Flagstar Bancorp

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

 

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

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

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  1.  

    Okay job but really a sales job

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Senior Financial Service Representative
    Current Employee - Senior Financial Service Representative

    I have been working at Flagstar Bancorp

    Pros

    Friendly customers that continue to come back and see you!

    Cons

    Some of the management isn't that great, if you turn down a position because of its location, you are shunned from that day forward, your ability to move up is hindered

    Advice to ManagementAdvice

    Should look at some of the managers who you employ are they really looking for for the needs of the customers, the business, and the branch?

    Doesn't Recommend
    Approves of CEO
  2.  

    Fear-based employer

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

    I have been working at Flagstar Bancorp

    Pros

    The dental and vision benefits are fairly good. Vacation time is adequate.

    Cons

    Fear is the number one tool management uses to provoke results. The pay is below industry average, around $12/hr for Personal Bankers monthy bonuses are around $75-$100. A lot of the time PB's are in charge of the bank when the mangers are at job training and manager meetings.

    Turn over is very high and doesn't seem to be slowing down.

    If we don't reach our goals they make everyone at the branch come in on the last Saturday of the month.

    We haven't has raises in 3 years...

    Advice to ManagementAdvice

    Morale is very low. Stop treating employees as "costs" that need to be "constrained"

    Negative re-enforcement will only work in the immediate short term. The company needs a serious attitude overhaul and it must start from the Top – Down

    Doesn't Recommend
    Disapproves of CEO
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