Flagstar Bancorp

  www.flagstar.com
  www.flagstar.com

Flagstar Bancorp Reviews

Updated October 22, 2014
Updated October 22, 2014
135 Reviews
2.5
135 Reviews
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Flagstar Bancorp President & CEO Alessandro P. DiNello
Alessandro P. DiNello
41 Ratings

Review Highlights

Pros
  • Some good people who mean well, but quality leadership is sorely lacking (in 7 reviews)

  • Competitive pay, normal hours, good benefits, good PTO, opportunity to move up (in 5 reviews)


Cons
  • And often changes in upper management in the last 3 or 4 years (in 7 reviews)

  • Flagstar has little room for advancement (in 4 reviews)

More Highlights

Employee Reviews

Sort: Popular Rating Date
  1. 1 person found this helpful  

    Started better than it ended

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Senior Retail Banking Assistant in Ann Arbor, MI
    Former Employee - Senior Retail Banking Assistant in Ann Arbor, MI

    I worked at Flagstar Bancorp

    Pros

    It is a very employee-focused company, with many events designed to help decrease employee stress levels and to give them a reason to come to work. We had National Pancake Day, where we were greeted with pancakes, sausage and orange juice for breakfast. This company has subscribed to the "Fish Philosophy" and a "Get on the Bus" iniative and recognizes those who do a good job, sometimes even a handwritten note from one of the higer ups. It employs a majority of females, due to the industry, so it's a nice break from any male-dominated industry.

    Cons

    Due to the economic problems, the bank has suffered, recently selling its branches in Indiana and Georgia. There are not many options to move up in the company, (at least until the economy recovers fully) as positions have also been eliminated.

    Advice to ManagementAdvice

    Don't lose that employee relationship aspect, no matter how bad things get. Make sure they all know that you are in it together, because it is so hard for tellers to relate to upper management.

    Recommends
    No opinion of CEO
  2. 1 person found this helpful  

    Get to work with newer technology

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

    I have been working at Flagstar Bancorp

    Pros

    Willingness to move onto new technologies, REST SOA type approaches.
    Independence and autonomy can be nice, so long as you get good work done in the end.

    Cons

    Management Change-Over a couple of years ago, and being owned by venture capitalist means a sale of the bank to a bigger bank is likely and the inevitable shakeup that will cause has caused a brain drain of experienced knowledgeable employees, this can be viewed as more opportunity for new people joining the organization to fill such openings.

    Advice to ManagementAdvice

    Try and capitalize on the unique aspects of Flagstar, make sure those unique aspects are not crushed as we try and move into other areas. The concern is we will be just like all other banks, differentiated in the marketplace. Keep up with the superior customer service.

    Recommends
    No opinion of CEO
  3.  

    Flagstar Bank will elevate you to new levels, if you do the same for them

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

    I have been working at Flagstar Bancorp

    Pros

    Flagstar Bank offers a level of security that is not found in larger financial institutions today. The institution is primarily run by a family who started the firm and has been in the business for 39 years. They are very family focused and the employees reap the benefits with support from management. There was an employee who passed away a few years ago and left behind children and a wife and had no life insurance. The leadership stepped up and created a fund to help the family is very short order. That in itself speaks volumes about the type of firm you would be working for. Do not be mistaken, they are very shrewd and make the tough decisions every day. But overall, Flagstar is an amazing company to work for.

    Cons

    Recent private equity investment injecting the typical big bank mentality after years of bliss

    Advice to ManagementAdvice

    Listen to other than yourselves!

    Recommends
    Approves of CEO
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  5.  

    Management unorganized and lacked professionalism in the department.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Loss Mitigation Speciaist in Troy, MI
    Former Employee - Loss Mitigation Speciaist in Troy, MI

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

    Pros

    Overtime available, bank holidays, and flexibility with schedule. Opportunities to move into different roles within department.

    Cons

    Lack of training and lack of leadership.

    Advice to ManagementAdvice

    Be honest with your employees.

    Disapproves of CEO
  6.  

    I learned the difference between wholesale mortgage banking and retail mortgage banking

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Flagstar Bancorp (less than an year)

    Pros

    i was exposed to a lot of avenues to originate loans with real estate agents and I learned a lot of ways to originate loans from cold calls.

    Cons

    I was told when I was hired that Flagstar sent loans to other banks for service if they didn't have a program available for a customer but found out this was untrue...also at the time of my employment processing was very slow...may have improved by now...

    Advice to ManagementAdvice

    Be honest, assist new loan officers regarding mortgage products and dealing with clients...

  7. 2 people found this helpful  

    Things are improving

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Business Analyst in Troy, MI
    Current Employee - Business Analyst in Troy, MI

    I have been working at Flagstar Bancorp full-time (more than 10 years)

    Pros

    Senior level management is trying to make improvements. Things have been quite unstable for last several years, but it feels like things are looking up.

    Cons

    Mid level management has been around too long. No matter how much senior management tries to make improvements, mid level managers are stubborn and unwilling to change. Most managers at that level are only in their position because of seniority. They lack the skills needed to mentor their employees. We basically just do what we are told, so there is really no opportunity to shine and that is sad as there are a lot of brilliant minds at Flagstar. If only their voices were being heard.

    Advice to ManagementAdvice

    Senior management is doing good job communicating to their direct staff but it stops there. Spend some time to really evaluate your middle management team. Take the time to really listen to what people are saying and do something about it.

    Doesn't Recommend
    Positive Outlook
    Approves of CEO
  8.  

    AVP in the National Sales and Development Department

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Assistant Vice President National Sales in Troy, MI
    Former Employee - Assistant Vice President National Sales in Troy, MI

    I worked at Flagstar Bancorp full-time (more than 10 years)

    Pros

    I really enjoyed the work that I did and the people I worked with. They had great benefits that included, health insurance, vacation time, and 401K.

    Cons

    After working at Flagstar for 18 years, I was not able to advance any further within the company and due to downsizing, my position was combined with another area and my position eliminated.

    Advice to ManagementAdvice

    My advise to management would be better communication. They had a tendency to keep the companies financial position and/or plans amongst themselves, leaving those that were in jeopardy of loosing their jobs without an opportunity to find other employment.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  9.  

    Challenging

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Supervisor Servicing in Troy, MI
    Current Employee - Supervisor Servicing in Troy, MI

    I have been working at Flagstar Bancorp full-time (more than 10 years)

    Pros

    Safe environment, good cafeteria and relaxed dress code

    Cons

    Business units don't support bank mission

    Advice to ManagementAdvice

    Support your employees, they are human beings not work horses

    Neutral Outlook
    No opinion of CEO
  10.  

    If you like working with good people this place might be for you.

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

    I have been working at Flagstar Bancorp full-time

    Pros

    The people that work in the branches really care about their customers and doing the right thing, The customers are amazing the daily work has a lot of responsibility but is satisfying.

    Cons

    Management continues to change and the work day goals change with it. They have too many meetings with no substance.

    Advice to ManagementAdvice

    They do not take a look at what is actually happening at the branches or listen so this would be useless.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11.  

    Good company

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

    I have been working at Flagstar Bancorp full-time (more than 5 years)

    Pros

    work close to home and love the customer networking

    Cons

    No career development plan for a person who desire to transition into a different department.

    Advice to ManagementAdvice

    Provide better career development mapping.

    Recommends
    Neutral Outlook
    Approves of CEO

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