Vericrest Financial

  www.vericrestfinancial.com
  www.vericrestfinancial.com
There are newer employer reviews for Vericrest Financial

2 people found this helpful  

Was a good place for entry position

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Collection Specialist in Oklahoma City, OK
Former Employee - Collection Specialist in Oklahoma City, OK

I worked at Vericrest Financial full-time (more than 3 years)

Pros

It is a good platform for people looking for a long term career in the mortgage industry. I worked there 3 years and it was a whole new learning experience for me. I came in with no prior experience and was trained from the ground up. My bonuses were excellent. I didn't have any problems with the payout. As long as you come in ready to work and with a good attitude, the management team is a great help and source of information.

Cons

The base pay is less than what I made (but I made up for that in bonuses). Yes it is micromanaged, but most call centers are. As for layoffs, there was always rumors, but the company has actually expanded. Many of the employees in the 2010 layoff that I had spoken with (foreclosure department) were very pleased with their severence package and was greatful, one even posted on Facebook how tactfully they broke the news of the layoff. Layoffs are just the nature of the beast and will happen in any industry, especially mortgage. The collections department can be very stressful because of the economy. The bonuses are based on call quality, one call can eliminate your bonus.

Advice to ManagementAdvice

Know that the atmosphere can be stressful and accomidate for that. While we were told there was an open door policy with upperlevel management, some of the upper management did not present this atmosphere. Make yourselves more approachable.

Recommends
Positive Outlook

7 Other Employee Reviews for Vericrest Financial (View Most Recent)

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  1. 1 person found this helpful  

    I would NEVER go back there

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Loan Specialist in Oklahoma City, OK
    Former Employee - Loan Specialist in Oklahoma City, OK

    I worked at Vericrest Financial

    Pros

    Pretty easy for anyone to land a job at Vericrest; their standards on who they hire are not the most strict out there.

    Cons

    They rolled out a new incentive plan to make us work harder but receive larger bonuses. Well turns out that we were doing so good and hit all of our numbers that Vericrest decided they were not going to pay out the bonuses as promised. They waited 4 days before the quarter ended to tell us that our bonuses were being cut in half. Then, there was a large layoff in June 2010. People that had worked there for 20+ years were also part of that group. They changed the severance packet in March 2010 (conveniently before the layoffs) and they capped the weeks paid, so all the people that had worked there for a long time were out of luck. They are outsourcing jobs. They also cut our paid time off days to almost half. Now paid time off is for vacation, holiday and sick leave, so must be used wisely. If you don't want the occurrence, you must know that you are going to get sick the next day and to notify your manager 24 hours in advance that you are going to get sick the next day and cannot make it to work. A doctor’s note doesnt help at all. You get an occurrence even if you have accrued paid time off. You get written up if you clock in 1 minute late, even if the old computer froze and you were there on time. You cannot clock in early or you will get reprimanded since there is a strict 40 hour week rule- I really mean 40.0 hours exactly. I actually had a manager go to my time sheet and deduct time to make it a 40 hour even week (happened several times). Oh and I forgot to say that managers micromanage. They only write up the people that they don’t like and let others slide by. Twice during my stay they made a mistake on our paycheck and withheld our pay. It took them a couple of days to correct and pay us. Of course Vericrest didn’t even apologize or reimburse us the late fees we incurred due to their mistake.
    This is the only company that I’ve worked for that I would NEVER go back.

    Advice to ManagementAdvice

    Do a little research on why there is such a high turnover rate in the company. Try treating your employees better so they can stay

    Doesn't Recommend
  2.  

    Roller coast of a ride with this company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Manager in San Diego, CA
    Former Employee - Manager in San Diego, CA

    I worked at Vericrest Financial full-time (more than an year)

    Pros

    Got to work with some very strong people here and learned from them. Some managers do understand the work/life balance and encouraged time off if you were caught up.

    Cons

    Senior Management changed directions often and by the time it trickled down the pipe, a lot of work had already been done under the previous directive. Comp was good but bonuses could have been better.

    Advice to ManagementAdvice

    I've heard things have changed so cannot recommend any advice.

    Recommends
    Neutral Outlook
    No opinion of CEO
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