Flagstar Bancorp

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

 

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

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

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  1.  

    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
  2.  

    Branch employee

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

    I worked at Flagstar Bancorp full-time (more than 3 years)

    Pros

    Small bank environment work not overwhelming

    Cons

    Roles not defined, low pay and poor benefits

    Advice to ManagementAdvice

    Communication

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
There are newer employer reviews for Flagstar Bancorp

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