Countrywide Financial Reviews

Pros

There are many talented and hard working people who are employed with Countrywide. They are mainly found down in the trenches were the real work is done. However, there are small glimmers of light here and there among the executive management also. I have found the best way to see where those lights shine brightest are where they are surrounded by loyal employees who have high productivity and even though the job isn't the most glamorous or best paid, they stay with it and are relatively satisfied with their job. In my many years at Countrywide I have met many, many talented people whom it has been my greatest joy and pleasure to make acquaintances with, to grow with and to encourage and help each other out.

Cons

The employees became expendable assets that were no longer valued for their hard work, their ideas for improvements, etc. Unless you were an Managing Director or above, you were not given any worthwhile notice, recognition nor compensation. Countrywide used to be a great place to work. They used to at least try to show that they cared about the employees. After having been with the company for many years, I have seen bad management come in and just propagate more bad management as they have promoted those that have a great exterior presentation but absolutely no idea how to lead let alone manage people. I am hoping that Bank of America will be able to pick up the pieces of a once decent company that greed and ivory tower mentality caused to collapse.

Advice to Senior Management

It is truly too late for this company itself, but for those in upper management that have been allowed to stay on with Bank of America, I would hope that they would wake up and realize that they are accountable for their actions. I would hope that they would have a desire to learn what it means to be a leader and a member of a team. Instead of trying to get the next level of perks and not caring about who they left bloodied on the trail to the top or what their decisions today that earn them big bucks will do to the company tomorrow, that they will take notice of the legacy that they are leaving behind and have the integrity to do what is right.

Pros

They pay really well and fair. I believe the pay will continue to be decent after the completion of the Bank of America merger.

Cons

Burnout usually takes place in 1 to 2 years. Very few can last longer.

Advice to Senior Management

We would be really slow and they would make us work mandatory overtime. Get your stuff together.

Pros

The people we work with are great. Everyone works hard and has a great work ethic and positive attitude, despite the adversity we're facing.

Cons

Horrible compensation--they just changed our comp plan, and it's basically minimum wage, unless you're able to make your numbers. The numbers are not achievable given the current situation--no one is able to do it right now. My son makes more working at Starbucks, and we work so many hours, I don't have time to look for another job. I feel trapped.

Advice to Senior Management

We need help. More and better products to sell, a living wage, tools to expand our business.

Pros

now that they are part of Bank of America it may be better- there are many key positions that are held by employees who do not now their job but there are others who do and they make great role models

Cons

some managers lack the skills needed to do their job and the negative press and lack of customer service after the loan has closed makes it difficult to take pride in the company for whom you work . If you are a fvorite it is easier to ge tthings done but if you have peronal issues with management the job is much more difficult

Advice to Senior Management

nepotism is not the best method for promotion- this was the case with some managers on the floor while others were truly exemplary. Morale needs to be boosted and honesty is the best policy not subterfuge

Pros

They were very flexible when it came to taking time off, however this came at a cost at times. Working as a Business Analyst in IT, there were many nights and weekends spent working long hours. However, I was able to advance very quickly from a BA II to a Lead BA within 2 years. There was many opportunities to gain additional education and leadership training that was provided at no cost to the employee. The IT team was great to work with and everyone in each functional area was more than willing to help. Most of the team really worked well together

Cons

The poor leadership at times added to confustion amongst teams which caused problems for project deadlines. Often times there was an unwillingness for IT and the business units to work effectively together, however most projects and relationships were well maintained and business objectives met. There was a major problem with nepotism amongst senior management and individuals that did not contribute to the efforts to meet business needs were often rewarded at the cost of overlooking those who had shown dedication. The company was very large, and for an organization of this side I would imagine it would be tough to please everyone.

Advice to Senior Management

Recognize some of the supporting members of the team, no matter what their title. It seemed that VP's and above got preferential treatment through nepotism.

Pros

Countrywide compensates very well for individuals willing to work hard. Dispite the downturn in the mortgage industry, the company looks for creative ways to compensate its employees. I was approved for a promotion durning the company's acquisition by Bank of America. While the raise was a little lower than I had hoped, I was still happy the promotion when through in such an adverse environment.

Cons

The downturn in the mortgage industry has led to downsizing in some departments.

Advice to Senior Management

None.

Pros

Work/life balance in the position I was in, the corporate offices were generally in nice areas and suburbs, commute times reasonable, nice offices

Cons

Lack of career advancement opportunities, lack of recognition of superior work, geographic separation of management and staff leads to the 'out of sight, out of mind' mentality.

Advice to Senior Management

Prepare for a culture shock with the BOA acquisition, and be open to change. Recognize that structure and organization are a good thing.

Pros

The people. Everyone is smart, professional and willing to do what it takes to get the job done. Most people care about the company and the direction it takes. They care about the customers and ensure that we are always doing the right the thing.

Cons

Sr. Management doesn't seem to know what's happening within each group. Rather then looking for strong leaders within the organization they go outside. The issue with this is that these people don't last. This causes stress on the employees, and ensures that people wont stay, as they don't see opportunities for growth.

Advice to Senior Management

Look at the way you treat your employees. Look internally, and learn about the people that work for you. When other's depart seek direction from those they lead. If you lost a good manager, it's probably a safe bet that they left behind good employees that will provide direction and possible management.

Pros

Back in 2004, CF was a very stable place to work. Lots of "lifers" who were there because of the 20-year pension plan and low level of intellectual demand. Many of the employees were very friendly/nice, but not interested in challenging themselves. It was possible to do the same thing day after day for years at CF.

Cons

Lots of lifers. Very slow to change. Not really a technology-driven company.

Advice to Senior Management

Hire better people. It's one thing to be cost-conscious, but there are/were too many people at CF without college degrees. The overall quality of the employees there was almost the exact opposite of a high-tech startup: at CF, there were lots of folks (regardless of pay level) who were cruising through their careers.

Pros

You could put in a lot of overtime.

In fact, it was required!

Cons

Management in my department were prejudiced against you if you were not Hispanic . . . . they would talk about you in Spanish and laugh making it obvious which employee they were belittling.
They belittled employees instead of encouraging them to do better. And they made sure other employees heard.
High turnover as we all found jobs with companies that treated their employees like people.
They made promises about advancement but never followed through.

Advice to Senior Management

They brought the ghetto from California to run the Tempe Landsafe offices. BIG mistake. They have no respect for the employees and the employees leave taking all the training and knowledge with them.