Flagstar Bancorp

  www.flagstar.com
  www.flagstar.com
There are newer employer reviews for Flagstar Bancorp

1 person found this helpful  

IT or Politics? Hard to tell the difference here.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Senior Applications Developer in Troy, MI
Current Employee - Senior Applications Developer in Troy, MI

I have been working at Flagstar Bancorp

Pros

The IT department within Flagstar uses cutting edge technologies.

Cons

Flagstar has a highly politically charged atmosphere with favoritism shown blatantly by all ranks of management. Management seems more interested in supporting initiatives that promote personal growth rather than align themselves with company's growth. As a result, too many bad decisions on a daily basis have become the norm.

Advice to ManagementAdvice

Senior management needs to start showing respect to their peers and their juniors. They need to engage people from all ranks, and stop assuming that making employees wear business suits everyday will improve the image of the company. Company image improves because of the inherent pride that employees have about their workplace. Pride comes from feeling empowered, from knowing that using their own judgement and serving the customer to their total satisfaction comes before pleasing upper management, and waiting for their explicit approval.

There are many natural leaders in the organization, but unfortunately tthey are not the ones leading the company. Ones that echo their bosses thoughts and sentiments are the ones in upper management ranks. Why pay someone, just to hear their own voice? Would they rather not have people who think with a fresh perspective and are happy to share their ideas?

Doesn't Recommend
Approves of CEO

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

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  1.  

    I will be here...but will they?

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Loan Originator in Kirkland, WA
    Former Employee - Loan Originator in Kirkland, WA

    I worked at Flagstar Bancorp

    Pros

    Great Technology, incredible response from the corporate level regarding program guidelines, technical systems as well as direct contact with the underwriters. I went to work there because as a loan originator today I felt the need to be working directly with a bank. I loved the clarity of their systems and their response to questions etc.

    Cons

    The Retail Home Lending division is, I think, very new to Flagstar as they have been primarily wholesale and now as with all banks they have entered the "net branch" concept. As I discovered, only since late 2007. Unfortuantely with the downturn in the industry every "big bank" thinks they can get the "cream of the crop" of loan originators (I believe the stated preference was 4-10 loans a month) with no leads provided whatsoever. I don't know any loan originators doing those numbers today even if they were doing 30 loans a month last year. So again, experience, longevity, loyalty and the ability to build a self generated business are not the qualities being looked at. I do understand the quick fix is what is needed by all of us but the reality is that it simply is not going to happen. I was there 2.5 months and did not have enough production to warrant keeping me. The Tacoma office shut down at the same time. I had just completed my "learning curve" of their culture and the "FHA/VA" market which I have not been in for the last 20 years so to say the least I was disappointed but on the other side of that probably fortunate to leave before they shut it all down.

    Advice to ManagementAdvice

    Again, it's about recognizing the long term talent. We have been in the "gazillion dollar producer" mentality for the last few years and these lenders don't seem to realize those same people can no longer pull that rabbilt out of the hat as there are no refinance leads! Unless, of course, they have 3-9 months of late mortgage payment and no equity but would love to refinance! The market has changed dramastically and yet so much denial and grasping at the illusion remains.

    Doesn't Recommend
  2.  

    cdr

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Customer Service Representative in Farmington, MI
    Current Employee - Customer Service Representative in Farmington, MI

    I have been working at Flagstar Bancorp

    Pros

    It's a starter job at a growing bank.

    Cons

    Took for granted my education, and felt that HR really screws over their employees.

    Advice to ManagementAdvice

    Just because they are family, doesn't mean they are qualified.

    No opinion of CEO
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