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

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  1. 3 people found this helpful  

    Micro Managing Company with zero regard for their employees (Branch Manager)

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Branch Manager in Farmington Hills, MI
    Current Employee - Branch Manager in Farmington Hills, MI

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

    Pros

    The only pro is that fact they have health insurance for their employees.

    Cons

    Working at Flagstar was the worse decision in my life!! They micromanage everyone even the Managers who are meeting their goals. They spend over three hours per week on conference calls of which every discussion is based on what you are doing wrong!!! It is counterproductive and draining. Limited staffing is in the branches and they want the managers to go on business calls but how can they if they are running transactions? If you do not speak the same verbiage as the Market Manager or beat to his drum then you will be targeted for termination.
    Overall, they are adding more people to the upper management team while removing people from the branches. I can honestly say that it is the worse bank to work for in Michigan!!

    Lastly, micromanagement to the ultimate level is the fact that they record every conference call so that the market manager can listen to ensure we are using his verbiage. WOW!!!
    I am looking for a new job because I have to get out of that toxic bank

    Advice to ManagementAdvice

    The senior management should come to the branches and observe the stress level of the staff. They should focus on providing the team with the proper tools and resources so that they can be successful in their position. In addition, limit the number of weekly conference calls and take control of the out of control Micromanaging Market Manager.

    Doesn't Recommend
    Negative Outlook
  2. 1 person found this helpful  

    Horrible management from the bottom to the top

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

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

    Pros

    Can't think of any real positives. Maybe that there is a half decent cafe on site but its too expensive.

    Cons

    professionals have to punch in and out like factory workers. Timecard is watched like a hawk
    seems like everyone is unhappy. Its a very depressing environment

    Advice to ManagementAdvice

    Support your staff, get rid of useless middle management that don't know what they are doing.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 1 person found this helpful  

    Senior Business Analyst

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

    I worked at Flagstar Bancorp full-time (more than an year)

    Pros

    good location
    good pay
    easy hours
    No supervision

    Cons

    Worst place I have ever worked.
    No one cares about doing a good job.
    Salaried employees clock in like they are hourly workers.
    Everyone is very unprofessional.
    Profanity flies in the office.
    Always willing to point finger at others.
    The morale is horrible and the leaders have a 'morale boosting' committee that is a joke.

    Advice to ManagementAdvice

    Fire all the management in IT and start over.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5.  

    Stay away!

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

    I have been working at Flagstar Bancorp

    Pros

    Not much to go on. Co-workers are great to work with and benefits are decent.....Get some vacation but seems like a guilt trip anytime you asked for it because staffing is so poor.

    Cons

    Poor management
    Poor compensation
    Extemely short staff
    Poor attitudes
    Micromanagement by force of upper management
    Little opportunity
    Poorly run company

    Advice to ManagementAdvice

    Figure out a way to boost employee morale. Senior management gets paid the big bucks. Can't seem to figure out why they can't do that with the positions they hold. Marketing can't seem to figure out how to drive business in the door. Only way to attract outside/potential customers is to go out and get them. Little marketing whatsoever. We are way down on the scale in production as compared to other banks. With extremely minimal staffing, makes it difficult to do our jobs. Need to recognize those that actually do work hard and pay them for it. Don't just hand over extra responsibilies with no reward. Keep your employees happy and the company will improve. Additionally, listen to what your employees have to say. It can't hurt!

    Doesn't Recommend
  6.  

    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
  7. 1 person found this helpful  

    Potential Employees - Stay Away

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

    I worked at Flagstar Bancorp

    Pros

    Good Compensation
    Decent Benefits
    Work-Life Balance is good

    Cons

    Clueless Management
    Only people belonging to the 'inner circle' have their ideas heard
    distrust between groups is encouraged by management
    morale is rock bottom
    7.5 hour workday that is boasted by HR is a complete joke to salaried staff
    Salaried people have to badge in and out with the hourly people but aren't paid overtime. Instead, it is used as a barometer of who is dedicated and who isn't
    Expectation that you are available for monthly builds on weekends but aren't givent any comp time for it

    Advice to ManagementAdvice

    Consider fry-cook at McDonald's, but you are probably under-qualified
    Why do you think that so many people are leaving who are not managers?
    Don't expect people to stay around when you tell them that they should be considered 'blessed' for staying at such a 'great company', give out nothing for raises and then expect the rank and file staff to pick up the work of three other people that you laid off due to your incompetence.

    Doesn't Recommend
    Disapproves of CEO
  8. 2 people found this helpful  

    Avoid Flagstar unless a major management shake-up occurs

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

    I worked at Flagstar Bancorp

    Pros

    In IT, you can do whatever you wish, as the only standard practice is to make up your own personal standards.

    Cons

    Regarding IT software development management: none are competent, all are wishy-washy and unwilling to take a stand on anything, especially development standards. None are qualified for the job and would be better off doing another type of work: your best doers are not generally your best managers.

    New management is totally ineffective: they added another layer without ousting any of the managers that are holding the company back. This is especially true in IT and loss mitigation.

    Advice to ManagementAdvice

    How can you continue to ignore the bleeding in loss mit?!?!? Remove the old management, choose an automated method to improve the workflow, and get the work done. If need be, bring in new staff that aren't so locked into the old manual ways of doing things.

    I have never seen a takeover involve NO firings of existing management. The new management needs to root out the deadwood and get things headed in a positive direction.

    Doesn't Recommend
    No opinion of CEO
  9.  

    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
  10.  

    Interviewer Beware

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

    I worked at Flagstar Bancorp

    Pros

    7.5 hour work days, and finally adpoting buisness casual dress code are about all I can think of.

    Cons

    After becoming a distressed company and being purchased by Matlin Patterson in 2008 things have really fallen apart. Be warned that this company has slashed the I.T. department quarterly since then. Only with the recent improvement in the job markets has hiring re-started. Most currently employees will admit to looking for new employment elsewhere and their churn rate is on average 1 employee leaving per week.

    While Boasting an "Agile" development shop, this is rather new and poorly implemented with more paperwork and requirements than some waterfall approaches. The technology is fragmented across multiple systems, languages and even within languages. A good example would be the use of Struts 2, 3 and Spring or Ant and Maven or Java 1.4-1.6 depending on the day.

    If you are in need of a job to feed your family, perhaps consider an offer but don't stop looking. If you think this warning may be outdated as about the newly Morale committee (2010) and what they are doing to improve morale and reduce the number of veteran developers leaving.

    Advice to ManagementAdvice

    Trim your management down, or find something constructive to do with the mid level managers.

    Doesn't Recommend
    Disapproves of CEO
  11.  

    Low pay

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Licensed Banker in Duluth, GA
    Current Employee - Licensed Banker in Duluth, GA

    I have been working at Flagstar Bancorp

    Pros

    Easy to shine, but no reward for going the extra mile.

    Cons

    Very, Very low pay. No raises going on 3 years now. Sometimes you have to work from 7 to 7. 7 day work weeks, no weekends. All for 10-14 dollars an hour; seriously.

    Advice to ManagementAdvice

    Copy other banks. If it works for them is should be a no-brainer. Pay more, pay more.

    Doesn't Recommend

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