hire new people to do servicing because no one wants to apply to a servicing job. So they hire people for a general credit analyst position, and then do the bait and switch. This is an extremely shady business dealing, so don't believe any words that your interviewer says to you. Like I said before, managers only care about your daily production. They don't care about you as a human being because they don't even work in the same office as you so how could they know you personally? This company is not worth applying for. Even if you need the money, I implore you to apply elsewhere. It will be hard to apply to other jobs once you work here, because of the strict PTO policy. Don't be one of those people who say they will work here for a year or two, and then apply to other jobs. It will be extremely difficult for you to interview at other places due to Provident's strict PTO policy, so don't bother. Don't make the same mistake as all of us. Also, the offices are as bland as can be, and you can tell that all your coworkers hate their jobs. Everyone wants to leave, and no one sees this company as a long term option. I should mention the monthly conference calls we have. I have never heard so many buzzwords in one sentence in my life before. It seems like these calls were made so that upper management can hear their own voices. Literally, no one cared about any of the information that was given, and it was a complete and utter waste of time. Please get rid of those calls. No one cares about the information that's given. It's the same thing every month. "Keep pushing, cut down on the errors, work faster, etc".

    Advice to Management

    They will never listen. Just look at all the previous reviews. Did they change anything? No they didn't. They only care about profits and they don't care about each individual employee. Stop promoting family members over people who are more qualified. Stop showing favoritism to a select few, and pay people what they are worth, instead of paying people in the inner circle way more.


  7. Helpful (4)

    Horrible Place

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Stuff Accountant in Burlingame, CA
    Current Employee - Stuff Accountant in Burlingame, CA
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    Pros

    I'm not sure there are any pros. I would recommend staying there the shortest time possible and then jumping ship.

    Cons

    Hostile work environment, low salaries, low advancement opportunities, women get paid much less than men, a very depressing place to work

    Advice to Management

    Change culture, offer sick days, increase advancement opportunities to all sexes, create a more pleasant office culture.


  8. Helpful (2)

    Experience of a Provident Funding Closer/Funder

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Mortgage Closer
    Former Employee - Mortgage Closer
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I worked at Provident Funding full-time (More than a year)

    Pros

    It was my first experience in the corporate world. I learned first-hand the inefficiencies of the corporate hierarchy. The company forces all parties in the mortgage process to bend to their strict guidelines. This reputation is well known amongst closing agents and brokers alike. Expect opposition from all parties should you become an employee here. I did learn how to mediate angry closing agents and quickly memorized the line “I know we do things differently than other lenders”. Working for Provident also taught me to endure hardship and maintain professional relationships despite personal views. I did create life-long friendships with those who suffered alongside me in the Provident trenches. I salute you brother in arms, the war has been won.

    Cons

    ENVIRONMENT/PHILOSOPHY The branches are small so it really is luck of the draw who you end up working with. You realize quickly there are two types of people, the lifers and those that took the job because of the economy and the need to payoff student debt. I was lucky to join a branch with some great people but while I was there 5 people left the branch in less than a year and a half. I was the sixth. The company has an extremely high turnover rate but don’t seem to care because the system continues to MOVE FORWARD. At the same time, I can’t fault upper management. They got into the company at the right time and solidified their positions. There is no room for advancement unless your aspiration is to underwrite mortgage loans. You will be told to accept “diagonal advancement” which entails no change in position with minimally higher pay. You do have to royally screw up to not get the 10% raise every year unless upper management has a grudge against you (which happens!). Complete gap between day to day operations within branches and upper management. Headphones were taken away to “increase communication” within the branch even though all communication is done through the company messaging system (even cubicle to cubicle). Get used to “anti-logic”. WORK You do not need a college degree to do this job. They recruit college grads that need to pay off debt with promises of extensive training, which includes two weeks in California at the corporate office (I did have an awesome time in San Francisco though, so thanks for that). As a closer/funder every aspect of the position is reviewed. Expect to have arguments about signatures and whether or not dates look like they are completed correctly. Be prepared to discuss if an 8 is “loopy enough” (actual terminology). The term “buyback” is used as a scare tactic to ensure all documents are perfectly completed, which only increases when volume slows. They do not tell you, however, your work as a closer has no bearing on whether or not a loan will be “bought back” in the secondary market. Any issues worthy of a “buy back” occurs in underwriting (mysterious magical processes most never have the pleasure of learning). As a closer you get really good at stacking pieces of paper in a certain order, scanning said papers, and printing shipping labels. Other than that, don’t expect to learn any transferrable skills outside of the mortgage industry.

    Advice to Management

    Sadly, none


  9. Helpful (2)

    Analyst

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in San Bruno, CA
    Former Employee - Anonymous Employee in San Bruno, CA
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Provident Funding full-time (More than a year)

    Pros

    This place offers a fairly decent paid for an entry job with a 6-month review that comes with a small raise. Most times, you will get to sit around and do nothing. The work was also easy, a High School Graduate can do most of the daily work here.

    Cons

    I felt like a robot working here, and so is everyone else around me. The work environment is dull and slow with extremely little communication, unless you are trying to suck up to your managers or on the phone with borrowers. I have learned almost nothing from this company that would be applicable to any other jobs out there. I know the company has a very high turnover rate, but it doesn't seem like they care. Upper management hire people for low level tasks and continue to recycle them out with new hires, and only worrying about keeping the managers happy. Take this job only if you are very interested in the mortgage industry or just want an easy and mindless 8 to 5 job.

    Advice to Management

    Step down from your high horse and take a look around you. Learn how to treat your employees like people not just another tool in the box.


  10. THE WORST

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Accountant in San Bruno, CA
    Current Employee - Accountant in San Bruno, CA
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Provident Funding full-time (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".


  11. Helpful (1)

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

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    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 Management

    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.



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