Flagstar Bancorp

  www.flagstar.com
  www.flagstar.com

Flagstar Bancorp Reviews

Updated December 10, 2014
Updated December 10, 2014
141 Reviews
2.5
141 Reviews
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Flagstar Bancorp President & CEO Alessandro P. DiNello
Alessandro P. DiNello
46 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

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  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.  

    Senior Loan Officer

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

    I have been working at Flagstar Bancorp full-time (more than an year)

    Pros

    clean work environment, no clock punch, managers are nice

    Cons

    very little coorporate support, no direction,

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  6.  

    Fun for the most part

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

    I have been working at Flagstar Bancorp full-time (less than an year)

    Pros

    I have definitely lucked out working here. My team is a good one. The managers I have had, have been great mentors and are always finding ways to help you grow and succeed. There is opportunity to grow. Sometimes close by an somtimes moving might be required. Upper Management can be alright but sometimes can be a bit unreasonable in their exexpectations. All in all, it is good place to work.

    Cons

    Lending is horrible. Process is drug out.
    Pay could be much better for the responsibility that some personal bankers carry.
    Goals for assistant managers should be changed to branch goals.

    Advice to ManagementAdvice

    If a banker has more than one responsibility, e.g. personal banker plus certified lender be sure they are making a base pay especially if they are performing well.
    Please change assistant manager goals to a branch focused goal.

    Recommends
    Positive Outlook
    Approves of CEO
  7.  

    Company was once cutting edge - the changes in the market appear to have caught Flagstar wrong-footed

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

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

    Pros

    It was once a culture of growth and improvement

    Cons

    Very poor culture - discouraging place to work. Its suffocating

    Advice to ManagementAdvice

    The attitude at corporate is horrendous...and that negativity spreads to all corners of the company

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  8.  

    Decent company, little to no advancement

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

    I have been working at Flagstar Bancorp full-time (more than 3 years)

    Pros

    Training is very well run, the expertise of the staff provides exceptional insight to new hires. Bank Holidays are a very nice perk. Compensation is average with industry.

    Cons

    This company has legacy issues that have stunted its growth. This causes the working environment to have a lot of conflict due to lack of advancement. Additionally, a struggling housing market is causing multiple staff reductions.

    Advice to ManagementAdvice

    Management should encourage innovation within the company without fear of retaliation. This company is hurting itself by not letting its employees share ideas and encourage their creativity. A key concept of change is innovation and it is not rewarded, instead successes go unrecognized and feedback is discouraged.

    Doesn't Recommend
    Negative Outlook
    Approves of CEO
  9.  

    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
  10.  

    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...

  11. 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

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