There are newer employer reviews for Flagstar Bancorp

 

Great company with lots of training available.

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

I have been working at Flagstar Bancorp

Pros

Very high tech and cutting edge.

Cons

Sometimes a little too much technology.

Recommends
Approves of CEO

134 Other Employee Reviews for Flagstar Bancorp (View Most Recent)

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  1.  

    I liked it

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Collector
    Current Employee - Collector

    I have been working at Flagstar Bancorp

    Pros

    Good work environment and nice co-workers.

    Cons

    Pay is way too low.

    Advice to ManagementAdvice

    Promote wisely.

    Recommends
    Approves of CEO
  2.  

    A Sinking Ship

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

    I worked at Flagstar Bancorp

    Pros

    Flagstar was a great place to work for many years until the reorganization last year. There are still many good people working within Flagstar Bank.

    Cons

    Do not join Flagstar as an LO or branch manager. The leadership style of Senior Management is best described as "fear based" management. There's little to no communication. Emails and phone calls to management were regularly ignored and a response was rare. The support staff is grossly overwhelmed with their current workload and unable to support the sales staff. The sales staff is required to do far more than their share, but not compensated accordingly. Health benefits were extremely expensive and inadequate. All of this should begin to explain why this company went from 100+ home loan centers at the beginning of 2009 to roughly 20 home loan centers at the moment. After many years of commited service to Flagstar, it was very sad to see what the bank had become and far too easy to say goodbye.

    Advice to ManagementAdvice

    If you truly intend to remain in the retail mortgage origination game, do it right or don't do it at all. The retail division has always felt like the "step-child" compared to the wholesale division. Your senior management team for your retail home loan centers bring nothing to the table. The fact that the two regional managers and the EVP have kept their job given the overall failure of the retail division in the past 18 months is amazing. Replace those three senior managers with a team of leaders who are encouraging, communicative and helpful. Develop a marketing plan speciifically designed for retail, not wholesale marketing pieces that are amended with retail contact info. Replace all of your technology. The current LOS technology is dated, complicated and time consuming (not to mention it was really designed for wholesale and simply given a retail interface in 2003). Get rid of your three websites you use (LOS, CRM, and Doc Management) and get one robust software package that does everything AND does it correctly. Much of the back-log within Flagstar could be eliminated with a new software package, but I don't think they can afford the cost to upgrade. Eliminate the "Centralized Support Center" idea. All the tweeks that have been applied over the past few months have only made things worse. Given the current environment within Flagstar, you will not be able to attract and retain quality loan originators until you make major changes in the retail division.

    Doesn't Recommend
    Disapproves of CEO
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